People who need life-saving drugs cannot do without them and surely will be willing to pay very high prices for them because a monopolist, such as one selling life-saving drugs, still faces downward-sloping demand curves.
Drugs are chemical substances that, when consumed, cause changes in the physiology or psychology of living organisms. Pharmaceuticals are generally distinguished from foods or substances that provide nutritional supplements. Drugs are consumed by inhalation, injection, smoking, ingestion, absorption through skin patches, suppositories, or sublingual dissolution.
In pharmacology, a drug is a chemical substance, usually of known structure, that produces a biological effect when administered to a living organism. Pharmaceuticals, also known as drugs or medicines, are chemical substances used to treat, cure, prevent, diagnose, or promote health. Medicines have traditionally been obtained by extraction from medicinal plants, but more recently they have also been obtained by disorders of organic synthesis.
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