Pricing Costs If everything goes well when developing a new medication it can

Pricing costs if everything goes well when developing

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Pricing Costs If everything goes well when developing a new medication, it can take approximately 10 years to bring a medication to the marketplace, therefore, the cost of bringing a new medication could cost billions of dollars. When developing a new medication if doesn’t goes well all the money invest could be loss that’s the reason why is so risky to try to develop a new product. Zynteglo is a medication for Beta thalassemia a blood disorder that Bluebird has in the market now only in Europe (Forbes 2019). Zynteglo allows patients to go up to 56 months
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without the need for a blood transfusion ( Forbes 2019). Zynteglo main attention is not because it’s a medicinal breakthrough but on its price. Since it is a one-time treatment that could potentially cure the disease, the price is $1.8 million which make Zynteglo the second most expensive medication in history, however, the Wall Street specialists has voiced dissatisfaction because they think Bluebird could as for a much higher price(Forbes 2019). Pay Medicines are very important for individuals that are suffering any disease, therefore, they are willing to pay whatever the price of the medication is to be able to find a cure or to alleviate their illness. Unfortunately, the price of medications is to high but it’s all bout the time and all the money invest that takes to develop a new medication. Preferences It’s completely understandable that patients will be okay paying Bluebird the cost of a medication specially if it’s going to cure them. Keeping in mind that Bluebird could even charger lot more money for the new medication due to the efficacy that it has, however, Bluebird is also thinking and taking in consideration the patients. Bluebird is still working closely to find ways that could potentially bring medicine to patients at a decent cost. Strategy Bluebird main focus is to use new and advance technology that will help develop new medicines to cure diseases to bring medicine to patients that will allow them to live their life
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fully. Bluebird continue analyzing the best products to bring to the market that will save people live just in one-time treatment which will help them to live a normal life. Types of competitive advantage are divided into two categories: low cost and differentiation. Low cost is the ability to design, produce, and market a product for less than competitors. Differentiation is the ability to provide a product with better quality, features, and service than competitors. All successful strategies pay close attention to low cost and differentiation, while emphasizing one (Miltenburg 2005). Ducommun must evaluate their competitors’ products and services they sell, the market share, past strategies, and current strategies. By performing a competitive analysis will give Ducommun the advantage to compete and implement new plans to be more competitive in the market.
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