Scarcity of Resources and Choice in Health Services and Medicinal Products

Medicinal products’ clinical studies facilitate the provision of health care services for a specified medical needs. In other words, medicinal products and health care services are goods within the concepts of economics’ terms. Specifically, health care services are the consumption and investment goods (Kominski, & Stoller. 2013). Although human wants/needs are insatiable, the “scarcity” of resources and choices widen the gap of unmet needs or wants. Thus, pharmaceutical industries or health care services provider makes business choices that favor research on diseases with high potential for a substantially profitable return over rare disease interventions, which has minimal profit potential. The economic model structure on choices of research and development depends on the level of quantity demand, population at risk or population target, and the value of health or the level of risk for a medical condition. The relationship between “demand” and “price” coupled with the economics law of demand and

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