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 you can see an association between them that I don't see?

I don't understand how the rest of the clue works.

Can you help me to learn more?

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

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