The client is a leading pharma industry player who wanted to leverage value-based pricing analytics techniques to devise an optimal pricing strategy for the launch of its orphan cardiovascular drug.
The Business Challenge
In the face of stagnant healthcare budgets, an ever-growing demand for care, advanced pricing analytics techniques have the potential to drive value across the pharma value chain which included companies, payers, patients, and providers in advanced health systems. But to unlock the true potential of pricing analytics techniques, pharma companies must consider the outcome and factors that impact profitability before setting the new launch prices.
To devise an optimal pricing strategy in today’s competitive business scenario, businesses must possess a strong understanding of market dynamism and key value drivers that impact profitability and growth. Without a detailed understanding of such factors, businesses might fail to identify the optimal price for their drugs. Today most pharmaceutical companies struggle when it comes to leveraging pricing analytics techniques to identify the optimal price for their drugs. This, in turn, leads to poor launch performance which might seem quite challenging to overcome especially, in a scenario where sales expectations are higher than ever for new drugs.
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While preparing for the release of a new drug in the US market, a leading pharmaceutical company chose to partner with Quantzig to leverage its pricing analytics solutions to develop a robust pricing strategy. Being an orphan drug and the first indicated treatment for a rare cardiovascular condition the client lacked a basic understanding of the factors that impact pricing. They were looking at exploring the potential of pricing analytics techniques to set optimal prices.
The Solution Offered
We adopted a comprehensive three-pronged approach to help the client tackle the above-mentioned challenges.
The initial phase revolved around conducting in-depth internal and external interviews to understand and analyze the importance of clinical and commercial factors impacting the payers’ decision-making process.
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The second phase of this engagement focused on analyzing and testing the acceptability of different price points and price structures to establish the key psychological thresholds. Also, by testing several pricing analytics techniques, it was possible to evaluate the impact of a price change on the prescribing behavior of physicians and payer restrictions.
The final step in our pricing analytics engagement focused on developing a pricing roadmap to align the obtained insights with the client’s business objectives keeping in mind the future needs of the business.
The pricing analytics solutions also enabled the client to:
- Make strategic and tactical pricing decisions
- Prioritize three pricing analytics techniques to implement during the drug launch
- Identified the optimal price that returned maximum revenue
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Benefits of Pricing Analytics
Why Choose Quantzig as Your Pricing Analytics Solution Provider?
Through our analytics expertise and industry knowledge, we focus on improving market share and profitability for our clients by helping them understand the importance of different pricing analytics techniques. Being well-known for offering advanced pricing analytics solutions, we have now grown to become one of the world’s leading analytics solution providers. We also offer customized pricing analytics solutions to help our clients maximize payback and profitability.
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