Pharmaceutical Pricing at the Change of Millennia
DOI:
https://doi.org/10.51699/ajdes.v18i.528Keywords:
pharmaceutical pricing, pricing strategy, marketing literature review, new products customer valueAbstract
The pricing of Pharmaceuticals, like the pricing of many kinds of products, has traditionally been an uncertain endeavor. Regardless of the formation gathered and research and analysis conducted, one can never be sure that the price decided upon is the correct price . As we approach the millennium,may we expect the Specter of uncertainty to remain ,will and Aricl Durant, noted historian of the century, Advised, "if you want the present and the future to be different from the past ,Spinoza tell us, find out the cause that made it what it was and bring different causes to bear '' In business - specific terms ,Sticker admonishes," long range of planning does not deal with future decisions, but the future of the present decisions" Few firms in the pharmaceutical industry committed adequate resources to pricing matter. Although the lack of formal attention to pricing to pricing is not unique to the pharmaceutical industry, the lack of a purposeful and coordinated approach to pricing within most firms has, to great extent, brought about the pricing woes of the present pricing has been treated as an event, rather than a process, and each product has been priced in a different way, with pricing research and analysis approaches varying greatly from one product to the next.
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