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The phrase "a high premium" is correct and usable in written English.
It is typically used to indicate that something is valued highly or that a significant cost is associated with it.
Example: "In today's market, companies are paying a high premium for skilled workers."
Alternatives: "a significant cost" or "a substantial price".
Exact(59)
"There's a high premium on short and sweet.
They also place a high premium on education.
"I place a high premium on showing up," Matthews says.
Academies place a high premium on local community engagement.
For that, some people, mostly specialists, will pay a high premium.
Nothing about her was elitist – but Dr Angelou put a high premium on respect.
Humanists place a high premium on scientific evidence (even if it's only social scientific evidence).
It's a picky segment, too -- one that places a high premium on looks.
Cuisine du terroir French travellers place a high premium on the pleasures of the table.
"We still have a market pricing in a high premium for technology," he said.
I came to appreciate this paradoxically gaudy ship that put quiet looking at a high premium.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com