The simple economics of risk-sharing agreements between the NHS and the pharmaceutical industry

The Janssen-Cilag proposal for a risk-sharing agreement regarding bortezomib received a welcome signal from NICE. The Office of Fair Trading report included risk-sharing agreements as an available tool for the National Health Service. Nonetheless, recent discussions have somewhat neglected the economic fundamentals underlying risk-sharing agreements. We argue here that risk-sharing agreements, although attractive due to the principle of paying by results, also entail risks. Too many patients may be put under treatment even with a low success probability. Prices are likely to be adjusted upward, in anticipation of future risk-sharing agreements between the pharmaceutical company and the third-party payer. An available instrument is a verification cost per patient treated, which allows obtaining the first-best allocation of patients to the new treatment, under the risk sharing agreement. Overall, the welfare effects of risk-sharing agreements are ambiguous, and care must be taken with their use.

Estudo dos rácios trapézio inferior/ trapézio superior e grande dentado/ trapézio superior, em exercícios com envolvimento das articulações escapulo-torácica e gleno-umeral : recurso à electromiografia de superfície

RESUMO: Introdução: A estabilidade dinâmica relativa ao complexo articular do ombro depende de uma interacção perfeita entre músculos da coifa dos rotadores e músculos escapulares, como o binómio rotador da escápula – trapézio superior e trapézio inferior e o grande dentado. A compreensão dessas sinergias musculares em sujeitos assintomáticos permite, em última instância, o desenvolvimento de linhas orientadoras de raciocínio na abordagem clínica. Objectivo: Estudar o rácio de activação entre os músculos trapézio inferior e trapézio superior e entre grande dentado e trapézio superior, através de um conjunto de cinco exercícios aplicados a uma amostra de sujeitos assintomáticos, estabelecendo uma hierarquia entre esses rácios. Metodologia: Trata-se de um estudo descritivo, com uma amostra de 15 sujeitos saudáveis (n=9 homens; n=6 mulheres), com idades compreendidas entre os 19 e 27 anos (média=21 anos, dp=2,24), tendo sido avaliados por um sistema de electromiografia de superfície, em dois momentos de recolha diferentes. Os exercícios foram realizados em cadeia cinética aberta, sem qualquer aplicação de resistências externas. Resultados: De entre os exercícios analisados com envolvimento escapulo-torácico e gleno-umeral simultaneamente, destacaram-se com melhor rácio trapézio inferior/trapézio superior e grande dentado/trapézio superior (activação dos músculos trapézio inferior e grande dentado superior à activação do trapézio superior) os movimentos de flexão do ombro até aos 90º no plano sagital e a abdução do ombro até aos 90º no plano da escápula, considerando ambas as recolhas. Nos exercícios apenas com envolvimento escapulotorácico, destacaram-se com melhor rácio os movimentos de adução e depressão das escápulas bilateralmente com os membros superiores em repouso, seguido da abdução da escápula, com o ombro a 90º de flexão e mantendo a escápula em depressão (“murro à frente”), em ambas as recolhas. O exercício de abdução do ombro até aos 90º no plano frontal obteve sempre o pior rácio muscular, nos dois momentos de recolha. Conclusões: O presente trabalho estudou as interacções dos músculos escapulotorácicos em cinco exercícios realizados até aos 90º de elevação do membro superior,em cadeia cinética aberta e sem recurso a resistências externas. Será, eventualmente possível, enquadrar os exercícios propostos nas fases de consciencialização e associação de reaprendizagem motora. Sugerem-se futuros estudos com uso de análise cinemática. --------------------ABSTRACT: Introduction: Stability of the shoulder and scapula depend upon a perfect interaction between rotator cuff of the shoulder and scapular muscles, such as upper and lower trapezius and serratus anterior. A deeper comprehension of these synergies in healthy subjects allows, ultimately, the development of a better reasoning in the clinical approach. Goal: To study the ratios between lower trapezius/ upper trapezius and between serratus anterior/ upper trapezius in five different exercises, applied to healthy subjects, presenting a hierarchy between ratios. Methods: It’s an observational descriptive study including 15 healthy subjects (n= 9 men; n=6 women) with ages between 19 and 27 years (mean of 21 years, SD of 2,24). Surface electromyography was used in two different recording moments. All the exercises were performed in open kinetic chain, without external resistance. Results: Of the exercises studied that involved the shoulder and scapula together, the best ratios between lower trapezius/upper trapezius and serratus anterior/ upper trapezius (greater activity for lower trapezius and serratus anterior and less for upper trapezius) were found in shoulder flexion to 90º and in shoulder abduction to 90º in the plane of the scapula, in both recording moments. Considering the exercises that included only the scapula, the best ratio were found in bilateral adduction and depression of the scapula with the upper limbs resting and in abduction of the scapula, while being in depression, with the shoulder flexed at 90º, considering both recordings. Shoulder abduction to 90º in the coronal plane presented the worse ratio in both recording moments. Conclusions: This present paper studied the interaction of the scapula upward rotator muscles in five exercises performed below 90º of shoulder flexion or abduction, in open kinetic chain, with no external resistance. It may be possible to associate our exercises with the motor learning phases of association and consciousness. Future studies are suggested with kinematic analysis.

The effects of land-use development policies on forest management

This paper develops a model of a forest owner operating in an open-city environment, where the rent for developed land is increasing concave in nearby preserved open space and is rising over time reflecting an upward trend in households’ income. Thus, our model creates the possibility of switching from forestry to residential use at some point in the future. In addition it allows the optimal harvest length to vary over time even if stumpage prices and regeneration costs remain constant. Within this framework we examine how adjacent preserved open space and alternative development constraints affect the private landowner´s decisions. We find that in the presence of rising income, preserved open space hastens regeneration and conversion cuts but leads to lower density development of nearby unzoned parcels due to indirect dynamic effects. We also find that both a binding development moratorium and a binding minimum-lot-size policy can postpone regeneration and conversion cut dates and thus help to protect open space even if only temporarily. However, the policies do not have the same effects on development density of converted forestland. While the former leads to high-density development, the latter encourages low-density development.

Corporate social responsibility levels and firm performance: Evidence from countries in crisis

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Majoritarian delays

This paper illustrates how delayed debt stabilizations can arise in a society without any emerging conflict of interests among its members. We argue that, under a majority voting rule, the economy may generate excessive levels of government spending and larger debts over time, and that this delay is increasing in income inequality. The intuition for this result is simple: a majority of citizens may find in delaying stabilizations a way to increase government expenditures, transferring in this way resources from the richest to the poorest citizens in the economy. This process may explain the upward trend and the difficulty to reduce public expenditures, the so called "ratchet effect."