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Main Subject - Brand Building 101: How Your Pricing Strategy Can Build Your Brand
Strong brands become so as they develop a reputation for consistency - be that how they position themselves, the use of their corporate identity, in their messaging and their pricing.
Yes pricing - a subject not talked about much in th
Yes pricing - a subject not talked about much in th
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
e context of branding.
Let’s explore two specific case studies about price inconsistency and the impact to a company’s brand and business performance.
Case Study 1 - Price Harmonisation in a Merger I recall a merger t
Let’s explore two specific case studies about price inconsistency and the impact to a company’s brand and business performance.
Case Study 1 - Price Harmonisation in a Merger I recall a merger t
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
hat I was engaged in and one of the biggest challenges we had was the harmonisation of trade terms for the products we were providing to our 14,000 customers.
We had no record of the specific discounts each of our sales representatives
We had no record of the specific discounts each of our sales representatives
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
had negotiated with the customers and through the merger the plan was that all the invoicing would be brought together.
The customer had been aware they had different agreements in place with the separate organisations prior to the mer
The customer had been aware they had different agreements in place with the separate organisations prior to the mer
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ger which they may not like but understand, as we created one business this was not going to be tenable.
In fact the harmonisation of trading terms, and effectively the implementation of the full merger of the company took us almost 2
In fact the harmonisation of trading terms, and effectively the implementation of the full merger of the company took us almost 2
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ears to complete and automate before we could provide our customers with one invoice for all the products they were purchasing from the merged organisation.
During this time, our bottom line was impacted because:
During this time, our bottom line was impacted because:
- we had to kee
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
p duplicate systems and processes in place with separate accounts teams which resulted in additional overheads for the businesswe had duplicate communication strategies to our sales representatives which complicated their respo
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
sibilitieswe were effectively under pricing our products in many cases which had a direct impact on our bottom line. Case Study 2 - Price Inconsistency in a Coaching Company Here is another example of
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
a far less complex business, yet where their pricing strategy is also inconsistent. I recently reviewed the website of a business coach and they were promoting a new product offering.
The offer they were making for a specific promotion
The offer they were making for a specific promotion
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
looked tremendous - the recommended retail price was $264 and the discount for a limited time took the product to a price of $137.
However clicking to their main page on their website for their products and programmes, almost the sale
However clicking to their main page on their website for their products and programmes, almost the sale
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
promotion was highlighted but instead of $264 the price for the programme was $59.
Now this could well be an oversight - perhaps they had forgotten that they had made available the previous promotion package at only $59.
What it did l
Now this could well be an oversight - perhaps they had forgotten that they had made available the previous promotion package at only $59.
What it did l
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
eave me with an impression of if I were a potential consumer is that I could not trust their pricing strategy. If I had purchased this product based on the current promotion I was going to spend almost 240% more than if I had purchased
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
he product from their main website.
The same can be said of those professional services firms who state that they don’t place their prices for their services on their web site as they change dependent on the client.
Absolutely the req
The same can be said of those professional services firms who state that they don’t place their prices for their services on their web site as they change dependent on the client.
Absolutely the req
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
uirements and situations of our clients vary from case to case, but your potential clients do want to know what the potential investment is they will need to make to work with you.
It’s just like having a jewellery store where there ar
It’s just like having a jewellery store where there ar
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
no prices in the shop window - we are likely to consider that the item we are interested in is outside our reach. Many people don’t want to engage with the merchant in the early stages of their browsing and exploring options and feel e
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
nquiring about a price opens up a dialogue they are not yet ready for.
And remember the world is small and clients will talk so inconsistency in your base pricing is not going to build your reputation for being a trustworthy partner.
And remember the world is small and clients will talk so inconsistency in your base pricing is not going to build your reputation for being a trustworthy partner.
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
strong>Your 4 Point Action Plan:
- Review what your pricing strategy is with your clients today and identify what inconsistencies exist
- Develop a plan for implementing changes - how will you migrate your clients
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
to your new pricing policy, over what time and how you will communicate this to themReview your website and other marketing materials and put in place an outline of your pricing for your key services or products If you
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
do have products and services already promoted on your website, review the pricing you have detailed and ensure that if you are creating alternative bundled packages ensure that they are distinctly different and this is easily understoo
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
d by your potential clients and customers so that they understand why you have priced the packages differently. Review your pricing strategies at least every 6 months to ensure that they enhance your brand and your bottom line
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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