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Pharmaceutical Pricing: Dynamics in a Global Market
Business Monitor International, April 2010, Pages: 20
BMI analyses pharmaceutical consumer price indices across 40 countries, identifying historic and likely future trends in pricing policies and dynamics.
Effective pricing strategies have become an evermore crucial tool for the increasingly globalised pharmaceutical industry. Identifying an appropriate entry price and subsequent revisions for patented pharmaceuticals has been vital in ensuring strong uptake and a healthy product life-cycle for many years. Moreover, the competitiveness of the generics sector has resulted in strong pricing pressures throughout the industry.
While market forces and supply and demand theory has a large influence on the price of many commodities, medicines can be considered a special case. In most cases, medicines are viewed as essential goods, with patients generally willing to purchase them up to the point at which they become prohibitively expensive, or a cheaper, yet effective alternative becomes available. From a regulatory point of view, pharmaceutical prices are tightly controlled by the government in many developed states – particularly those where reimbursement is available. This leads to further complications for drug-makers, which must often make concessions to their ideal price entry in order to gain market access.
Negotiating such hurdles and identifying potential impacts not only in a specific market, but additionally in markets which may reference prices, has become increasingly complex. As pharmaceutical companies continue their deep dive into emerging markets, variability between the pricing regimes encountered is increasing, while the number of countries implementing price controls is also on the rise.
In this report, “Pharmaceutical Pricing: Dynamics In A Global Market”, BMI analyses variations in consumer price indices from 40 countries, identifying historic and likely future trends in the price evolution of pharmaceutical products, with a focus on key developed states and the high potential BRIC (Brazil, Russia, India, China) emerging markets.
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