Recently, in a forum setting, a panel discussion touched upon cost versus price and how best to address the potentially touchy issues of cost versus pricing. With recent consumer outrage over drug pricing and demands for cost controls, this is a hot button issue for both drug companies and the people they serve. A great deal of attention has been placed on the price of drugs; some have even called price increases gouging, but to paraphrase a panel commentator – ‘Beats’ headphones have margins on their products much hihger than pharma and nobody seems to care about that." Although this is a true statement, to be fair, nobody's grandma has ever died without their "Beats." Perhaps there is a way to let grandma have her Beats AND her heart medication. With that statement in mind let’s explore the top three ways to optimize both cost and pricing: choosing the right CMO, maximizing communication, reducing errors and celebrating innovation. (more…)
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