Application of the Economic Analysis of Law to the Regulation of the Drug Retail Market in Bulgaria

Teodor Sedlarski and Mina Bazoteva

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2012, vol. 10, issue 1, 153-175

Abstract: This article is an early attempt to apply the theoretical framework of the economic analysis of law to the regulation of the Bulgarian drug retail market. Briefly sketched are the basic principles of the law and economics paradigm as well as the historical development of the drug retail regulation in Bulgaria. Economic benefits and shortcomings of the liberalization in the drug retail sector are discussed from a neoclassical and public choice perspective. The theoretical inference is checked against observed developments in the sector (EU and Bulgaria). In conclusion alternatives to the plain deregulation approach are suggested that are better suited to protect both the consumers` and small retailers` interest.

Keywords: economic analysis of law; regulation; competition; drugs; pharmacy. (search for similar items in EconPapers)
JEL-codes: H51 K32 L42 (search for similar items in EconPapers)
Date: 2012
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