Given your product’s treatment features, do you know how much your patient’s value it? Willingness-to-pay (WTP) can be estimated using a number of stated-preference methods including discrete-choice experiments and contingent valuation.
WTP studies provide a monetary measure of benefit and can answer questions like what’s it worth to a patient if:
- The dosing regimen changes from 3 times a day to 1?
- Length of treatment decreases to 5 days instead of 10?
- The delivery mechanism changes from injection to pill?
- Efficacy increases or side effects decrease?
Our scientifically-rigorous approach to WTP ensures actionable results to inform your drug development and market access strategies. For your project, we conduct the following:
- Identify attributes and levels: We collaborate with clients to identify the key product attributes.
- Develop and test the survey: We draft surveys with appropriate language for your target subjects. We then test the survey and modify it based testing results.
- Finalize the survey: We finalize the survey design so that we can estimate main effects and interaction effects and develop preference weights for each attribute level.
- Recruit subjects and administer the survey: We recruit subjects for each study that are representative of the target patient population(s). Our experience includes numerous recruitment techniques including working with sites, patient advocacy groups, patient panels, and social media.
- Analyze data and provide reports and manuscripts: We provide study reports, manuscripts for peer-reviewed journals, and present results at scientific conferences.