Govt bans 350 drugs, including Phensedyl, Corex
The article reports the recent ban on FDC(fixed dose composition) drugs by the Indian Government for enforcing safety and efficacy of medicines. Besides being unnecessary for use, these drugs are reportedly unsafe and have side effects.
Topics include Marginal Private Cost, Externalities, Negative Externalities of Consumption and Market Failure. Explain using the Market Failure diagrams including the government policies to tackle the Negative Externalities of Consumption.
Evaluation will cover impact of ban on consumers (patients/families), society (doctors, medical system, tax payers), government and producers (drug manufacturers) in short term and long term.