There has been a lot of focus on international reference pricing in the pharmaceutical industry lately. The goal, of course, being to benchmark yourself against competitive products to ensure that you can obtain the highest amount of market share in any given country.
Access to authentic current, and historical, prices for competing products empowers companies with the information necessary to ensure that their own strategies are headed in the right direction and allows them to make adjustments when necessary.
They may also monitor responses by competitors to price actions taken for their own products. In addition, a multitude of modeling exercises such as pharmaco-economic modeling, analogue analysis, and budget impact modeling, often require competitor drug pricing data.
To give you the bigger picture, access to competitor pricing data is essential for:
- Defining an optimal pricing strategy
- Evaluating pricing trends of competing products
- Monitoring responses by competitors to price actions taken for the company’s own products
- Modeling exercises such as pharmaco-economic modeling, analogue analysis, and hospital or payer budget impact modeling
- Tracking austerity measures; impact at country level ie price cuts, margin changes
- Tracking reimbursement decisions and prescribing restrictions
- Monitoring pricing policies and trends in key markets/therapy areas