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
Execute your business strategy Effectively (Step 11 of our how to set-up new business guide) Till this step, you have completed all theoretical, documentation and licensing work. You have business name, a business plan, finance, licenses and registrations, product/service to be launched etc. Now the time is to execute your business strategy at good way. This is the step where we have actually reached at business starting point . Steps before this will be wasted if you fail to execute this step and coming steps has no use for you. Execution of business strategy is not writing down or planning, it’s a practical implementation of what have written at your business plan, what you have thought about how you will conduct your business, how you will reach to your proposed customers, what will be your key highlights etc. Business is like a House. Market research is like at which location or area is good for you. Your business plan is the designing part of your proposed infrastructur
