This paper uses the circulation of drugs as a port of entry to understanding the fabric of pharmaceutical values. As they circulate, pharmaceuticals encounter a plurality of worlds ranging from the global spheres of transnational transactions to situated localities and their specific realities. A nexus of manufacturers, regulators, importers, distributors, middlemen, sellers and consumers all share a convergent centre of interest in drugs. Each of these actors value pharmaceuticals. Just as their motivations, means and practices of valuing are diverse and sometimes opposed, the resulting pharmaceutical values are multiple, variable and contested. Cambodia is a case in point since the production of pharmaceutical values in this country is entangled in licit and illicit circulation and practices. Value making brings to light matters of exchange and money, therapeutic efficacy and toxicity, prescription modalities and epistemology, location and aesthetics, and ultimately corruption, risks and justice. This entanglement sets the ground for the definition and study of a grey political economy, which is qualified as interstitial, multivalent and sensitive to circumstances. Here, pharmaceutical values are produced through creative agency and arrangements, unexpected social combinations, material and pharmacological heterodoxies. This situation opens up a rich terrain for the exploration of the relation between drug circulation, modes of valuation and pharmaceutical values.

本文将药物流通作为了解药物价值结构的切入点。在流通过程中，药品会遇到多个世界，从跨国交易的全球范围到地域及其特定现实，不一而足。制造商，监管者，进口商，分销商，中间商，卖方和消费者之间的联系都对毒品有共同的兴趣中心。这些行为者都重视药品。正如他们的估价动机，手段和做法各不相同，有时甚至是相反的，由此产生的制药价值也具有多重性，可变性和争议性。柬埔寨就是一个很好的例子，因为该国的药品生产与合法，非法流通和行为有关。价值创造揭示了交换和金钱，治疗功效和毒性，处方形式和认识论，位置和美学以及最终的腐败，风险和正义。这种纠缠为灰色政治经济学的定义和研究奠定了基础，该政治经济学被认为是插页式，多价且对环境敏感的。在这里，药物价值是通过创造性的代理和安排，意料之外的社会组合，物质和药理学上的错位产生的。这种情况为探索药物流通，评估方式和药物价值之间的关系开辟了广阔的地形。这种纠缠为灰色政治经济学的定义和研究奠定了基础，该政治经济学被认为是插页式，多价且对环境敏感的。在这里，药物价值是通过创造性的代理和安排，意料之外的社会组合，物质和药理学上的错位产生的。这种情况为探索药物流通，评估方式和药物价值之间的关系开辟了广阔的地形。这种纠缠为灰色政治经济学的定义和研究奠定了基础，该政治经济学被认为是插页式，多价且对环境敏感的。在这里，药物价值是通过创造性的代理和安排，意料之外的社会组合，物质和药理学上的错位产生的。这种情况为探索药物流通，评估方式和药物价值之间的关系开辟了广阔的地形。