Which pricing strategy is MOST commonly used to justify the high costs of orphan drugs for rare diseases in the pharmaceutical industry?

The pharmaceutical industry employs various pricing strategies, but few are as distinctive as those for orphan drugs (medications developed for rare diseases). With smaller patient populations, these treatments often come with eye-opening price tags. This trivia tests your knowledge about the economics behind these specialized medical products and how pharmaceutical companies justify their pricing approaches in this unique segment of healthcare.

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Value-based pricing (pricing based on clinical benefits and quality-of-life improvements provided to patients)
Cost-plus pricing (setting price based on production costs plus a standard markup)
Research and development recovery pricing (recouping R&D costs from a limited patient population)
Reference-based pricing (setting prices comparable to alternative treatments for the same condition)