New research highlights countries using International Referencing Pricing for price setting — Global Pricing Innovations
LONDON – Nov. 5, 2017 – PRLog — 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 Referencing 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 wfv 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 www.ispor.org/
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About the company:
Global Pricing Innovations Ltd (GPI) is a market leader in business intelligence, analytics and innovative solutions for pharmaceutical pricing and access. GPI supports price decision-making through a combination of robust data-driven insights and bespoke analytical solutions, helping the life sciences industry achieve day-to-day operational improvement and market access excellence. GPI tools and services maximize clients’ price and value understanding and optimize pre-launch and post-launch decision making. www.globalpricing.com.
Contact: press@globalpricing.com
Tel: +44 (0) 203 874 3050
