Exploring approaches to value-based pricing for a pharmaceutical company

CASE STUDY

Strategy Consulting

Exploring approaches to value-based pricing for a pharmaceutical company

We were approached by a large pharmaceutical company looking to help a team achieve an objective viewpoint on a key issue connected to value-based pricing.

A team of 15 were interested in brainstorming ideas to work out customer barriers to a specific deal and to see things from the customer’s perspective.

They were also interested in using the project as an opportunity to strengthen working relationships as a team.

We proposed a number of conversations and activities to generate new perspectives, then focusing on actions going forward.

We started by setting up an extended call to get as much information as possible on the participants and the desired outcomes.

We proposed talking to a sample of the participants, and prepared an email survey for those we didn't speak to. All this was done by video or phone call.

During the workshop, we set some provocative strategic scenarios to help the team see issues from new perspectives. Scenarios included:

Richard Branson has taken over your company and is rebranding it as Virgin Pharma. He wants to spearhead growth through Value Based Pricing. He’s asking how you can radically improve VBP under the new Brand - what high potential, high risk ideas can you come up with?
It’s 2023 and your company has collapsed into administration. Analysts attribute this failure to an accumulating series of mistakes around Value Based Pricing. Do a timeline of how it all went wrong, starting at this workshop. What are the key lessons?
It’s 2023 and your company has established exceptional growth in Value Based Pricing. A Harvard Business Review article explains this was down to incredible attention to detail. What are the many small details that you got right, starting with this workshop?
It’s a year into the future. Looking back over the last 12 months you realise that working relationships within your company have changed in a variety of subtle but significant ways, that have led to a big improvement in your results. What are some of the differences you can see, hear and feel in a typical working day?

The project generated significant new thought and discussion between the participants, who were able to come up with novel approaches to test in the future.

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