definiens: means, with respect to particular tasks or activiti es hereunder in developing or Commercialization Licensed Product, a level of efforts applied to such tasks or activiti es reasonably consistent with the efforts commonly use d by similarly - situated companies in the pharmaceut ical industry to conduct such activities on products at a similar ( as compared to the Licensed Product at t he applicable time ) stage in its product life and of s imilar market potential, profit potential and strat egic value resulting from its own research efforts, based on i nformation and conditions then - prevailing, includin g, without limitation, efficacy of the product, the competitiv eness of alternative products in the marketplace, t he patent and other proprietary position of the product, the like lihood of regulatory approval given the regulatory structure involved and the likelihood of adequate reimburseme nt . Commercially Reasonable Efforts shall be determ ined on a country - by - country or market - by - market basis ( as most applicable ) for a particular Licensed Produ ct, and it is anticipated that the level of effort will change over time reflecting changes in the status of the Licensed Product and the country ( or markets ) involved