Market definition in pharmaceutical markets

Substantial interest now surrounds the topic of market definition, with some eminent economists querying whether the standard approach is fit for purpose. The debate centres around whether the definition of a relevant market is fixed at any given point in time or whether it should be shaped by the particular theory of harm being pursued. As the European Commission launches a formal consultation on the two-decade-old notice on market definition, Baker McKenzie partner Fiona Carlin examines how flexible the notion of market definition is in the pharmaceutical sector.