Prospective of Pricing in Pharmaceutical Environment

Pricing is always important, because it facilitates growing of sales, and finally business. There is nothing like a magical pricing strategy. Nevertheless, we can get more money by actually adding some strategy flavor to our pricing. Pricing in the case of pharmaceuticals is unique, since while framing a strategy for it, the industry, the health authorities, pricing authorities, reimbursement authorities, physicians, insurance companies and regulatory government agencies to be considered. That is why always there comes a plethora of strategic questions, because at each stage of the Product lifecycle, roadmap for pricing needs to be strategically architected. The aim of this manuscript is to give the insight regarding the basics of pricing, concepts, uniqueness of pharmaceutical environment and tools which can help in formulating winning & smart pricing strategies. Along with that an attempt has been made to highlight the various life stages of the drug product and their relevance to pricing at each stage and the brief comparison of some drug price regulations among developed, and emerging nations. Keywords: Pricing strategies, Product life cycle, Price controls, Differential pricing, Reference pricing.