Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 16 April 2012, 22:10 HKT/SGT
Share:
    

Source: marcus evans Summits
Pricing Products for Success in the Pharmaceutical Industry
Interview with Mick Kolassa of Medical Marketing Economics LLC, a solution provider company at the marcus evans PharmaMarketing Summit 2012, on pricing products in the pharmaceutical industry.

NEW YORK, Apr 16, 2012 - (ACN Newswire) - Pharmaceutical companies are not maximizing their pricing power and opportunities, says Mick Kolassa, Chairman & Managing Partner, Medical Marketing Economics LLC. They often rely on market research that does not take into account the complexities of the various stakeholders in the industry; pharmaceutical products are not like other goods, adds the former editor of the Journal of Pharmaceutical Marketing and Management.

From a solution provider company at the upcoming marcus evans PharmaMarketing Summit 2012, in Wheeling, Illinois, April 30 - May 2, Kolassa discusses pricing strategies for pharmaceutical marketers.

- Why is pricing an issue in the pharmaceutical industry?

The value of a pharmaceutical product is often not clearly established in the marketplace. When customers do not understand a product's value and what use it has for them, they complain about the price. That does not necessarily mean that the price was too high, but that they did not understand the product's true value. Lowering the price will not get more customers. If we can get customers to understand the value of our products, price won't matter.

The biggest mistake that marketers make today is asking customers how much they should charge for products.

- Who has the purchasing power in this market?

Marketers believe that payers have all the power in this market, but that is also a mistake. Many organizations are aligning their resources towards payers, forgetting the significance of physicians. Payers want value for their money, but their goal is not to keep good products away from physicians and patients. They should not assume that payers control the market.

- How can pharmaceutical companies identify the right price for a product?

The two most important questions we ask our clients are: What problem does your product solve that is not solved by other products and who owns that problem? Our method, ValueFraming, digs down to find the real value of a product and who it should be promoted to. For example, treating cancer is the physician's problem and not the patient's. The physician will make the medication decisions. Managing a patient's post-surgical pain is the nurse's job, but it will be the physician who will get interrupted constantly by the nurse if the patient is in pain.

In every case, it is important to identify the special problems that the product solves, so that it is communicated effectively to the relevant customers. This must be a customized approach, an organized process for getting to the core value issues.

- Any final thoughts?

Pricing and reimbursement are very complex and dynamic, but there is a great body of knowledge that can be used to make more profitable pricing decisions. Price has more impact on a company's bottom line than anything else, so pharmaceutical companies must treat it more seriously.


About the PharmaMarketing Summit 2012

This unique forum will take place at the Westin Chicago North Shore, Wheeling, Illinois, April 30 - May 2, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on digital marketing, measuring marketing ROI, social media and accessing emerging markets.

For more information please send an email to info@marcusevanscy.com or visit the event website at www.pharmamarketingsummit.com/MickKolassaInterview

marcus evans group - marketing/sales sector portal - http://bit.ly/a0XVaF

The Marketing Network - marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.

LinkedIn: www.linkedin.com/groups?mostPopular=&gid=3379860&trk=myg_ugrp_ovr
YouTube: www.youtube.com/user/MarcusEvansMarketing
Twitter: www.twitter.com/meSummitsMkt
SlideShare: www.slideshare.net/MarcusEvansMarketing

Please note that the Summit is a closed business event and the number of participants strictly limited.

About Medical Marketing Economics

Medical Marketing Economics specializes in the development of value-based pricing and reimbursement strategies for biopharmaceuticals worldwide. Our work is driven by an unparalleled understanding of all the participants in the market, including payers, providers, governments and your competitors. Our motto is our promise: Learn From Our Experience, Profit from Our Thinking. For more information: www.m2econ.com.


Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager,
marcus evans Summits
Tel: +357-22-849313
Email: press@marcusevanscy.com



Topic: Trade Show or Conference
Source: marcus evans Summits

Sectors: Daily Finance, BioTech
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


marcus evans Summits Links

http://www.marcusevans.com

http://www.twitter.com/meSummitsGlobal

https://www.youtube.com/user/MarcusEvansGroup

marcus evans Summits
Jan 5, 2016 15:31 HKT/SGT
How the Right Interior Design Can Lead to an Unforgettable Hotel Experience
Jan 5, 2016 14:53 HKT/SGT
Why Hotels Need to Invest in Technology
Jan 5, 2016 14:15 HKT/SGT
Why Defence Organisations Should Reconsider Their Talent Management Approach
Oct 23, 2015 03:00 HKT/SGT
How to Distinguish the Right Emerging Markets to Invest in
Oct 22, 2015 21:20 HKT/SGT
How to Design a Solid Privacy and Data Protection Programme
Oct 22, 2015 21:00 HKT/SGT
The Wellness Model: A Business Strategy to Reduce Healthcare Costs
Oct 17, 2015 02:20 HKT/SGT
The Changing Dynamics of the Oil Market
Oct 17, 2015 02:10 HKT/SGT
How China's Slowdown Affects Global Investors
Oct 17, 2015 02:00 HKT/SGT
How to Use Globalisation as a Marketing Tool
Sept 30, 2015 07:30 HKT/SGT
The Need for Holistic Revenue Cycle Management Models
More news >>
 News Alerts
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575

Connect With us: