Pricing in Pharmaceutical Industry
Businesses in any industry can dramatically improve their understanding of what drives the customer buying decision with Pricing Research & Analytics. Armed with greater insights, our pharmaceutical clients execute value-driven Pricing Strategies that optimize profits..
In the pharmaceutical sector, that means building pricing strategy around a solid understanding of the complete decision-making process, which typically includes the roles of clinicians, payers, KOLs and patients. Overall, we look at product value, competition, payer strategies and willingness-to-pay.
As one of the world’s leading pricing consultancies, it is our mission to dramatically improve client’s profitability and market share through pricing.
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Approach to Pricing Research & Analytics in Pharmaceuticals
- Identifying key value drivers for specific indications/diseases
- Assessing the value of the product against key value drivers
- Assessing the comparative value vs. competitor products
- Identifying clinical barriers to prescribing
Pricing, Reimbursement & Market Access
- Establishing possible product evaluation processes
- Identifying key decision stakeholders
- Establishing an optimal strategy to gain market access across markets
- Understanding price/volume relationship based on access and prescribing
- Identify optimal price by country and launch sequencing or global pricing strategy
Our clients achieve a typical payback of 10:1 on their research investment by leveraging pricing during various points in a product’s development cycle, including: during or after Phase III, in preparation for launch pricing; in Phase I – II trial, when determining whether to continue development; during sale/purchase of a molecule pre-launch; when faced with specific product challenges.
Pricing Solutions provides local project service and management. Our multicultural, multi-language team understands different market, cultures and customers and are supported by an international network of trusted healthcare fieldwork agencies. Over the years, our firm has developed long-term working relations with executive partners in healthcare, providing added-value services in over 20 different countries around the world.
Proudly Working with Industry Leaders
High prices for pharmaceuticals are on the minds of many of the payers and clinicians that I speak with during pricing research projects. Such high prices should encourage innovation and competition, and once a specific unmet need has been addressed, the price of treating that specific medical problem will likely come down over time.
A lot has happened in the world of Hep C treatment over the last 2 years. A week or so ago I had a discussion with a Toronto-based Hep C nurse. We talked about her recent adoption of Harvoni, the pricing and coverage of Hep C drugs more generally, and about some of her discussions with sales reps. Here are 5 things I learnt from our discussion.
Expensive drugs, limited coverage by private and public payers, online technologies and the growth of personalised medicine are some of the factors encouraging Canadians, especially older, middle-class Canadians, to take a more active role in paying for their healthcare
Based on our experience of conducting pricing research in the pharmaceutical space, as well as being part of the pharmaceutical market research community for the past 20 years, it is striking how much the pharmaceutical sector has changed, and continues to change.
In the healthcare sector, it is critical to understand each element in an often complicated decision making process. These include the payer decision making, doctor treatment protocols and patient journeys.
Our mission is to dramatically improve clients’ profitability and market share through improved pricing. Pricing Solutions’ four core services include Pricing Strategy, Pricing Research, Pricing Analytics & Pricing Training. Known for our World Class Pricing™ methodology, we have grown to become one of the world’s leading pricing consultancies with offices in North America, Europe, Asia Pacific and Latin America. Our global team of researchers, consultants and partners are recognized thought-leaders.