Health, Administration & Management, Health-Related Professions, Health Care Industries

Elements of Pharmaceutical Pricing

Name: Elements of Pharmaceutical Pricing
Author: E. M. Kolassa
ISBN: 9780789003331

by E. M. Kolassa

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Overview

Elements of Pharmaceutical Pricing shows account managers, product managers, marketing researchers, and other practitioners in the pharmaceutical industry how to improve your marketing and pricing skills. By describing the process for reaching pricing decisions and clarifying the environment of pharmaceutical marketing, this book demystifies the area of pharmaceutical pricing and shows how to use prices to capture the value of products instead of lowering their value.

Recent pharmaceutical pricing decisions have reflected uninformed, emotional, and short-term thinking. Elements of Pharmaceutical Pricing shows you how to avoid these kinds of decisions, helping you refine your pricing skills and increase your firm's profitability by:

showing you how to determine the value of a pharmaceutical product
outlining a pricing philosophy that addresses the politics and problems you'll encounter
tracing the pricing research process
examining the role of price in the decision to purchase, prescribe, or use pharmaceuticals
addressing the challenges facing the industry in the future

As Dr. Kolassa explains in the Foreword, Elements of Pharmaceutical Pricing aims to “help create within [pharmaceutical] firms, and the industry, something that has been long overdue—the ability to 'price on purpose,’to make pricing decisions that are less emotional and more informed. This volume does not contain all the answers, but I believe it does pose many of the right questions, to help those charged with pricing to make informed decisions, to understand the likely implications of their pricing actions before taking them. This information should lead to better, more profitable pricing in the industry.”

The book contains black-and-white illustrations.

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Editorials

Kenneth Witte

This book provides information on the various elements that cuurently go into, as well as those that should go into, the pricing of pharmaceutical products. The purpose of this book is to provide a framework for making pricing decisions on pharmaceuticals based on informative ""pricing on purpose,"" rather than pricing on emotion. Various elements in the pricing decision process are outlined and implications discussed with the intent of leading the reader through the various actions needed to make rational decisions in pricing pharmaceuticals. This book is targeted primarily to the marketing staff of the pharmaceutical industry and to the buyers of pharmaceutical products who deal with issue of price. This book provides the reader with the various elements of pricing pharmaceuticals to capture the value of the product in terms of other healthcare goods and services, rather than the concept of pricing just to move more unit volume. The author outlines the logical steps for the pharmaceutical pricing research process that helps reduce the uncertainty and risk in making pricing decisions. The book emphasizes the importance of knowing the terminology of the market place, the role of the changes in health care, the characteristics of patient and disease for which the product is used, the value of the therapy, public policy, the company needs, and other elements that should go into the price decision-making process of pharmaceuticals. Numerous examples and figures make the text easy to follow. Examples of pricing are given from different settings (retail, hospital, wholesale, etc.) and one can easily see the need for more rational pricing. This is an extremely useful reference forinformation on how pricing should be done and what considerations need to go into the decision making process of pricing pharmaceuticals. The objectives of the book are worthy and well met. The book should be a reference source for anyone involved in pricing pharmaceuticals.

From The Critics

Reviewer: Kenneth Witte, PharmD(University of Illinois at Chicago College of Pharmacy)
Description: This book provides information on the various elements that cuurently go into, as well as those that should go into, the pricing of pharmaceutical products.
Purpose: The purpose of this book is to provide a framework for making pricing decisions on pharmaceuticals based on informative "pricing on purpose," rather than pricing on emotion. Various elements in the pricing decision process are outlined and implications discussed with the intent of leading the reader through the various actions needed to make rational decisions in pricing pharmaceuticals.
Audience: This book is targeted primarily to the marketing staff of the pharmaceutical industry and to the buyers of pharmaceutical products who deal with issue of price.
Features: This book provides the reader with the various elements of pricing pharmaceuticals to capture the value of the product in terms of other healthcare goods and services, rather than the concept of pricing just to move more unit volume. The author outlines the logical steps for the pharmaceutical pricing research process that helps reduce the uncertainty and risk in making pricing decisions. The book emphasizes the importance of knowing the terminology of the market place, the role of the changes in health care, the characteristics of patient and disease for which the product is used, the value of the therapy, public policy, the company needs, and other elements that should go into the price decision-making process of pharmaceuticals. Numerous examples and figures make the text easy to follow. Examples of pricing are given from different settings (retail, hospital, wholesale, etc.) and one can easily see the need for more rational pricing.
Assessment: This is an extremely useful reference for information on how pricing should be done and what considerations need to go into the decision making process of pricing pharmaceuticals. The objectives of the book are worthy and well met. The book should be a reference source for anyone involved in pricing pharmaceuticals.

3 Stars from Doody