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  • GfK builds out martech team with string of new hires
    • 03/30/17
    • Media and Entertainment
    • Market Opportunities and Innovation
    • Global
    • English

    GfK builds out martech team with string of new hires

    The newly launched GfK Customer and Audience Activation service takes GfK data such as pan-European purchasing power and combines it with Eyeota’s audiences to create aggregated segments for digital activation. 

    • 03/29/17
    • Health
    • Global
    • English

    Health technology pricing: Reaching a delicate balance

    There is a Russian proverb that tells of two fools in every market, one whose price is too low and one whose price is too high. Regrettably, there is no mention of a third player whose price is just right, perhaps for good reason. But if we think about the challenges of establishing an optimal pricing strategy for an innovative medicine or health technology, it is hard to see how we could get to the “right price”.

    To do so, we need to aim for one price that meets the expectations of all relevant stakeholders – national governments, insurance companies, providers, physicians, patients, industry, investors et al.

    Pricing that’s all things to all people – is it attainable?

    In many markets, national, regional and/or local payer organizations dominate the market access process, while the influence of prescribers on both access and uptake has been significantly eroded. Industry has learned to engage with payers to understand not simply what they are willing to pay for a new technology but how they will come to that decision – against what comparator, and in which patient population, as well as how any incremental benefits are likely to be valued.

    A pricing and market access strategy based solely on the prescriber and payer perspectives risks significantly undervaluing the pharmaceutical or health technologies in question. We believe that an optimal pricing and market access strategy has to build on a solid understanding of all relevant stakeholder groups.

    Clearly, the starting point with any pricing research is to gain an understanding of the views of these stakeholders on:

    • current standard of care and level of unmet need
    • likely clinical, HTA and pricing comparators
    • potential or actual incremental clinical (and non-clinical) value that the new medicine or technology can deliver
    • patient and funding flow
    • key budget holders and decision makers
    • willingness to pay and/or co-pay

    Never have so many strategies been used to explore so many drivers for just one definitive pricing solution

    As we progress to more formal pricing research, especially with third–party payers, it is important to use a range of strategies to explore value drivers, price and potential patient access scenarios.

    We favor a multilayered approach to qualitative payer research that explores:

    Having established a number of likely patient access scenarios, we then need to model the potential impact of access management strategies, patient willingness to pay/co-pay and the impact of physician behavior and, where relevant, potential pharmacist input, including substitution.

    Although physicians’ ability to directly influence initial pricing or access decisions may be limited, their role in determining uptake of “listed” products remains and is a key factor in demand assessment and forecasting.

    With experience gained in both the prescription and consumer health markets to develop evidence-based pricing, demand assessment and forecasting tools, we have been able to guide our clients to make informed decisions on pricing and market access strategies against so many odds.

    Tim Fitzgerald is the Managing Director of Market Access at GfK. Please email tim.fitzgerald@gfk.com or leave a comment below to share your thoughts.

    • 03/24/17
    • Health
    • Global
    • English

    Understanding pricing of health technologies in out-of-pocket markets

    In many emerging markets, healthcare funding remains very much an out-of-pocket expense. For some, it is the second most important household expenditure after food.

    It is critical, therefore, when establishing pricing strategies in such markets that we consider both willingness and ability to pay. We also must consider how these factors may be shaped by a range of external influences, including:

       

    • patient-relevant product attributes/outcomes
    • patient-access pathway
    • physician endorsement
    • pharmacist recommendation/substitution
    • multichannel information sources
    • friends, family or caregiver attitudes
    • financial support and drug donation programs
    • brand awareness/loyalty
    •  

    Patients’ priorities vs. physicians’ views

    Patient-relevant product attributes and outcomes that would not normally be seen as valuable to government or insurance-based payers or indeed the treating physician may resonate far more with the patient who is also the “payer”. For example, they may be far more willing to pay for convenience. Outcomes demonstrating earlier return to school or work may carry far greater value than would normally be the case in formal health technology assessment, which is too often limited to a view which takes only direct health system costs into account.

    Where the physician continues to act as a key gatekeeper, it is critical to understand that their views of what is important to the patient may not be aligned with the patients themselves. Take, for example, breast cancer. While over 70% of physicians believe that patients with breast cancer consider keeping their breast as a top priority, the figure from direct patient research is less than 10%.

    Comparison of patient and physician drivers in asthma (GfK Asthma Research, China)

    Consequently, physicians may also make treatment decisions/recommendations based on false assumptions regarding the patient’s willingness to pay.

    Physicians: Are they reliable surrogates of patients’ willingness to pay (WTP) or not?

    Our research across a range of markets and therapy areas has highlighted how physicians often provide a very unreliable surrogate of patient WTP. It has also revealed significant variation between the impact of different WTP drivers on patients in different markets, socioeconomic groups and disease areas.

    Examining evidence-based pricing

    We apply our best-in-class approaches to support evidence-based pricing in these self-pay markets, building on many decades of experience in both the prescription and consumer medicines space. By combining our global expertise and local market knowledge, we are able to help clients optimize patient access and uptake in a way which is aligned to our client’s global and regional commercial strategy.

    These same approaches are equally valuable in more traditional markets where there has been a shift in financial burden towards the patients through co-payment mechanisms. The US is an obvious example of where co-payments are the norm, and understanding the trade-offs between pricing, tier placement and co-payment are crucial elements of pricing and contracting strategy development.

    Tim Fitzgerald is the Managing Director at GfK Market Access. Please email tim.fitzgerald@gfk.com or leave a comment below to share your thoughts.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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    • 03/23/17
    • Media and Entertainment
    • Retail
    • Global
    • English

    Majority of international online population regularly reads books

    Over half of the international online population (59%) reads from a book “at least once a week”, according to our recently released report featuring survey results from 17 countries.  Just under a third (30%) of those surveyed read daily, with China leading the way for the percentage of its population who are regular readers.

    Russia (59%) and Spain (57%) rank behind China (70%) for the percentage of their online population that reads “at least once a week”.  When we combine results for everyday readers, and those who read “every day or most days”, China leads again at 36% with Spain and the UK following closely behind at 32% each.

     

    Regular readers more likely to come from high income households

    Those living in high income households read books more often than those in low income households, with over a third (35%) saying that they read regularly “every (day) or most days”.  In low income households, a quarter of people (24%) are daily readers, and one out of ten claim that they ‘never’ read books, which is triple the percentage reported for high income households.

    “The value of these findings for the book industry lies in combining this self-reported data with analysis of actual sales across different markets and insights from our retail and consumer panels”, says Mathias Giloth, Managing Director of GfK Entertainment. “With this multi-layered approach, we help our clients to fine-tune their audience segmentation and identify customer potential, both globally and at country-specific level.”

    Regular readers by gender

    Women are more likely to be avid book readers than men, with 32% reading daily, compared to 27% of men from the international online population.  The gender gap between regular book readers is widest in the Netherlands and Spain, followed by Canada and Germany.

    Leading nations for non-readers

    The Netherlands, along with South Korea, both registered as countries with the highest percentage of their online population who report never reading books, at 16% each.  Belgium (14%) and Canada, France and Japan (11%) have the next highest proportion of non-readers.

    About the study

    We conducted the online survey with over 22,000 consumers aged 15 or older across 17 countries. Fieldwork was completed in summer 2016. Data are weighted to reflect the demographic composition of the online 3 population aged 15+ in each market. Countries covered are Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Italy, Japan, Mexico, Netherlands, Russia, South Korea, Spain, UK and USA.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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  • Higher inflation dampens consumer climate
    • 03/23/17
    • Press
    • Financial Services
    • Public Services
    • Trends and Forecasting
    • Global
    • English

    Higher inflation dampens consumer climate

    Consumer sentiment in Germany sends mixed signals in March. While economic expectation and the propensity to buy picked up again after a decline in the previous month, income expectations fell slightly. Because propensity to save also rose again in March, the consumer climate prognosis in April is 9.8 points, and thus slightly lower than the 10.0 points in March.

  • Majority of internet users read books either daily or at least once a week
    • 03/23/17
    • Media and Entertainment
    • Market Opportunities and Innovation
    • Trends and Forecasting
    • Global Study
    • Consumer Life
    • Global
    • English

    Majority of internet users read books either daily or at least once a week

    Nearly 60 percent of the online population across 17 countries read books either daily or at least once a week. China has highest percentage of “every day” book readers. Netherlands and South Korea tie for the highest percentage who say they never read books. Women are more likely to be avid book readers than men.

  • Which type of people are the most avid book readers?
    • 03/21/17
    • Global Study
    • Global
    • English

    Which type of people are the most avid book readers?

    Explore our infographic and see our findings by income, age, and gender across 17 countries.

  • Global study: frequency of reading books
    • 03/21/17
    • Global Study
    • Global
    • English

    Global study: frequency of reading books

    Which type of people are the most avid book readers? Download our full report and see our findings by income, age, and gender across 17 countries.

    • 03/15/17
    • Travel and Hospitality
    • Connected Consumer
    • Global
    • English

    How to leverage consumers’ current travel sentiments

    Currently, there is indeed a heightened consumer awareness around travel, notably with much of the conversation in the US focused on travel bans and increased airport security.  There is no denying that safety is on the forefront of consumers’ minds – 61% of Americans agree that they are “always concerned about their safety and security”, according to a recent study from GfK Consumer Life.

    But how does this affect consumers and their attitudes and behaviors towards travel?  Travel is actually one of the last things that Americans are willing to give up – only behind their mobile phones (and ahead of other indulgences including dining out, out-of-home entertainment, and hobbies).  In fact nearly three-quarters of Americans have traveled for leisure in the past 12 months (60% of those by plane).  It is probably safe to assume that at least a similar number would like to continue to do so in the future.

    Building on experiences

    Rising personal values of consumers that include learning, open-mindedness and internationalism suggest that Americans are open to new experiences when it comes to travel.  In addition, 63% of Americans agree that they ‘always like to experience local culture and foods’.  Concurrently, industry trends show that international travel was up 6% in 2016 vs. 2015.

    How does this reconcile with the current shakeups within the travel industry?  Well one particular case is that advancements in technology are allowing for consumers to experience travel like never before.  The evolving wants and needs of the connected consumer continue to push for new innovations in travel.

    Incorporating relaxation

    Prioritizing experiences does not necessarily mean everyone is looking to go the backpacking-rugged-adventurous route.  R&R is also sought after – 54% (+6 pts from 2012) of Americans prefer a vacation where they can relax and take it easy (vs. only 38% looking for “active” vacations where they can do/see a lot of things).  This can probably be attributed to the increased stresses of life today – stress levels have hit an all-time high by some metrics (54% of Americans feel stressed at least once or twice a week, the highest point since GfK started tracking more than two decades ago).

    This can have implications across a wide range of categories – from food to technology to wellness… anything that will help them unwind during their travels.

    Opportunity: The appeal of business travelers

    One consumer target that can be especially attractive is the business traveler, with their overall affluence and spending tendencies (along with the notion that they probably would be less affected by any changes in consumer sentiment around travel, since it is tied to their careers). About one in five Americans have traveled for business in the past 12 months.  Priorities of course shift – work takes precedence and companies typically handle expenses.  So it comes as no surprise that 75% have stayed at hotels/accommodations rated at 4-stars or higher (+29 pts from the average traveler).  And proper sleep clearly is more important – 71% of business travelers agree that they need to sleep really well (+13 pts from the average traveler).

    Other opportunity areas that resonate with the business traveler include: health (80% actively look for health products/services, +13 pts from average travelers); technology (61% say they are passionate about tech, +28 pts); and small indulgences (81% look for novelty/fun in everyday products, +17 pts).

    Conclusion

    The recent dialogue within the travel space seems to suggest increased consumer anxiety. Yet brands and companies should not let that be a deterrent – travel is still a mainstay within Americans’ lives.  Both new experiences and relaxation can be drawn upon to give consumers true pleasures in their travels – while business travelers continue to have strong appeal across many facets.

    Mihir Bhatt is a Senior Consultant on the Consumer Life team at GfK. He can be reached at mihir.bhatt@gfk.com.

  • Setting the course in a challenging year
    • 03/14/17
    • Press
    • HQ financials
    • Investors
    • Global
    • English

    Setting the course in a challenging year

    In what remained a challenging market environment, GfK reported a sales decline of 3.9 percent to €1,484 million in 2016.

  • Peter Feld joins GfK SE as new CEO
    • 03/10/17
    • Press
    • Global
    • English

    Peter Feld joins GfK SE as new CEO

    The Supervisory Board of GfK SE has today appointed Peter Feld (51) as new Chief Executive Officer and Management Board member effective March 15, 2017. Feld most recently served as CEO of WMF Group. Prior to that, he was a member of the Executive Board at Beiersdorf AG.

  • GfK at European Technical Consumer Goods (TCG) Summit
    • 03/10/17
    • Connected Consumer
    • Global
    • English

    03/29/17 - 03/30/17
    GfK at European Technical Consumer Goods (TCG) Summit

    The European TCG Summit is the leading international retail conference with an exclusive focus on TCG retail.

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