By Preeti Patel, Strategic Consultant
Increasing price transparency and global competition are key challenges faced by companies across all industries. Today’s pricing decisions cannot be based on instinct or informal methods due to the high level of risk incurred through inaccurate practices.
Analytical pricing strategies are used across all global industries. Strategic decisions based on pricing data and advanced analytics have been long‐established and are an integral part of price setting for the financial industry. Benchmarking competitor prices on an hourly basis and ensuring pricing decisions are optimized are practices used by the travel industry. So why not apply the same principles to pharmaceutical pricing? Basing decisions on data and analytics empowers the decision maker and allows full confidence in the choices made.