Okay kiddo, so pharmaceutical policy is like rules and decisions that grown-ups make about medicines to make sure they are safe and can be used by people who need them.
You know how you have to take medicine when you're not feeling well? Well, there are a lot of important things to think about to make sure that medicine is really going to work well and not hurt you.
So, some grown-ups called regulators, who work for the government, make rules about how a medicine has to be tested before people can use it. They want to make sure the medicine is really going to work the way it's supposed to and not cause any bad side effects.
They also make sure that the companies that make the medicine are telling the truth and not just trying to sell something that doesn't actually work.
Another thing regulators do is decide how much the medicine can cost, they try to make it fair so everyone can afford it.
There are also politicians and government officials who work together to make policies about how medicines are used and paid for. They figure out things like how much insurance should cover, how much hospitals should pay for medicine they buy, and how much people should pay at the pharmacy.
Overall, pharmaceutical policy is really just grown-ups figuring out the best and safest ways to get medicines to the people who need them.