I priced up my exotic orchid (11)

I believe the answer is:

cypripedium

I'm a little stuck... Click here to teach me more about this clue!

'orchid' is the definition.
The definition and answer can be both plants as well as being singular nouns.
Maybe there's an association between them I don't understand?

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

I've seen this clue in The Sunday Times and The Times.

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