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American Economic Review: Vol. 101 No. 3 (May 2011)

AER Volume. 101, Issue 3 | Previous ArticleNext Article

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The Medium-Term Impact of Medicare Part D on Pharmaceutical Prices

Article Citation

Duggan, Mark G., and Fiona Scott Morton. 2011. "The Medium-Term Impact of Medicare Part D on Pharmaceutical Prices." American Economic Review, 101(3): 387-92.

DOI: 10.1257/aer.101.3.387

Abstract

Medicare Part D began coverage of prescription drugs in 2006. Using data from the first year of the program we found that Part D reduced pharmaceutical prices for Medicare recipients, with these effects driven by enrollees previously without drug coverage. In this paper we extend our analysis through 2009, the fourth year of the program, to investigate whether plans continued to extract price concessions in return for favorable formulary placement, or if consumer inertia or other factors caused prices to bounce back after their initial decline. We find price declines persisted through at least the third year of the program.

Article Full-Text Access

Full-text Article

Authors

Duggan, Mark G. (U MD)
Scott Morton, Fiona (Yale U)

JEL Classifications

D12: Consumer Economics: Empirical Analysis
I18: Health: Government Policy; Regulation; Public Health
J14: Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination