Market pricing study
The client, a leading pharmaceutical company, was evaluating the idea of introducing a new product for Hematological disorder in India. This new product is known to be safer and is priced higher as compared to the product that is currently being used.
- In particular, the objectives of the study were to determine:
- The products that are being prescribed currently.
- The differences in perceptions of products under consideration by severity of disease.
- The likelihood to prescribe the new product.
- The price customers are willing to pay for the new product.
- The most important product attributes.
The project team at HBG designed a questionnaire (physician research survey) which was primarily quantitative in nature. The questionnaire was fielded on web and email invites were sent to the target respondents, physicians who treat at least one patient, with a Hematological disorder, in a month. A total of 50 interviews were completed.
The questionnaire was structured around the client objectives, and comprised four sections:
- Screeners and demographics (patient profile, doctor profile).
- Usage and attitudes (current usage patterns, attitudes towards new product, differences in perceptions by severity of disease, and willingness to prescribe the new product).
- Price sensitivity measurement using the Westendorp method.
- Conjoint analysis, a full-profile partial-factorial orthogonal design was used for conjoint analysis.
The analysis delivered insights around the following:
- Most acceptable price range from the demand perspective.
- Revenue maximizing price.
- Comparison of market acceptability of the product at pre-specified prices.