Pricing plays a crucial role in the success of every pharmaceutical product launch. It is essential to carefully consider the needs of various stakeholders, including payers, physicians, other providers, patients, as well as investors. Without a sophisticated pricing strategy, a BioPharma company risks damaging its reputation, facing payer restrictions, and failing to maximize revenue potential.
To set the right price for a new medicine, several key actions are critical:
– Establish how the new therapy compares to standard of care along clinical, economic, and humanistic outcomes
– Engage payers early to assess how the medicine profile resonates
– Identify relevant analogs to understand current market prices both list and net
– Determine how discounts and price impact access and utilization
– Assess the health economic impact of the new therapy along a range of different price points
– Develop a payer focused budget impact model to estimate the overall impact to total cost of care
– Involve a senior cross-functional team in the final price decision
– Ensure internal understanding and effective communication of the price to stakeholders
By following these steps and adopting a comprehensive approach, companies can help ensure a successful medicine launch. A3Access offers expertise in pricing new medicines effectively and can provide valuable guidance. Reach out for assistance in navigating the complexities of pricing and determining the best price for your medicine.