Pharma companies are under a lot of pressure these days. In the war to gain a competitive advantage, they have to be careful not to fall into price gouging, while grappling with an array of other obstacles: biosimilars, price erosion, international reference pricing and an ever-evolving marketplace.
It’s easy to feel overwhelmed by the application of international reference pricing and its influence on pricing mechanisms across the globe, especially in the wake of its adoption by countries across Europe and also Canada, Japan, South Korea, Mexico, New Zealand and other countries.
How can pharmcos actively and efficiently analyze trends, and determine how the market will react when competing products are approved or launched? Seems impossible, but the tools to do just that are within your grasp. It’s all about leveraging pricing data and using it to identify competitive threats and trends, especially for smaller companies looking for an edge over Big Pharma.
By using a high-quality, robust global pricing solution, pharmcos can optimize their pricing strategy based upon an in-depth understanding of how the global markets work, map international reference rules and define an optimal launch order when marketing a new medication.
Smarter decision-making tools also enable pharmcos to gain better insights around treatment costs for prevalent diseases. Consider a cost-of-treatment analysis as a way to identify the most effective treatment approach for the same disease. You need the power to analyze key factors, such as unit price, age, weight, patient compliance and treatment duration.
Alliance Life Science offers a high-quality, robust global data solution:
- Accuracy through expert review
- Flexibility in data configurability and integration that can be customized to exact needs
- Freshness, with updates up to five to eight weeks faster than other solution providers
- Coverage, ranking high in country coverage when benchmarked against the competition
- Quick and easy access to competitor drug-price information across 80+ markets
Having the most up-to-date and accurate information provides a good benchmark for companies, helping them to minimize revenue leakage, develop effective pricing strategies for new drugs, and manage ongoing pricing and reimbursement changes to maximize revenue.
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