LONDON (PRWEB UK) 6 November 2017
Global Pricing Innovations (GPI) completes analysis of real-world data for selected analogs, representing low, medium and high price bands across ten countries. Using data and Internal Reference Pricing (IRP) rules from GPI pulse™, launch prices were analysed against projected prices simulated by the application of formal IRP. The analysis investigated two key areas: (1) % differential between the simulated price at launch using IRP and the actual launch price. (2) Correlation between the application of IRP rule against the country, region, and medicine price.
The analysis identified inconsistencies across countries and highlighted countries most likely to apply IRP to set and manage medicine pricing. “There is no consistency in the application of international reference rules", says Pati Ladron, Pricing Lead at Global Pricing Innovations. The risk of IRP must be taken into consideration during medicine launch planning to account for global price erosion. The recent withdrawal of a key oncology product in Greece highlights the difficult commercial decisions and need for sustainable pricing strategies and policies.
Preeti Patel, founder and CEO of GPI said, “Advising on the commercial impact of IRP during launch and revenue forecasting is one GPI’s key areas of expertise”.
GPI will be demonstrating GPI pulse™ at ISPOR 20th Annual European Congress in Glasgow, Scotland, 4-8 November 2017.
To access the analysis and download the summary findings see http://www.ispor.org/ScientificPresentationsDatabase/Presentation/75595.