OTC (over the counter) Pharma Pricing
Over the counter Pharma is a fundamental resource that comes with many challenges. Navigating these challenges requires a delicate balance between innovation, profitability, regulatory compliance, and meeting societal expectations for affordable and accessible healthcare. Pharmaceutical companies need to adopt adaptive pricing strategies that consider the complexities of the industry while ensuring sustainability and access to vital medications. Therefore, market research is crucial to enable success on the market.
Challenges in Pricing Over The Counter (OTC) Pharmaceuticals
Pricing of OTC Pharmaceuticals is one of PriceBeam’s areas of expertise. Consumer goods companies benefit from price optimization more than any other industry, but at the same time, it is often an incredibly challenging task. In fact, only as little as 12% of consumer brands have a winning pricing strategy. Thus, the demand for our services in this industry is high and consequently, we have grown in expertise with the many projects we have done.
Competition within OTC Pharma is ever present and probably one of the most competitive industries with the most regulations.
Pricing on the perceived value and effectiveness of the drug can be challenging. The price does not necessarily reflect the effectiveness of the drug. Therefore, research should be carefully considered to gauge customer preferences.
Price Positioning & Strategy
New Product Pricing
Understand consumers' willingness-to-pay for new products, and use such insights to optimize prices when launching innovative products.
Market Launch Pricing
Setting the right prices when launching into new markets is often a challenge in OTC Pharma. companies. PriceBeam helps understand market differences and sets optimal price points for each.
Use market research to understand the differences in willingness-to-pay across all items in an assortment, and optimize both prices and range.
Understand the benefits and features that consumers value as well as those attributes that don't impact consumers' willingness-to-pay.
Prices should not be static. It is best practice to adjust prices upwards regularly, at least in line with competition and inflation, but often also higher thanks to brand innovations.
Prices vary across countries. Understand differences in willingness-to-pay per market and set prices accordingly.
Understand consumers' potential reaction to different promotional mechanisms or discount levels, and optimize the overall revenue.
How Does It Work?
PriceBeam’s solution conducts extensive market research, collects and analyzes data before delivering a detailed report on your customer’s willingness to pay. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.
Define offering & target market
You describe your product/service on our cloud-based platform. You also define the target market to research.
Create Market Research
We add all the research details, statistical setup, etc. so you don't have to worry about it.
Conduct Market Research
We collect responses about the given product/service in the defined target market.
Analysis & Results
The results are aggregated, analyzed and presented in our cloud-based solution.
Why You Should Choose PriceBeam?
PriceBeam delivers strong value on a number of fronts, which is why our clients choose us.
PriceBeam's studies ensure statistically significant results about willingness-to-pay.
Results as fasts as 48 hours in B2C and 1-2 weeks in B2C.
1% change in price delivers 11% improvement in value for the average company.
Easy to Use
You define the product and target market. PriceBeam takes care of the research and statistical details.
PriceBeam studies can be run in 127 countries. PriceBeam takes care of the localization.
Using cloud technology, PriceBeam studies cost a fraction of classic, old-fashioned market research.
Ready to get started?
Book a call with one of our experts and see which study helps solve your company's challenges.