Discuss the importance and cost of research and development.

your Show more Discuss the market for pharmaceutical drugs. Include a discussion of the following points in your answer using examples where appropriate: Is the market for pharmaceutical drugs an oligopoly market or a monopolistically competitive market? Support your answer. Discuss the importance and cost of research and development. Does every drug pay off? Is strategic behavior important in this market? Support your answer. Is product differentiation important in this market? Support your answer. How does the movement from a patented drug to a generic drug affect this market? Show less

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