Which pricing strategy is characterized by pharmaceutical companies initially setting very high prices for new medications, then gradually lowering them as patents expire and competitors enter the market?

The pricing of medical products and pharmaceuticals follows complex strategies that balance accessibility, research costs, and profit margins. This poll tests your knowledge about a specific pricing phenomenon in the medical industry that has significant implications for healthcare economics, patient access to medications, and pharmaceutical business models. Can you identify the correct pricing strategy based on the description?

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