Many pharmaceutical companies provide low- income older people with a card guaranteeing them discounts on prescription...
Many pharmaceutical companies provide low- income older people with a card guaranteeing them discounts on prescription medicines. As of 2017, such companies included GlaxsoSmithKline, Merck, Pfizer, and Roche, along with many others. Why would these firms provide discount drug cards?
Homework Answers
This is a practice of third degree price discrimination in which consumers with lower income and higher price elasticity of demand are charged a relatively lower price. Consumer groups with higher income and lower price elasticity of demand are then charge a higher price. This is done to increase profit related to the condition in which a single price is charged from every consumer group. one of the prime examples of third degree price discrimination is the discounted price for medicines to elderly who generally have lower income and are highly price responsive.
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