Business, 26.12.2019 01:31 kirkhester1

You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. despite strong sales ($150 million last year) and a low marginal cost of producing the product ($0.80 per pill), your company has yet to show a profit from selling the drug. this is, in part, due to the fact that the company spent $1.6 billion developing the drug and obtaining fda approval. an economist has estimated that, at the current price of $1.75 per pill, the own price elasticity of demand for the drug is -2.5.
based on this information, what can you do to boost profits?

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