Abstract
In this article we analyse the problem of determining the price for new drugs in a market where a stringent budget constraint on public expenditure exists and we suggest an innovative methodology to set their prices. The market is characterised by asymmetry of information and a high proportion of investment in R&D, an element that has to be taken into account because it is only through research that it is possible to obtain better drugs. Our proposed method allows to set the price of new drugs in different market contexts, i.e. where less effective alternatives are already sold or in new markets. We also propose a unified methodology to evaluate the social value of drugs in different markets through the definition of a function of the cost per QALY that society is willing to pay