The US Pharma Market: Landscape, Key Players, and Terminology. FDA, pipeline, branded drug, generic drug, blockbuster, payer, formulary, orphan drug, market exclusivity, big pharma, bring a drug to market, go off patent/go generic, patent cliff, out-of-pocket costs, gain formulary access. This is for korean bio professionals who are at a B1-B2 level and are elevating their english skills through natural conversation on these topics.

Definitions of Big Pharma and the enormous financial and temporal costs required to bring a drug to market.
The role of the FDA as the regulatory gatekeeper in the United States.
Explanation of the "pipeline" as a measure of a company's future value and the definition of a "blockbuster" drug.

The distinction between branded drugs and generic drugs.
Analysis of the "patent cliff" and what happens when a drug goes off-patent.
Discussion on market exclusivity and the specific incentives provided for developing "orphan drugs" for rare diseases.

Understanding the role of the "payer" (insurance companies) in the U.S. healthcare system.
The importance of gaining "formulary access" to ensure a drug is covered by insurance.
How a drug’s presence on a formulary directly impacts a patient’s "out-of-pocket costs" and the commercial success of a product.