Research Factors for Pricing of New Treatment

Research Factors for Pricing of New Treatment

Problem

Company A wanted to introduce a new treatment to market but lacked the data necessary to develop reasonable / rational pricing.

Solution

BMS conducted qualitative primary market research in order to determine hospital selection criteria and price points for Client’s technology. The research consisted of interviews and surveys that presented value propositions to relevant hospital administrators that were based on important market considerations.

Outcome

BMS successfully surveyed and synthesized opinions from relevant market decision-makers and compiled an economic report for Client. Client was able to bring the new treatment to market at a successful price point.

Reimbursement

Reimbursement is critical to market success for products that are administered in hospitals or clinics. BMS advises planning for reimbursement at every stage of product development. Reimbursement issues, such as whether new or existing medical codes are appropriate, affect regulatory choices in product claims and labeling and (for devices) whether to prepare 510(k) vs.PMA applications.

Economics

Clinical studies are the key to achieving acceptance of new technologies and medical treatments not only for regulatory authorities, but also for reimbursement coverage, formulary acceptance, and physician utilization. Success in clinical studies can be achieved only by excellence and attention to detail in clinical protocols and statistical plans.

Marketing

Managed care has transformed the pharmaceutical and medical device marketplace. Physicians, hospital administrators, and managed care medical directors need relevant, credible information, and your marketing program needs to deliver this information effectively. Accurate competitive intelligence that is timely and segmented can be the key to maximizing market penetration while minimizing sales force costs.