The Political Economy of Excessive Pricing in the Pharmaceutical Sector in the EU: A Question of Democracy?

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At least in theory, one of the major schisms between EU and U.S. antitrust laws is that Section 2 of the Sherman Act 1890 does not sanction excessive prices as such whereas EU law does. Indeed, U.S. antitrust law might even be said rather to rub the EU’s nose in it – in Trinko Justice Scalia considered the charging of monopoly prices not only not to be unlawful, but to involve “an important element of the free-market system,” on the basis that the opportunity to charge monopoly prices is what attracts “business acumen” in the first place. In practice, this schism has, at least historically, been vastly overstated...