How optimum pricing can deliver commercial success
Having a new drug accepted on the formulary of over 70% of leading reimbursement organizations within the first 100 days of launch can’t be bad. Especially at a price that delivers 36% higher revenues than originally forecast and generates an additional 62% increase in profits in the first year. That’s what we call success. Our client thought so too.
Launching a new drug into a crowded therapeutic area presents major challenges for any company. Facing just this issue, our client approached us for help in accessing the market and securing desired formulary positioning for a new specialty product entering an already crowded market.
Working closely with the company’s global marketing team, we undertook a value-focused assessment to build reimbursement support based on real patient value and messaging that would ensure rapid uptake and acceptance by key customer groups.
Our analysis supported a launch price that was well above the company’s initial internal anchor, ensuring buy-in at every level, from regional sales managers to the CEO.
With our help, the client achieved a premium price, the most successful launch ever in the therapy area, and an increase in first year profits that added four cents to earnings per share.
To discuss how we can help you deliver a successful pricing and reimbursement strategy, please contact us.