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Defining the right price by Pharmacien Manager

New article published by Pharmacien Manager on the choice of a pricing tool for players in the pharmaceutical sector.

A revolution in pharmaceutical pricing

A new pricing era for pharmacists

Soaring inflation and the rise of e-tags have transformed the physical retail landscape, prompting many businesses to adopt advanced software to help with pricing. This trend, once confined to the online travel sector, has now found its way into an unexpected area: pharmacies.

It was against this backdrop that PricingHUB, a revolutionary pricing platform, emerged. Founded by three former employees of online travel agency eDreams in 2018, the company has since grown exponentially, now employing around 30 people and working with retail giants such as Leroy Merlin, Fnac Darty, Carrefour, and Cdiscount.

Although the majority of PricingHUB’s customers are in the food, DIY and household goods sectors, the company recently signed a contract with a group of pharmacies operating a website. This partnership underlines the adaptability and effectiveness of PricingHUB’s software in a variety of fields.

Two price optimisation modules tailored to the needs of pharmacists

In practical terms, PricingHUB’s software offers two main modules: a rules engine and a price optimisation  module based on artificial intelligence (AI) and consumer price sensitivity. The first module makes it possible to define price scenarios and adjustments based on various factors, such as competition, location, dates and times, and target margins. The second module uses data streams and a machine learning-based experimentation methodology to measure consumer price sensitivity and provide price recommendations.

Despite the obvious advantages of these solutions, Aurélie Noblet, Digital Marketing Executive at PricingHUB, points out that many retailers are still rather reluctant to delegate pricing to a 100% automated solution. However, she points out that PricingHUB offers the possibility of defining price ceilings and floors, enabling retailers to retain total control over their pricing strategy.

In addition, PricingHUB adapts to the seasonal specificities of pharmaceutical products by offering the possibility of conducting preliminary tests over periods of four to six weeks to assess price variability. This approach effectively prepares the software for fluctuations in demand, ensuring optimal pricing throughout the year.

To find out more about our seasonal optimisation, read our Customer Success Story !

In conclusion, the integration of PricingHUB in the pharmaceutical sector marks a new era in healthcare pricing, offering pharmacies a powerful tool for optimising their prices while meeting the changing needs of consumers. Find out more about our tool and book an appointment with one of our experts by clicking here

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