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    Empirical findings on macro determinants of pharmaceutical spending in selected OECD countries
    (Peter Lang AG, 2020) Iyidoğan, Pelin Varol; Balikçioğlu, Eda; Yilmaz, H. Hakan
    Pharmaceutical expenditure as a major determinant of health care spending arises as an attractive area of research in terms of public policy. Policymakers inevitably face the control of pharmaceutical expenditure, which corresponds to more than a %16 of health expenditure on average to optimize health policy. In this context, besides the historical pattern of pharmaceutical expenditure, the investigation of macro determinants of pharmaceuticals has come into prominence in the health care literature. Within this scope, we aim to examine the effect of aging, chronic diseases, health care expenditures and social spending on pharmaceutical spending for 22 OECD countries by employing General Method of Moments (GMM) procedure of Arellano and Bond (1991) which utilizes the difference of dependent variable to eliminate the individual fixed effects. In our paper, we conclude that the rise in the elderly population leads to an increase in pharmaceutical spending, which is consistent with our expectations. On the other hand, we find no significant effect of male cancer incidence and the negative impact of adjusted health spending on pharmaceutical spending. However, the results point out that a rise in female cancer incidence rises drug expenditures. More clearly, pharmaceutical expenditure is exposed to gender sensitivity in terms of cancer. Furthermore, we find that social spending has a positive effect on pharmaceutical spending. © Peter Lang AG 2020.