Our client wanted to understand the patient / physician receptivity and sensor utilization for a new glucose monitor in order to guide the pricing and optimize revenues for this novel product in the diabetes market.
To capture data and gain the insights required to better inform our client, it was important that we ensured the sample was robust and fully representative of the patient and physician population for the diabetic market in the US. We began with an initial pilot interview with physicians and patients in order to ensure the structure of the survey questionnaire was comprehensible and could be completed within the set timeframe.
Following this, quantitative online surveys were conducted with 1084 insulin-using patients and 250 physicians (Endocrinologists and PCPs). Discussions were structured to identify key value drivers, gauge perceived value of the client’s product profile and inform willingness to pay based on spontaneous and prompted price expectations. The questionnaire was split in two sections in which respondents were asked to attempt exercises which firstly included the Choice Model Pricing (CMD) which was used to assess the optimal price for the reader and sensor and secondly, the Van Westerndorp (VW) exercise which was used to assess physician and patient perceptions of an appropriate price band for the product.
Final strategic recommendations were developed by considering all elements of the research. We utilised a linked-model approach that include inputs from both HCPs and patients, which were then integrated into a single simulator. The research design focused on HCPs as the key decision maker with the patient being the key influencer. This helped our client to understand:
Value drivers for their novel product:
- We provided recommendations on physician receptivity and intended usage for different patient types (T1D insulin vs. T2D controlled vs.T2D uncontrolled ) under different pricing scenarios for both the reader and sensors
- We analysed different price points and provided recommendations on the optimum price to drive patients willingness to purchase/accept the reader and sensor, and ultimately, guarantee greater revenues
- We informed our client on the potential share if a combination of reimbursement and cash-pay strategy could be pursued
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