Channel Price Management

in recent years, price has become one of the key indicators for how pharmaceutical products are regarded in the marketplace

The pricing of new pharmaceutical products is crucial. If the price is set too high, the product may fail to gain approval and may not be adopted on recommended health authority lists. If the price is too low, profitability will be reduced. Therefore, it is critical to make an informed decision about price within the context of the market in which the product will be launched.

Moreover, as pharmaceutical companies face increasing challenges from the deregulation of generic products, and the limited lifetime of exclusive production rights, the choice for consumers has increased. This has caused a major shift in the market for pharmaceutical products away from brand to price, especially for those products provided over the counter.

Yet at the same time, the number of channels through which medicines can be purchased has increased. This, combined with the increased level of competition, has seen price management become a critical element in the retail strategy for pharmaceutical companies.

Sonetto Healthcare provides a price and promotions management application which allows your organisation to make effective pricing decisions based on real data that can be targetted by channel.