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Pricing Strategies for Medical Device and Diagnostic Companies
HBS Consulting, May 2006
Pricing strategies need to balance the demands of the market, i.e. what the customer needs and wants, with the needs of the company. Pricing objectives need to be closely linked with organizational and marketing objectives, as well as taking account of cash-flow requirements, profit objectives and return on investment (ROI). In addition, they must take into account the market’s price sensitivity, which is defined as the relative importance of price in a purchasing decision. In view of the complexities involved in pricing obtaining an efficient pricing strategy is an important issue for all medical device and diagnostic companies.
This latest strategic publication ' Pricing Strategies for Medical Device and Diagnostic Companies” provides:
- An analysis of the benefits and advantages various pricing strategies can offer
- Provides a detailed insight into impacting factors affecting pricing strategies in Europe, US and Japan
- Case studies reviewing experiences of companies within the medical device and diagnostic sectors
Pricing is a strategy that should be understood by all the members of a company and this report is relevant to all medical device company employees. However, its specific target is the CEO’s, pricing managers, marketing and sales personnel of medical device companies who should be working together to develop their companies’ pricing strategy.
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