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Institutional change, innovation and regulation failure: evidence from the Spanish drug market

Costa-i-Font, Joan and Puig-Junoy, Jaume (2007) Institutional change, innovation and regulation failure: evidence from the Spanish drug market. Policy and Politics, 35 (4). pp. 701-718. ISSN 0305-5736

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Abstract

Scant evidence has been reported on the influence of institutional change in drug market regulation. This article draws on the evidence of Spanish drug regulation (1980-2005) with the aim of examining whether institutional (lack of) change affected (i) regulatory innovation and (ii) the propensity of regulatory failure (rent seeking). We find that the prevailing institutional design of Spanish drug regulation has been prone to regulatory failure as incentives were geared towards rent-seeking behaviour and inefficient drug use by older patients and doctors. Innovation was typically imported except for a government devolution which occasionally has prevented regulatory failure.

Item Type: Article
Official URL: http://www.wiley.com/bw/journal.asp?ref=1555-5623
Additional Information: © 2007 The Policy Press
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
D History General and Old World > DP Spain
R Medicine > RA Public aspects of medicine
Sets: Departments > Social Policy
Departments > European Institute
Research centres and groups > LSE Health
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 15 Jul 2008 16:25
URL: http://eprints.lse.ac.uk/14693/

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