J
Julie Kliger
Senior Managing Director at FTI Consulting, Healthcare Solutions
Enterprise Technology and Digital Transformation Co-Leader
127377 followers
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500+ connections
Which is better? Paying $18.99 or $7.40 for an identical (in every way) medicine? If you had the choice of buying one banana and paying either $1.00 or $4.00, I’d guess you’d (definitely) decide to pay $1.00... especially when you know $4.00 is overpriced for that banana. We think:‘Why pay more for an identical ‘thing’ when choice is available?’ So it should come as no surprise that Amazon is selling medicines at a lower—and I’d argue a more rational—price...and guess what? Consumers are not silly—we buy the lower priced, identical item when options exist. This is not ‘rocket science...’ Want to be competitive? Provide easy value for consumers and we will become your best paying friends. Let this be a warning shot to conventional businesses: understand this new consumer market...or perish. Selected Excerpt: “84% of Walgreens’ and 72% of CVS’ house-brand drugs were more expensive than the (Amazon’s) Basic Care line (of pharmaceuticals).”
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