definiens: means with respect to the efforts to be expended by a Party with respect to any objective under this Agre ement, the efforts to accomplish such objective as a similarly situated party would normally use to accomplish a s imilar objective of a similarly situated party unde r similar circumstances, it being understood and agreed that with respect to the Development or Commercializatio n of a Product such efforts shall be similar to those effo rts and resources commonly used by a similarly situ ated party for a similar biological or pharmaceutical product owned by it or to which it has rights, which produc t is at a similar stage in its development or product life an d is of similar market potential taking into accoun t efficacy, safety, approved labeling, profitability, the compe titiveness of alternative products in the marketpla ce, the exclusivity of the product in view of its patent pr otection, patent life and other proprietary positio n of the product, and the likelihood of Regulatory Approval given the regulatory structure involved, provided s uch efforts are substantially and materially consistent with industry practices and standards