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
Query: I was watching your online video to understand the difference between pharmacy retail store and chemist store. I need to know few information as I am doing a research on understanding how pharmacies work in India . Can the pharmacy get into direct marketing activities with the consumers? Can a pharmacist prescribe medicines? Are there any restrictions about who can access Family Planning products/ services through drug shops or pharmacies? Can a pharmacist administer Injections if the client wants? Response: Check out: General Basic knowledge about pharmaceutical sector here Check: How to start retail pharmacy business in India? 1. Can the pharmacy get into direct marketing activities with the consumers? Most pharmaceutical products are prescription based. Pharmacy can't get into the direct marketing activity of prescription medicines. But for OTC, cosmetics, nutraceuticals and ayurvedic products, pharmacy can indulge into direct marketing activity. Check difference betwee
