Pricing Studies
This study type is able to answer the question "What is the optimal price for my new product?".
We have an array of analytical tools to determine optimal price strategy or international price corridors for new medical products. All these tools are adapted to the special needs of medical marketing research.
Whereas many of the models available to answer this key marketing question are derived from consumer research, we know the situation in most medical markets to be entirely different, as the recipient of treatment is not usually the person to foot the bill. Neither is it the prescriber, even if he is generally restricted by some kinds of budgetary constraints.
The significance of medical pricing varies dramatically depending on factors such as the perceived severity of the indication, available therapy alternatives and their likelihood of success, the reimbursement status of the patient, demographic criteria and whether the doctor (as is the case in some countries) is a self-dispensing agent, interested in high-price drugs to boost his income.
Pricing in the medical field is therefore an issue of such complexity as to warrant different analytical tools, and demanding knowledge of national legal and healthcare systems.
Psyma International Medical uses price benchmarking to determine upper price limits when there is no pricing transparency, and adapted Gabor Granger techniques to check critical price ranges.
Choice-based conjoint analysis is used for simulation models using real market data to analyze various price scenarios, and "price portfolio" is a method for judging the market price sensitivity, i.e. the level and type of prescriber influence on drug purchase.