Setting a price for a new diagnostic or treatment requires a thorough understanding of several key questions. How are patients currently being managed, at what cost, and to what benefit? And, what’s the value proposition for a new technology? To answer these questions, Quorum researches clinical practice patterns, the competitive landscape, health economics, reimbursement dynamics, and how product value is measured by different stakeholders.

Quorum’s pricing services draw upon our other core capabilities. Pricing strategies must be derived from a detailed level of market intelligence. Prices also must be supported through outcomes studies and health economic programs. And various pricing programs will influence the ability to secure coverage and reimbursement from payers.

To establish the optimal price for your product, Quorum offers the following services:

  • Analyzing pricing trends over time. You need to know the price of other breakthrough products at launch. You need to know how prices were adjusted in response to changes in reimbursement policies and competitive factors. Quorum maintains databases that allow our clients to analyze pricing trends across therapeutic areas and within product classes.
  • Assembling mock payer and P&T meetings. You need to know if payers will be receptive to your product’s value proposition. You need to know why payers create barriers or opportunities for competing technologies. Quorum has relationships with numerous medical and pharmacy directors so that our clients don’t have to guess how payers will react.
  • Supporting pricing strategies. Once you’ve set a price, you’ll need to back it up. Quorum develops pro forma budget impact and pharmacoeconomic models to quantify product value for health care providers and third-party payers.