Price Precision

Medical device companies, consumer healthcare enterprises, and pharmaceutical firms often face significant challenges in setting accurate prices for their products and services. This complex process involves making strategic decisions that take into account production costs, market demand, and competition. The global medical devices market is projected to reach $543.9 billion by 2021, underscoring the vast scale and importance of accurate pricing in the industry (1). In the pharmaceutical sector, 82% of executives believe that pricing is critical to their company’s success (2). Moreover, in the consumer healthcare market, unclear or inaccurate pricing is a primary barrier for consumers when purchasing personal care and health products (3). Accurate pricing is essential for maintaining competitiveness, ensuring profitability, and fostering a positive perception of value among consumers.

• The global medical devices market is projected to reach $543.9 billion by 2021, highlighting the importance of accurate pricing in the industry.
• 82% of pharmaceutical executives consider pricing a critical factor for their company's success.
• Inaccurate or unclear pricing is a primary barrier for consumers in the personal care and health product market.

In response, “PharmaPrice AI”, an AI conversational assistant, has been designed to assist in the delicate balance of pricing pharmaceuticals. It uses analysis to provide recommendations, taking into account variables such as production costs, the competitive landscape and market demand in Colombia.

User person: Pricing and Refund Manager, Marketing Director, Financial Director.

The assistant is trained on a comprehensive data set from SISM Inc., informed by resources such as the Colombian Ministry of Health guidelines on drug price regulation (4). By analyzing historical data, current trends and regulatory information, the assistant provides pharmaceutical professionals with useful information for pricing.