Pharmafile Logo

Understanding Patient Willingness to Pay

January 6, 2016 | emerging markets 

Published in eyeforpharma 12 October by Rachel Howard

What steps should pharma and medical device companies take to ensure they get their pricing strategy right in self-pay markets?

A key feature of emerging markets is that patients often have to self-fund a high proportion of their healthcare costs. For all but the most severe conditions, public reimbursement of pharmaceutical products and personal medical devices is often partial to non-existent, particularly in the outpatient setting. While private health insurance coverage is increasing in many emerging markets, penetration typically remains low, even among middle to high income segments of the population. This means that for many drugs and devices, the primary means of purchasing in emerging markets will be patients paying out of pocket. Any successful pricing strategy therefore needs to start with an understanding of target patients’ willingness to pay for the drug / device in question.

In this article, I partner with Research Partnership Quantitative Director and pricing expert Duncan Munro to set out the critical success factors that should be considered in order to determine how a medical product should be priced in a self-pay market.

Read the full article here:
www.researchpartnership.com/news/2015/10/article-understanding-patient-willingness-to-pay/


This content was provided by Research Partnership

Company Details

 Latest Content from  Research Partnership 

Latest wave of Therapy Watch IBD to run this month

The IBD syndicated market tracker is part of our large auto-immune portfolio

Research Partnership launches new patient report – Living with Lupus (SLE)

Living with Lupus (SLE) is a quantitative study conducted online amongst patients in the US and European markets. The report will consist of 30-minute face to face interviews with a...

Webinar: Ensuring an Actionable Segmentation

A segmentation study comes with high visibility and high stakes across your marketing and sales organisations. Ensuring that a segmentation is actionable is a consistent issue, particularly when stakeholders with multiple...

Interactive infographic: LATAM

An overview of the six most-commonly researched, largest pharma markets in Latin America

Immuno-oncology: The market opportunity for PD-1/PD-L1s

Immuno-oncology is the new frontier in cancer treatment. Using the body’s own immune system to treat cancer, new therapies are producing impressive survival benefits, with reduced side effects. Of these therapies,...

Case Study: Using ‘Journey to the Future’ projective techniques to understand evolving customer expectations

Our client was developing a portfolio of innovative treatments and was in the process of recruiting a sales force to support the promotion of this portfolio. Research was required to...

Free Thinking – US Presidential Election: The legacy of the Affordable Care Act and the future for healthcare

Our latest Free Thinking white paper explores the legacy of the Affordable Care Act and the future for healthcare

Therapy Watch market snapshots

Therapy Watch is a ‘real-time’ syndicated market tracking tool that provides marketing teams, brand managers and market researchers with strategic and tactical market information. Run entirely online to ensure speed,...

Case Study: Private market opportunity for a travel vaccine

Our client needed exploratory research to determine the global opportunity for a new travel vaccine in the private market. It was crucial to determine:Which markets had the highest potential to...

Infographic: Conference Live

Conference Live gives you real-time insights, utilising the multimedia functionality of the smartphone in an innovative mobile app methodology. We conduct mobile conference research amongst physicians attending conferences, giving our clients...