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Can free-market full of competition and choices help achieve welfare state’s target by lowering the vaccine prices? Analyse.

Topic: GS-2: Issues relating to poverty and hunger.

GS-3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

6. Can free-market full of competition and choices help achieve welfare state’s target by lowering the vaccine prices? Analyse.(250 words)

Reference:  The Hindu

Why the question:

The article brings to us detailed analysis of the vaccine market; a condition brought before entire world owing to covid-19.

Key Demand of the question:

One has to analyse if free-market full of competition and choices can help achieve welfare state’s target by lowering the vaccine prices.

Directive:

AnalyzeWhen asked to analyse, you have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary.

Structure of the answer:

Introduction:

Present the current conditions of vaccination and its stages across the world.

Body:

Discuss what you understand by free-market full of competition and choices. Then explain its relevance to achieving welfare State.

Explain that Economists point out that since vaccines boost health and immunity, creating additional private motivations with a free market makes rational sense in India’s context. India is not really a place where one can expect private subsidies to take vaccines to socially optimal levels, such as in the U.S., because that may be socially unaffordable for the government. If this is not done, the country’s rich will find a way to engage in vaccine tourism.

Take hints from the article and suggest your opinion.

Conclusion:

Conclude with way forward.