Outcomes-Based Pharmaceutical Pricing: Meeting Stakeholder Needs

The pricing landscape has changed dramatically over the past decade. In the 1990s and even a few years ago, pricing was almost an afterthought - pricing plans were formed and carried out during ramp-up to product launch; there was less regulatory scrutiny; the concept of health outcomes analysis was still taking shape, and any pharmacoeconomic data that companies were able to provide was better than none.



Today, however, strategic pricing is more important than ever before. Pharmaceutical and biotechnology companies' pricing teams contend with unrelenting pressures. They must manage increased scrutiny from different sides - government agencies, the media and the public - over pharmaceutical pricing, while meeting multiple stakeholders' needs: third-party payers, physicians and patients. Adding to the complexity are ever-rising clinical development costs and shrinking pipelines in a constantly changing, global marketplace.



As a result of these challenges, pharmaceutical pricing has become payer-driven and value-based. But life sciences companies are also recognizing the vital importance of strategic pricing. Rather than coming at the tail end of a drug's development, pricing planning is being integrated into drug development. The pricing department, in fact, is now a key driver in lifecycle management.



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