Pricing and Selling Complexity
A key challenge in the pharmaceutical industry is how to optimally price, quote, and sell new drugs and innovative therapies. Pricing has to account for a number of factors including: high R&D costs that must be recouped; the complexity of public tenders; competing drugs, brand/generic, as well as alternative sources of wellness; increased social and governmental pushbacks against “price gouging”; as well as the entire lifecycle pricing management for the drug through its patent-protected life and beyond. This can get further complicated when rebates and other promotional programs are added. Similarly, quoting, contracts, and agreements are often complex and time consuming.
Due to all this complexity, pharmaceutical companies have often outsourced pricing to consulting firms who create complicated, static, spreadsheet models, traditionally charging upwards of millions of dollars. The static nature of this model makes it difficult to make changes as market conditions change and to meet stakeholder expectations on ROI and growth. It is solely by leveraging AI-powered analytic, pricing, and digital selling solutions that pharmaceutical companies will achieve unmatched growth and ultimate stakeholder and customer satisfaction.
PROS provides a single, flexible, dynamic, configurable, repeatable, scalable, AI-powered commerce platform that enables pharma companies to improve insight, sales, margins, and the customer buying experience. Our platform provides best-in-class analytic, pricing, and digital selling solutions that seamlessly integrate with your existing systems.
Top Insights in this Executive Brief
- A leading Health Products and Services company operating in over 150 markets in 50 countries, running a global network of manufacturing and R&D facilities, saw its ability to generate reports on variability of prices across countries improve from 2.5 months to 2.5 seconds.
- Through faster insights alone, the company was able to measurably increase revenue.
- The world’s largest supplier of eye health products and pharmaceuticals simplified their quote-to-contract process from days to hours.
- In doing so, they accelerated deals and time-to-revenue, saw faster time-to-market, and improved pricing, contract administration, and compliance.
Additionally, Learn How PROS Enables Pharmaceutical Companies to…
- Build A Successful Global Launch Strategy
- Manage Country Specific Profits in IRP countries
- Adapt to Value-Based Pricing
- Win with Optimized Pricing and Discounting
- Improve Processes and Business Decisions
- Identify Opportunities
- Empower Sales with Pricing Guidance
- Digitally Transform your Processes
- Price according to market realities
- Predict financial impact of prices and tenders
- Reduce churn and gain new customers
- Manage and harmonize omnichannel pricing strategies
- Automate quoting and set-up of contracts/agreements
- Accelerate digital commerce