A healthcare insurance company maintains a relationship with 17 major pharma companies. At the same time, they provide insurance coverage to employees within 1200+ companies. Drug prices offered by pharma companies and usage of drugs by their customers was diverse. Its pricing and strategy team required consultants to optimally match and predict drug prices/drug usage to lower overall costs.
Our Healthcare Data Scientists came up with an optimal pricing analysis for Payers, Providers and pharma companies. We mapped the projected consumptions by different demographic groups and came up with estimates. They combined this information with the pricing details provided by pharma companies in order to recommend which company would be best suited for each customer.
Our pricing analytics models helped reduce overall drug costs by 8% over a 2 year period.