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Economics Internal Assessment

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Hey everyone. Firstly, I want to mention how delighted I was to come across a site such as this one. I have a question regarding my Economics IA. Can the generic drug market be considered an oligopoly? Please reply guys, and I look forward to sharing our IB problems with each other.

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Hey kman! I don't really know the answer to your question but thought it was such a coincidence that you came across this site while looking for help for your Econ IA, because I needed help for it too and started posting today. :) I hope someone can help you with that question.

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kman: that's a question you can answer in your IA. There is no right answer to this. Globally, I'd say it's an oligopoly, but for example in a smaller country it might be closer to monopolistic competition, as local players can compete with global firms because of reduced transportation costs etc. It's a risky business tho, you really should [u]know[/u] what its market structure is, not guess.

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trust me man and take the example of Europe especially Greece and research on the Drug/Pharmaceutical market. I can assure you that it is an oligopoly. One interesting fact i remember reading somewhere is that all the Drug companies invite the administrators/owners and top officials of hospitals to go on "Marketing Tours" with them where they take them to 7star resorts and Caribbean Islands to get them to make endorse their drugs and sell only those in their hospitals. It's a huge problem so i suggest u look into it! Good luck man

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