It Costs an Average of About a Billion Dollars to Develop

question 17

True/False

It costs an average of about a billion dollars to develop one new drug and clear all FDA rules before marketing the product.

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Definitions:

Service Firms

Businesses that provide intangible products or services to consumers, as opposed to tangible goods.

Locations

In the context of operations management, it refers to the strategic positioning of facilities like factories or warehouses to optimize logistics and supply chain efficiency.

Ethical Considerations

Moral principles that influence decision-making processes, ensuring actions are conducted with integrity and respect for others.

Location Decisions

The process of choosing a site for a business operation based on factors such as cost, accessibility, and market proximity.