We Believe in a Partnered Approach to IRP Integrated Within the Pricing Strategy Process
IRP is no exact science and is influenced by non-quantifiable events. At GTC modelling goes hand in hand with our comprehensive in-market IRP knowledge and product specific research to give outputs realistic of real life.
Our services often go far beyond a standalone IRP model. We have worked with companies to effectively embed IRP withing their strategic planning and forecasting processes and create feedback loops and pressure testing for payer research.
Case Study 1: Full Build and Implementation of an Across Portfolio IRP Model with Revenue Forecasting
The Problem:
A major pharmaceutical firm was grappling with the inefficiency of their manual International Reference Pricing (IRP) assessments due to the complex and dynamic nature of the international pricing landscape. They were seeking a comprehensive solution that would allow them to gain a clearer and more precise understanding of their pricing data, and enhance their revenue forecasting accuracy. The system had to integrate with their price management system and feed into their strategic planning processes.
The Solution:
Golden Triangle Consultants was engaged to provide a full build and implementation of an IRP model that would cover the entire portfolio of the client. The solution was designed to integrate data from multiple internal and external systems, including list and net price data, sale figures and Cost of Goods data. The model was also designed to be flexible and adaptable, allowing the client to easily update it with new data as the market evolved.
As a result of the project, the client was able to forecast global IRP price changes for their products over a 5-year time horizon. This more accurate and comprehensive view of their global pricing landscape allowed them to make more informed decisions about their pricing strategy and revenue forecasting.
Case Study 2: Rapid Assessment of the IRP Impacts of a Decrease in a Competitor's List Price Change
The Problem:
A pharmaceutical company was facing a high level of uncertainty and risk as a result of an unexpected decrease in a competitor products price in a particular market. The company sought a rapid assessment of the competitor's global price evolution based on International Reference Pricing and the impacts that this IRP cascades would have on the pricing, market access and revenue potential of their product.
The Solution:
Golden Triangle Consultants conducted a Rapid IRP Assessment using their in-house IRP model. The model forecasted the global list price evolution of the competitor's product over the next 5 years and identified any IRP driven price decreases as a result of the original price cut.
The outputs of the model allowed the client to quickly and accurately assess the impact of the competitor's price change on the pricing and revenue strategies for their own product. The follow-up scenario analysis conducted by Golden Triangle Consultants painted a clear picture of how future price cuts could shape the market, allowing the client to proactively prepare and react to any potential changes.