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    EVC Assignment

    Uploaded by

    Rajeev EM
    The document describes a pillbox that organizes and color codes medications to help patients take their medicines independently according to their daily schedule. The pillbox would stack medicines in a box with the daily doses on bottom so patients only need to take from the bottom. Color coding would help patients know if they have taken a dose. Calculating the economic value, the pillbox saves up to Rs. 30,000 annually in non-adherence costs and Rs. 1,200 in caretaking costs. Given this total economic value of Rs. 32,900, the pricing is set at 50% of the value, or Rs. 1350 per month.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    EVC Assignment

    Uploaded by

    Rajeev EM
    23 views1 page
    The document describes a pillbox that organizes and color codes medications to help patients take their medicines independently according to their daily schedule. The pillbox would stack medicines in a box with the daily doses on bottom so patients only need to take from the bottom. Color coding would help patients know if they have taken a dose. Calculating the economic value, the pillbox saves up to Rs. 30,000 annually in non-adherence costs and Rs. 1,200 in caretaking costs. Given this total economic value of Rs. 32,900, the pricing is set at 50% of the value, or Rs. 1350 per month.

    Original Description:

    EVC

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    The document describes a pillbox that organizes and color codes medications to help patients take their medicines independently according to their daily schedule. The pillbox would stack medicines in a box with the daily doses on bottom so patients only need to take from the bottom. Color coding would help patients know if they have taken a dose. Calculating the economic value, the pillbox saves up to Rs. 30,000 annually in non-adherence costs and Rs. 1,200 in caretaking costs. Given this total economic value of Rs. 32,900, the pricing is set at 50% of the value, or Rs. 1350 per month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    23 views1 page

    EVC Assignment

    Uploaded by

    Rajeev EM
    The document describes a pillbox that organizes and color codes medications to help patients take their medicines independently according to their daily schedule. The pillbox would stack medicines in a box with the daily doses on bottom so patients only need to take from the bottom. Color coding would help patients know if they have taken a dose. Calculating the economic value, the pillbox saves up to Rs. 30,000 annually in non-adherence costs and Rs. 1,200 in caretaking costs. Given this total economic value of Rs. 32,900, the pricing is set at 50% of the value, or Rs. 1350 per month.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Pillbox

    The Medicines would be organized, sorted, stacked according to your daily schedule so that the
    customer would never forget to take medicines. The medicines would be arranged in a box in such a
    way that the patient only has to take the daily medicines from the bottom. It will also be colour
    coded so that the patient knows whether or not he has taken the medication or not. This would also
    help them to be self-reliant and independent.

    Differentiation Value
    Colour Coding Premium Value
    = Rs 1500

    EVC = Rs. 32,900


    Care Taker Savings = Rs.1200

    Non-Adherence Savings =
    Rs.30,000

    Reference Value = Rs.200

    Step 1:

    Determine the value elements

     Non-Adherence Savings – Customers will save close to Rs. 30,000 annually if they switch to
    the organized pill box service
     Care-Taker Savings – Elderly Customers who are living alone will be able to take and have
    the medicines by their selves and would not need someone to do it for them. It costs
    approximately Rs. 100 an hour on average considering just the cost of providing medicines.
    So, annually (100* 12) = Rs. 1,200/-
     Colour Coding – The Medicine packs would be colour coded based on Morning, Evening or
    Night consumption. This would help the patient to identify whether or not he forgot to take
    the respective dosages.

    Step 2:

    Determine the EVC

    The total EVC is Rs. 32,900 (30,000 + 1200 + 200 + 1500) annually.

    Step 3:

    Determine the price to charge

    Since the attributes are new, we would have to charge well below the EVC. It will take time for the
    patients to understand how effective and useful this service is and hence we are charging at 50% of
    EVC. This is obviously a temporary solution.

    Charge the customers Rs. 1350/- month

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