Twenty years ago, a large pharmaceutical company merged with their competitor making this new entity the largest pharmaceutical company among some twelve other pharmaceutical companies worldwide. This new entity also boasts the industry's largest pharmaceutical Research and Development (R&D) organisation, which invests over $13.8billion in R&D annually. Identify and justify, in your own words, which market structure is the most likely that this company operates in and distinguish its key features with perfect competition (you must consider factors such as market characteristics, pricing decisions, elasticity and any other potential factors)