We examine the potential to create monopolies through the intervention of government policy in an attempt to influence the rapid creation of a COVID-19 Vaccine. The New Republic article, “How to Break a Big Pharma Monopoly on a Covid-19 Vaccine” by Alexander Zaitchik (New Republic, August 24, 2020), reviews the impact that government policy can have on medical research and the potential creation of a monopoly in the process.
Identify those factors which can contribute to the creation and maintenance of a monopoly position by a firm under the circumstances identified in this article. Given the properties of a monopoly market structure, how would you amend government policy to prevent the formation of a monopoly while pursing this public good? In your opinion, is a monopoly structure necessary to rapidly advance the production of a COVID-19 vaccine or any other public good? Defend your response.
Now that three vaccines have been approved in the US, and other vaccines have been approved in Russia, China and other countries, what impact will these vaccines have on the market place and the monopoly characteristics identified in this discussion? Do we still see an effective monopoly, or is there potential for competition? Defend your response.
Identify those factors which can contribute to the creation and maintenance of a monopoly position by a firm under the circumstances identified in this article.
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