Pharmaceutical companies typically use a variety of factors to determine the price of their drugs, including: Development and production costs: Pharmaceutical companies invest significant amounts of money into the research, development, and production of new drugs. The cost of these activities, including clinical trials and obtaining regulatory approval, is factored into the price of the drug. Marketing and Distribution Cost: Marketing and distribution costs may also be considered by pharmaceutical companies when determining drug prices. These costs include expenses related to advertising, sales representatives, and distribution networks. Drug Uniqueness: If a drug is the first of its kind or represents a significant improvement over existing treatments, the pharmaceutical company may set a higher price for it. If a drug has many competitors or is like existing treatments, the company may have to set a lower price to remain competitive. Market demand: Companies also consider the dem
Pharmaceutical sector is a regulated sector and regulated under drug and cosmetic act & rules. Pharmacy is related to pharmaceutical retail business and for starting pharmacy business, you will require to take Retail drug license. Most of times, we misunderstood the pharmacy term and we consider a pharmacy as a drug store and chemist shop. But there is difference between chemist shop and Pharmacy. Licensing requirements and documents also differ to some extent in both. But most of times they are used as a synonyms for each other. Pharmacy is the pharmaceutical retail business that employs the services of a registered Pharmacist and maintains the compounding of medicines along with dispensing of pre-packed formulations against prescription of registered medical practitioner . The term Pharmacy shall be held to mean to include every store or shop or other place: Where drugs are dispensed, that is, measured or weighed or made up and supplied ; or Where prescriptions are compound