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Pricing Products for Success in the Pharmaceutical Industry - Mick Kolassa, Medical Marketing Economics LLC


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Mick Kolassa of Medical Marketing Economics LLC, a solution provider company at the marcus evans PharmaMarketing Summit 2012, on pricing products in the pharmaceutical industry.
Interview with: Mick Kolassa, Chairman & Managing Partner, Medical Marketing Economics LLC

Published in: Business, Health & Medicine
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Pricing Products for Success in the Pharmaceutical Industry - Mick Kolassa, Medical Marketing Economics LLC

  1. 1. Pricing Products for Success in the Pharmaceutical Industry use it has for them, they complain medication decisions. Managing a about the price. That does not patient’s post-surgical pain is the necessarily mean that the price was too nurse’s job, but it will be the physician high, but that they did not understand who will get interrupted constantly by the product’s true value. Lowering the the nurse if the patient is in pain. price will not get more customers. If we can get customers to understand the In every case, it is important to identify value of our products, price won’t the special problems that the product matter. solves, so that it is communicated effectively to the relevant customers. The biggest mistake that marketers This must be a customized approach, an make today is asking customers how organized process for getting to the core much they should charge for products. value issues.Interview with: Mick Kolassa,Chairman & Managing Partner, Who has the purchasing power inMedical Marketing Economics LLC this market? Marketers believe that payers have allPharmaceutical companies are notmaximizing their pricing power and the power in this market, but that is also a mistake. Many organizations are The value of aopportunities, says Mick Kolassa,Chairman & Managing Partner, Medical aligning their resources towards payers, forgetting the significance of physicians. pharmaceutical product is oftenMarketing Economics LLC. They oftenrely on market research that does not Payers want value for their money, buttake into account the complexities of their goal is not to keep good productsthe various stakeholders in the industry;pharmaceutical products are not like away from physicians and patients. They should not assume that payers not clearlyother goods, adds the former editor ofthe Journal of Pharmaceutical Marketing control the market. established in theand Management. How can pharmaceutical companies identify the right price for a marketplaceFrom a solution provider company at product?the upcoming marcus evansPharmaMarketing Summit 2012, in The two most important questions weWheeling, Illinois, April 30 - May 2, ask our clients are: What problem doesKolassa discusses pricing strategies for your product solve that is not solved by Any final thoughts?pharmaceutical marketers. other products and who owns that problem? Our method, ValueFraming, Pricing and reimbursement are veryWhy is pricing an issue in the digs down to find the real value of complex and dynamic, but there is apharmaceutical industry? a product and who it should be great body of knowledge that can be promoted to. used to make more profitable pricingThe value of a pharmaceutical product is decisions. Price has more impact on aoften not clearly established in the For example, treating cancer is the company’s bottom line than anythingmarketplace. When customers do not physician’s problem and not the else, so pharmaceutical companies mustunderstand a product’s value and what patient’s. The physician will make the treat it more seriously.
  2. 2. About the PharmaMarketing Summit 2012 The Marketing Network - marcus evans Summits group This unique forum will take place at the Westin Chicago North Shore, Wheeling, delivers peer-to-peer information Illinois, April 30 - May 2, 2012. Offering much more than any conference, exhibition on strategic matters, professional or trade show, this exclusive meeting will bring together esteemed industry thought trends and breakthrough leaders and solution providers to a highly focused and interactive networking event. innovations. The Summit includes presentations on social media, healthcare reform and how to approach emerging markets. Please note that the Summit is a Contact closed business event and the number of participants strictly Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits limited. Division Tel: + 357 22 849 313 Email: For more information please send an email to All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.comAbout Medical Marketing EconomicsMedical Marketing Economics specializes in the development of value-based pricing and reimbursement strategies forbiopharmaceuticals worldwide. Our work is driven by an unparalleled understanding of all the participants in the market, includingpayers, providers, governments and your competitors. Our motto is our promise: Learn From Our Experience, Profit from OurThinking.For more information: www.m2econ.comAbout marcus evans Summitsmarcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discussstrategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity toindividually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings.For more information, please visit: www.marcusevans.comUpcoming EventsB2B Marketing Summit (North America) - www.b2bmarketing-summit.comB2C Marketing Summit (North America) - www.b2cmarketing-summit.comCMO Summit (Asia Pacific) - www.cmoanzsummit.comPharmaBrand Summit (Europe) - www.pharmabrandeurope.comTo view the web version of this interview please click here: