definiens: means, with respect to a Party in the performance of its obligations hereunder in relation to Licensed Produ cts, the application by or on behalf of such Party of a level of efforts that a similarly - situated pharmaceutical or biotechnology company, as the case may be, would a pply to such activities in relation to a similar pharmaceut ical product owned by it or to which it has exclusi ve rights, which product is at a similar stage in its development or product life and is of similar market potential an d strategic value ( in each case as compared to the Licensed Product ) taking into account efficacy, safety, expected labe ling, the competitiveness of alternative products in the mark etplace sold by Third Parties, the patent and other proprietary position of the product, the likelihood of regulato ry approval given the regulatory structure involved, the expected and actual profitability of the product including t he royalties payable to licensors, and other releva nt factors, based on conditions then prevailing