Concept assessment and pricing study in support of a new iron supplement

Challenge:

Determine HCP and patient/consumer interest in a new iron supplement; identify the ideal target patient profile for the new supplement; resonant messaging for HCPs and patients/consumers; and pricing-points for consideration.

Impact:

RESEARCH STRATEGY GROUP identified HCP and patient/consumer interest in the client’s proposed new product via a concept assessment.  We identified the need for patient/consumer education about iron sufficiency. We measured the interest in product recommendation among HCPs and uptake among patients/consumers, and sized the market potential. The research also uncovered a new, previously unidentified target group of patients/consumers. The product characteristics that most resonate with HCPs and patients/consumers were identified to support the client’s communication strategies and specific messages to optimize interest and desired behaviour. A price elasticity exercise was conducted to identify the optimum price points for HCPS and patients/consumers and the impact of differing price-points on revenue generation for the client.

Method:

RESEARCH STRATEGY GROUP conducted a Concept Test and Price Elasticity exercise to provide the client with impactful actions for launch optimization.

About methodologies used:

Pricing Strategy