Assessing the value of your new medical nutrition products

To develop a successful medical nutrition product, nutritional companies must invest substantially in product development. As a nutritional company, you are required to conduct clinical trials and to develop marketing activities. To recoup these investment costs, the price of a medical nutrition product is often high. However, are consumers, i.e. patients, willing to pay a premium for a product that is not covered by health systems and insurers?

Factors that can inhibit a premium price

Asking a premium price for your nutritional product is not always possible. There are several factors potentially preventing consumers from purchasing a new medical nutrition product.

For instance:

  • Other reimbursed options may be available in the indication area in question. Are consumers willing to pay for a more expensive product that is not covered by health systems and insurers?
  • If its benefits are not clear compared to healthy foods, the new product may come across as over-priced.
  • Some diseases like obesity, diabetes and HIV are most prevalent in lower income groups: people who simply cannot afford more costly medical products.
  • If the product should be consumed over a long period of time to be beneficial, the accumulated costs may be more than consumers are able or willing to pay.

The 4 other marketing challenges “How to market disease-specific medical nutrition?”…