The firm is planning on receiving a regulatory permission to sell its product in different regulated markets. The details are presented in Table 1. The marketing department conducted research and summarized the cost and duration of processing the application, the odds of a positive outcome, and the sales opportunities. Deciding what market the firm should enter is based on the potential profit generated over a 24-month period. You need to decide which market the firm should start the regulatory approval process.

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Annual Sales Agency Average Processing Approval time (months) Processing Fee per market Name Chance 248 K $1,000,000 per month S700,000 per month $660,000 per month $250,000 per month $470,00 per 15 0.8 USA FDA 0.85 EU MDD 300 K 82K 0.9 China CFDA 0.9 12 Japan PMDA 320K India 47K 0.95 CDSCO month