HMGT 435 UMGC Oligopolistic Market in Healthcare Company Questions
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Description
Assume that you just started working as a Health Service Manager for a healthcare company in one of the industries below. First, choose an industry below to discuss the questions that follow:
- Pharmaceutical (generic drugs) industry
- Pharmaceutical (patented drug) industry
Medical physician specialties (e.g. cardiology, ophthalmology, etc.) industry
A National Network of Hospitals – industry
- Small rural hospital – industry
- Your boss has asked you to write a memo detailing the factors impacting the supply of your product or services and how the market structure of your service/product impacts the quantity supplied and the pricing of your product or service.
- Answer the first four questions (and Q6) below relying primarily on the course readings and other resource material presented in this class. You can use external UMGC library resources to research and answer Q5 below, in order to research government regulations impacting your industry. Cite and refer to all resources used whether internal or external.
- Describe ONE healthcare product or service you supply in your industry. Please be as specific as possible in indicating your single product or service.
- (a) What is the market structure of your industry (b) What are the key characteristics of your industry that lead to your identification of this market structure?
Given this market structure, evaluate how prices charged for your service/product is determined.
How does the existence of private and public insurance influence the revenues you receive for this service/product?
(a) Given the government regulations impacting the health industry that have been discussed in this class, what is a government regulation that has been implemented in this industry? (b) What has been the effect of this regulation on your industry?
What are some of the market failure(s) discussed in class that the government regulation above (5) attempts to address?
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