As an example, global strategic-pricing consultants should, at the very least, understand the complex terminologies, processes, agents, and regulatory mechanisms that govern the pricing of any NCE within any one country. This usually tends to vary from one country to another.
In order to make global-pricing recommendations of value to the pricing leadership within a pharmaceutical firm, however, they should also excel at synthesizing country-level insights, differences, and commonalities such that a viable global-pricing strategy (which has common global and country-specific elements) emerges. Further, a qualified global-pricing consultant should have enough expertise at the country level to help NCE pricing teams formulate country, region, or global implementation plans well in advance of product launch.It is myopic to believe that evolution is contrary to revolution. They are both extremely necessary for survival, growth, and expansion. While revolution opens up a new path in previously unknown territories, evolution solidifies this path, making it possible for progress to occur on the path. Pharmaceutical firms cannot realize the full value of a new revolution in science or product marketing without investing in its evolution. In the area of product development, while revolution results in first-in-class products, evolution gets us best-in-class products. Evolution occurs not necessarily because of executive decree, but because it is necessary. Astute executives recognize this, and harness it for instituting inevitable change for the better. Patients, physicians, and payers—indeed, the biopharmaceutical ecosystem—survive and thrive in the face of considerable pressures only because of evolution that follows a revolution in science and how the science is delivered to patients.
KEY CHALLENGES TO THE INDUSTRY
CRA International, Inc. is a global management consulting firm specializing in business strategy, economics, and finance, with 700 consultants based in 26 offices worldwide. CRA International's Life Sciences Practice offers strategic advice to large and high-growth global biopharmaceutical firms on a variety of issues impacting corporate, brand, and product strategies.
Sanjay K. Rao is vice president of CRA International. He can be reached at [email protected]