Modeling Choice Behavior for New Pharmaceutical Products

Jan 1, 2001, 00:00
10.1046/j.1524-4733.2001.004001032.x
https://www.valueinhealthjournal.com/article/S1098-3015(11)70025-0/fulltext
Title : Modeling Choice Behavior for New Pharmaceutical Products
Citation : https://www.valueinhealthjournal.com/action/showCitFormats?pii=S1098-3015(11)70025-0&doi=10.1046/j.1524-4733.2001.004001032.x
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Open access? : No
Section Order : 6

This paper presents a dynamic generalization of a model often used to aid marketing decisions relating to conventional products. The model uses stated-preference data in a random-utility framework to predict adoption rates for new pharmaceutical products. In addition, this paper employs a Markov model of patient learning in drug selection. While the simple learning rule presented here is only a rough approximation to reality, this model nevertheless systematically incorporates important features including learning and the influence of shifting preferences on market share. Despite its simplifications, the integrated framework of random-utility and product attribute updating presented here is capable of accommodating a variety of pharmaceutical marketing and development problems. This research demonstrates both the strengths of stated-preference market research and some of its shortcomings for pharmaceutical applications.

Categories :
  • Decision & Deliberative Processes
  • Formulary Development
  • Health Service Delivery & Process of Care
  • Health Technology Assessment
  • Methodological & Statistical Research
  • Modeling and simulation
  • Patient-Centered Research
  • Stated Preference & Patient Satisfaction
Tags :
  • Bayesian updating
  • choice
  • consumer preference
  • Markov
  • pharmaceutical marketing
  • Random-utility
Regions :
  • Global
ViH Article Tags :