Rencell is a targeted therapy against metastatic renal cell cancer, which significantly prolongs disease-free survival. However, Rencell's international wholesale price of $1,000 for one month of treatment makes the drug unaffordable for many patients in China. What pricing strategy should Axios International, a healthcare consultancy, recommend to Paracelsus, the large biopharmaceutical company which markets Rencell?
Pricing strategy for a life-prolonging medicine in a country where few patients can afford to pay the international price. Key concepts: - ability to pay, affordability - market access - price discrimination, differentiated pricing - corporate social responsibility
- price discrimination
- market access
- emerging country
- corporate social responsibility