Pricing Analytics Offers a 360-Degree View of Sales to Optimize Price Points
Quantzig’s latest study on pricing analytics for a leading pharma retailer in Europe offers better prediction of the cost of new contracts.
Price trends in the pharmaceutical industry
With the development of new medical technology and multi-channel business environment, the need for pricing analytics in the pharmaceutical industry is gaining immense importance. To build an effective pricing strategy for product launches, pharma companies are trying to understand their end-users and current market conditions before setting an optimal launch price. The introduction of pricing tools that offers holistic insights on the competitors, product value, payer strategies, and customers’ willingness to pay will help companies to choose the correct price ranges. The adoption of these practices helps organizations to focus on prioritizing products that have high demand in the market, offer discounts, and analyze customer feedback to increase the products’ effectiveness. Quantzig’s pricing analytics solutions identify the value drivers for products in the same segment and understand how it was perceived to recommend the optimal price. Moreover, these strategies are designed to provide a 360-degree view of the client’s sales to optimize price points.
The implementation of Big Data analytics is a new way forward in determining the optimal pricing of any products. By analyzing historical data, pharma manufacturers can make important business decisions after thoroughly examining data from both external and internal sources. These data analysis tools are aimed to provide an overview of the developing segmentation strategies, pricing, and profit drivers, making the best use of price, and test driving scenarios.
Leading pharmaceutical companies are collaborating with tech giants to develop innovative technologies that will change the healthcare market. The technological developments are primarily driven to accelerate supercharge research and development and pharmacovigilance. Such innovations will increase the price fluctuations in the market and increase the demand for pricing analytics. Healthcare initiatives that promote research in genomics, adoption of robotics, and improvements in biosimilars will encourage vendors to launch their products in competitive pricing to expand their market share.
Adoption of med-tech
The pharmaceutical manufacturers are focused on developing rounded products to support applications including monitoring, diagnostics, and compliance. The implementation of Big Data, AI, and cloud technologies to support the supply chains, prescribe actions autonomously, and predict outcomes will offer great ROI for suppliers. The development of med-tech will boost the requirements for pricing analytics in the pharma industry.
Outcomes and solutions offered
Quantzig’s pricing analytics team offered solutions such as robust pricing strategy, mechanisms to track and monitor, and manage the price points for a leading pharma retailer in Europe. Some of the solutions offered are as follows:
- Assessed customer data, sales data, product data, pricing data, and social media data from varied sources to identify business challenges
- Delivered a price point optimization for service contracts and better prediction of the cost of new contracts
- Tracked the effect of discounts on sales and the performance trends for top products online
- Analyzed sales sensitivity of each product based on unit discount
- Developed pricing strategy based on comparable products from different brands online
The complete case study on pricing analytics for the pharmaceutical industry is now available.
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