Which pharmaceutical pricing strategy involves setting an extremely high initial price for a new drug, then gradually reducing it as competition enters the market or patents expire?

In the competitive world of pharmaceutical marketing, companies employ various pricing strategies to balance profitability with accessibility. Different approaches can significantly impact a drug's market position, patient access, and company reputation. Test your knowledge about one of the most controversial pricing strategies in the pharmaceutical industry that has made headlines in recent years.

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Price skimming
Value-based pricing
Reference pricing
Cost-plus pricing