Inpharmation’s Pharma-Specific™ value pricing research platform has been developed to overcome the challenges faced when running traditional pharmaceutical pricing research:
- Running pharmaceutical pricing research when you have a limited number of respondents requires the most efficient survey techniques.
- Inpharmation’s validated pharmaceutical pricing research methods are subject to up to 79% less error than traditional pricing research methods.*
- Pharma-Specific value pricing research combines a number of validated pricing research approaches to maximize the insights from your research project.
*Independent comparison of two direct pricing methodologies
Reduction in error compared to traditional pricing methodologies.
- Payers are often ignorant of rare or under-treated disease areas and their responses in conventional interviews are sometimes literally indistinguishable from random noise.
- Payers may “game” with pharma companies indicating that they expect low prices in order to receive low prices in the future.
- Payers are often confused by the questions asked by unskilled researchers and provide answers to a different question than the one that the researcher thinks he or she has asked.
- Payers are simply not good at correctly indicating pricing prospects “off the top of their head” during a conversation. They will often jump to a readily available “analogue” and this may turn out to be very misleading.
Of the top-10 global pharma companies use Inpharmation’s pricing solutions.
“[There is a] growing body of evidence to suggest that the simple ‘self-explicated’ method, which is much quicker, easier and less expensive to design and analyse than conjoint, is equal to conjoint in terms of internal and predictive validity. This is potentially an important finding, particularly in terms of its usefulness for studies with larger numbers of attributes, and also for its reported improved reliability in smaller sample sizes.”
NICE and Myeloma UK
Evidence-based value pricing research
The only solution to these – and other problems – is to use precise quantitative evidence-based pharmaceutical pricing research techniques. When a research technique is structured in a precise way, it can be compared rigorously against other structured techniques. In this way, the best techniques can be selected and deployed to help recommend a value-based pricing strategy.
Unstructured interviews cannot be scientifically tested as no two unstructured interviews are ever the same. (Although, we do know from a vast body of empirical research that unstructured judgments produce much worse predictions than structured techniques.)
Inpharmation deploys a range of evidence-based quantitative pharmaceutical pricing and market access research techniques and these can be used throughout the development of a pharmaceutical product. In fact, 80% of the top-10 global pharma companies already use Inpharmation’s pricing solutions.
The evidence behind Inpharmation’s fact-based approach to pricing is meticulously documented in the book Value Pricing for Market Access: Evidence-Based Pricing for Pharmaceuticals by Inpharmation’s founder and Chairman, Gary Johnson.