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This Week in Pricing > 5/18/19

TWIP is a digest of pricing focused news, thought leadership, events, jobs, training and certification resources for pricing professionals.

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The Perfect Price AI platform makes millions of pricing decisions for forward-thinking companies around the world. Our cloud-based service allows customers to quickly anticipate and react to changes in demand in real-time – enabling them to maximize revenues, profit, and utilization.

Its machine learning leverages proprietary data – the biggest competitive advantage–to increase average rates, utilization, and profit.

Perfect Price works with forward-thinking companies in industries ranging from rental car and airline to sports clubs and gas stations.

 

Uber, Lyft account for two-thirds of traffic increase in SF over six years, study shows | San Francisco Chronicle

Uber, Lyft account for two-thirds of traffic increase in SF over six years, study shows | San Francisco Chronicle

A similar study that the Transportation Authority published last year looked more broadly at swelling traffic from 2010 to 2016, and found that transportation network companies comprised about half of it, with the other half stemming from job and population growth. Wednesday’s study narrowly measured the correlation between ride-hailing services and increased congestion. Uber and […]

 

Private Health Plans Pay Hospitals 241% of What Medicare Would Pay | RAND

Private Health Plans Pay Hospitals 241% of What Medicare Would Pay | RAND

An examination of U.S. hospital prices covering 25 states shows that in 2017, the prices paid to hospitals for privately insured patients averaged 241% of what Medicare would have paid, with wide variation in prices among states, according to a new RAND Corporation study. Some states (Kentucky, Michigan, New York, and Pennsylvania) had average relative […]

 

Disney CEO says theme park price hikes ‘really paying off’ | Orlando Rising

Disney CEO says theme park price hikes ‘really paying off’ | Orlando Rising

Disney World guests may be upset over increased ticket prices, but in the eyes of Disney chairman and CEO Bob Iger, the company’s pricing strategy is working. During the earnings call covering Disney’s second quarter of its fiscal year, Iger said the current approach is “really paying off” as the parks add new attractions. “I […]

 

HHS Finalizes Direct-to-Consumer Ad Drug Price Transparency Rule | Patient Engagement HIT

HHS Finalizes Direct-to-Consumer Ad Drug Price Transparency Rule | Patient Engagement HIT

May 08, 2019 – HHS has finalized its rule requiring drug manufacturers to disclose drug prices within direct-to-consumer advertisements, a move that comes with the agency’s efforts to improve price transparency and tackle high out-of-pocket patient drug costs. Drug manufacturers will be required to disclose the list price – the cost of the drug before health […]

 

Pharma stocks crash after US lawsuit over price manipulations | The Economic Times

Pharma stocks crash after US lawsuit over price manipulations | The Economic Times

The office of the attorney general of Connecticut unsealed documents, that ET has a copy of, which reveals initials and titles of individuals implicated in the conspiracy, industry “code words” and previously undisclosed emails from drug companies “brazenly discussing strategy to violate federal and state antitrust laws”. The Indian generic makers named in the lawsuit […]

 

President Addresses Surprise Medical Billing, Patient Protections | Patient Engagement HIT

President Addresses Surprise Medical Billing, Patient Protections | Patient Engagement HIT

May 13, 2019 – The healthcare industry has renewed its commitment to address surprise medical billing, with the White House and key industry leaders asserting a need for policy to end the practice. Surprise medical bills are healthcare charges that a patient did not expect, or did not expect to be so high. Patients often incur […]

 

Beshear Files Claim Against Drug Manufacturers for alleged Price Gouging | SurfKY News

Beshear Files Claim Against Drug Manufacturers for alleged Price Gouging | SurfKY News

FRANKFORT, Ky. (5/13/19) — Attorney General Andy Beshear filed two lawsuits seeking to recover ill-gotten gains from 23 drug manufacturers that skyrocketed the prices of more than 100 prescription drugs including those used to treat diabetes, epilepsy and cancer. In Franklin Circuit Court, Beshear filed suit against three of the largest insulin manufacturers, Eli Lilly, […]

 

Just how much might Apple owe you for inflating the price of iPhone apps? | Los Angeles Times

Just how much might Apple owe you for inflating the price of iPhone apps? | Los Angeles Times

A divided Supreme Court ruled Monday morning that iPhone users can sue Apple for allegedly abusing its control over iPhone app sales to inflate the price of those ubiquitous nuggets of software. In doing so, however, the justices left open the vexing question of how to calculate the damage Apple inflicted on its customers. That […]

 

The Price of Price Controls: Innovation Likely to Suffer in Drug Pricing Debate | IPWatchDog

The Price of Price Controls: Innovation Likely to Suffer in Drug Pricing Debate | IPWatchDog

The Cost of Cheap The reason drugs are cheaper in other countries is because those other countries have price controls. If pharmaceutical companies want to sell into those countries, they have to charge those low prices. And if the required low price is set above the marginal cost to produce the drug, then the pharmaceutical […]

 

Whole Foods has highest prices despite cuts in April: Bank of America | CNBC

Whole Foods has highest prices despite cuts in April: Bank of America | CNBC

Whole Foods still has the highest overall prices among U.S. food retailers, despite the widely publicized discounts the Amazon-owned grocer made in April. Walmart continues to have lowest overall prices, momentum that will likely be unscathed by Whole Foods’ price cuts, Bank of America Merrill Lynch analysts wrote in a Tuesday report. Kroger narrowed its […]

Drug Prices In TV Ads: How Transparent Are They? | Forbes

Drug Prices In TV Ads: How Transparent Are They? | Forbes

A website launched by pharmaceutical giant Eli Lilly earlier this year leads with a daunting statement about the price of its diabetes drug Trulicity: “Drug prices can be confusing,” it says. That’s for sure, and thanks to a new mandate from the Trump administration, consumers could find themselves even more confused. The U.S. Centers for […]

 

GoodRX: App has saved Americans more than $10 billion on prescriptions | CNBC

GoodRX: App has saved Americans more than $10 billion on prescriptions | CNBC

Back in 2010 Doug Hirsch, a techie who has worked at Facebook and Yahoo, had a frustrating experience trying to pick up a prescription. He went to a big chain pharmacy in Los Angeles and was told — to his dismay — that his prescription would cost $450. An experienced shopper, Hirsch decided to do […]

 

Pentagon hunting for other instances of price gouging in wake of damning spare parts audit [Podcast] | Federal News Network

Pentagon hunting for other instances of price gouging in wake of damning spare parts audit [Podcast] | Federal News Network

The Defense Department said it is implementing a series of steps meant to detect and deter price gauging by its contractors. It’s responding, in part, to an investigation that found one of its largest spare parts suppliers routinely overcharged the military, often by four-digit margins.For starters, DoD has ordered the top officials within each of […]

 

Small PBMs urge Congress: Don’t kill rebates | Healthcare Dive

Small PBMs urge Congress: Don’t kill rebates | Healthcare Dive

PBMs, the largest of which are now owned by payers like Cigna and UnitedHealth Group, have long argued rebates are an important tool to lowering prices. PBMs use their size (the number of members they cover) to negotiate rebates or discounts with drug manufacturers. Drug manufacturers want their drugs easily accessible to the greatest amount […]

 

Webinar: Successful Price Increases using Market Insights | PriceBeam

Digitalization is everywhere of course. But whereas some industries are 100% digital from birth, others are still transforming from traditional consumer or industrial products to more of a digital service industry. Regardless of where your industry and company is on the digitalization path, pricing practices are severely impacted. Digitalization means increased transparency, more information,  as well as internationalization of buying and selling, but also new opportunities for value-adding and new services that can be offered and monetized.

Participants and viewers of the webinar will learn about

  • What trends in digitalization mean for pricing.
  • Avoiding (some) pricing pitfalls when digitalizing existing offerings
  • Using digital insights to better understand opportunities
  • How to predict optimal prices for digital services using market research

The webinar will be available from the end of May 31st, 2019. If you have already signed up you will receive a link by the end of this date. Otherwise, sign up on the right and receive a link by email to view the recording.

 

 

Webinar (On-demand): Setting the Right Price on New Products or Services | PriceBeam

In this webinar PriceBeam co-founder and Chairman, Finn Hansen, together with The Pricing Coach, Mark Peacock walk viewers through various challenges around the pricing of new products or services.

This on-demand webinar covers:

  • Common challenges when creating new products or services
  • How pricing should play a more prominent role in the innovation process
  • The various steps of product development and how pricing can add value at each step
  • Different types of price research that can improve the value of the new product
  • Psychological pricing tactics to improve the introduction of the new product or service.

 

Webinar (On-Demand): Using AI To Get C-suite Attention For Pricing | Perfect Price and PPS

Pricing is high impact, but are you getting the attention you deserve? In any enterprise environment, the struggle for attention and resources is always an issue. As a pricing professional, how can you get c-suite attention for prioritizing pricing initiatives and allocating budget?

Aligning yourself with your company’s digital transformation initiatives is a great way to move pricing into the fold as a key driver. In particular, focusing on disruptive technologies like Cloud Technologies, AI, Machine Learning, and Decision Automation, can help to spark executive interest.

By choosing an AI vendor over other pre-internet vendors you’ll find more approachable budgets and rapid implementation timelines, which will aid immensely in getting executive buy-in. AI-based pricing tools, like Perfect Price, have measurable ROI and are proven to simulate pricing better than other technologies.

 

 

30th Annual Fall Conference & Workshops October 15-18, 2019 | PPS

We are excited to announce we’ll be in Las Vegas, NV for our 30th Annual Fall Pricing Conference & Workshops October 15-18, 2019! You can register now and take advantage of our Early Bird Offer.

 

Webinar (On-Demand): Machine Learning & Data – The Latest Pricing Opportunity | PPS and Vistaar

In today’s ever-evolving world, data and software driven strategies are imperative to creating sustained commercial success.

Computers are more adept than humans at sorting through data with complex variables such as frequently fluctuating costs, rapidly evolving pricing models, and shifting customer priorities. Modern pricing software solutions, powered by advanced algorithms and machine learning techniques, enable businesses to constantly analyze data on an unparalleled scale and drive decision making based on data.

In this PPS webinar, Vistaar’s Director of Product Management, Dushyant Zutshi, discusses how advanced algorithms and machine learning techniques drive intelligent pricing and sales strategies for success in the data-driven world.

 

“The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview…

“If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”

     – Warren Buffett

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