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| 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
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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
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