For pharmaceutical
companies with significant stake in the Chinese oncology market, it’s a
headache to answer their headquarters’ questions such as “How large is the
Chinese oncology market in terms of current potential,” “What about in 5 and 10
years,” “How much are patients willing to pay for a target therapy,” “How
should we price our new product,” and “How large a market can we expect?”
Answering
the Critical Question
A major pharmaceutical
company had been fed up with answers from inaccurate data and untenable
assumptions, and therefore it turned to us and asked whether we could design
and conduct a systematic study that can address the questions once and for all
(at least for the near term). A quick look into the request revealed the
difficulties. To answer all other questions, we first had to answer this simple
one: how much are patients willing to pay for a particular therapy, now and in
the future? Yet, it isn’t simple to answer. Despite other challenges, just
imagine what most patients/families would answer when asked how much they are
willing to pay. In many cases the answer is “we will do everything we can
including selling our house!” But is it really so?
Illuminera team took the challenge, mapped the obstacles, and devised a smart
approach that solved the puzzles and minimized response bias in the difficult
situation where respondents’ emotions are often hard to control. The highly
effective team, perhaps for the first time, traced to the actual funding
sources, established models linking financial condition of patients to their
willingness to pay, and charted the price sensitivity in terms of various
product features including efficacy, pricing, PAP, etc.
Looking
into a Bright Future
Through painstaking and careful work, Illuminera generated models and data that
are able to help our client size up the market, forecast the growth and price
the drugs accordingly with ease and confidence.
For more information, please send an email to: adele.wu@illuminera.com
