ABC Pharma Inc. develops and markets pharmaceutical products. Financial data for the year 2023 is as follows:

Ledgers:

• Research and Development Expenses: $15,000,000
• Sales Revenue: $50,000,000
• Marketing Expenses: $8,000,000
• General and Administrative Expenses: $5,000,000

Requirements:

• Prepare ABC Pharma Inc.'s income statement for the year ended December 31, 2023.
• Calculate the Gross Profit Margin and Operating Expenses.
• Determine the Net Income after taxes using a tax rate of 20%.
• Discuss the importance of cost control in the pharmaceutical industry.