Compared with developed economies, health expenditure in China is not particularly high on a per capita basis or as a share of Gross Domestic Product (GDP). Similarly, pharmaceutical expenditure in comparative perspective is not particularly high on a per capita basis or as a percentage of GDP....

Although personalized medicine is becoming the new paradigm to manage some diseases, the economics of personalized medicine have only focused on assessing the efficiency of specific treatments, lacking a theoretical framework analyzing the interactions between pharmaceutical firms and healthcare...