Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How does a pharmaceutical manufacturer determine the price of its drug? Group of answer choices The pharmaceutical manufacturer uses its costs of production to determine
How does a pharmaceutical manufacturer determine the price of its drug? Group of answer choices The pharmaceutical manufacturer uses its costs of production to determine its profit-maximizing price. The pharmaceutical manufacturer's price must be set so that it recovers its high R&D costs. The pharmaceutical manufacturer bases its price on the demand for a drug, which is determined by its therapeutic value and the availability of close substitutes. The pharmaceutical manufacturer's price is based on negotiation with wholesale drug distributors and whether the drug is new or has been on the market for more than a year
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started