Price for Profit

Medical Device Pricing Strategy

Selling your product and services at the right price to maximize profits has become increasingly important and more difficult for medical industry vendors who are battling greater competition and increased pricing sensitivity among hospitals and healthcare facilities. Simply asking potential customers “what are you willing to pay?” will quickly lead your marketing & pricing teams astray. We provide a set of proven, validated, and accurate methods to help you better determine willingness to pay, pricing sensitivity, and profit- or revenue-maximizing pricing.

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Sell Products and Services with Confidence in Your Pricing

Identify acceptable price range

Navigate the complexities of pricing in the medical industry by pinpointing the acceptable price range for your products and services. We offer proven methods to determine a pricing strategy that aligns with market expectations, ensuring you maximize profits while staying competitive.

Define customer's price sensitivity

In a landscape marked by heightened competition and pricing sensitivity, understanding your customer's price tolerance is crucial. Our validated methods provide insights into price sensitivity, enabling you to tailor your pricing strategy to meet customer expectations and enhance overall market competitiveness.

Assist in pricing model selection for profit and revenue maximization

Optimize your pricing approach with our assistance in selecting the right pricing methodology and model. We provide a set of proven and accurate methods to determine willingness to pay, ensuring your pricing strategy aligns with profit and revenue-maximizing goals. Say goodbye to guesswork and hello to a data-driven approach that sets you apart in the medical industry.

Comprehensive Pricing Strategy Solutions Across Healthcare Sectors

Our expertise extends across various healthcare sectors, where we provide tailored pricing strategies to meet the unique demands of each industry. Here’s how our solutions specifically address the needs of each sector:

Medical Imaging

Pricing strategies in the Medical Imaging industry require a nuanced approach due to the specialized nature of the equipment. We provide solutions that factor in technological innovation, market demand, and competitive positioning. Our cost-plus and value-based pricing models are designed to optimize revenue while maintaining competitiveness.

In-Vitro Diagnostics

For IVD companies, we provide comprehensive pricing strategies that take into account the market dynamics of diagnostic products. Our offerings include market research, price sensitivity analysis, and competitive benchmarking, tailored to ensure competitive pricing across various customer segments, from large healthcare providers to smaller clinics.

Pharmaceuticals & Life Sciences

In this regulated industry, we develop precise pricing strategies that address market access and reimbursement challenges. We leverage advanced tools like conjoint analysis to identify optimal pricing, ensuring compliance and maximizing revenue potential. Our strategies reflect the true value of your products while adhering to industry standards.

Medical Informatics & AI

We develop dynamic pricing models for advanced technologies like CPOE, EMR, PACS, and Point-of-Care mobile solutions. Our focus is on understanding market trends and adoption rates, enabling us to set competitive prices that maximize both adoption and profitability.

Medical Devices & Diagnostics

We develop pricing strategies through market segmentation and competitive analysis, focusing on feature differentiation, regulatory pathways, and customer willingness to pay. This approach ensures your pricing aligns with market expectations and maximizes profitability.

Our Consultative Approach

Our consulting services are designed to empower your business with the knowledge, strategies, and best practices needed to make informed decisions, improve your marketing research processes, and achieve your business objectives. We work closely with you to uncover opportunities, address challenges, and develop a tailored roadmap of marketing research for success.

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Assistance in Pricing Model Selection for Profit and Revenue Maximization

Submit an RFP

Initiate the next steps by submitting an RFP. Our team is prepared to align our expertise with your product's requirements, fostering solutions that exemplify success and drive innovation at every turn.

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Pricing Optimization Research Methodologies

Van Westendorp Price Sensitivity Meter: a crude technique to explore an initial price range
Cascading Price Analysis: to test specific price points
Conjoint Analysis (CBC) or Adaptive Conjoint (ACBC) that set the foundation for a preference and even a demand model, recognized to be the most reliable framework for pricing research, Revenue, Profit, and Market Share Modeling

Explore Our Quantitative Methods

Innovative Tools and Technologies

Our proprietary tools, such as simPRO™, PROfiler™, and vwPRO™, offer unparalleled insights into customer segmentation, preference simulation, and pricing analysis. These tools are specifically designed for the Med-Tech industry, allowing for precise and actionable data analysis that informs every aspect of your pricing strategy. With vwPRO™, you can gain directionally informative pricing data that supports your decision-making process, ensuring your products are optimally priced for market success.

Related Tools

PROfiler™

PROfiler™ is an assessment tool created to help your sales organizations identify the customer segment where a prospect will likely belong.

About PROfiler™ →

simPRO™

simPRO™ is the only custom-designed Preference Share Simulator specifically for the Med-Tech industry.

About simPRO™ →

What Our Partners Say

Companies like you are the reason that we do what we do. We're here to serve you. Read this selection of client testimonials to see how we've been a part of VOC in the medical industry.

TMTG pricing models are really excellent and meet the needs of our team each and every time. When the technical and clinical elements of the product are complex, commissioning an advanced multivariate study that makes sense of that complexity is of high value to our teams. Also of importance, we get prompt and well thought responses from TMTG team members on every aspect of the marketing research.

Sue Siewert, GE Healthcare

Director of Global Business Analysis

I appreciated the TMTG’s team ability to understand the stakes of these Voice of Customers studies. TMTG has our business’ knowledge, especially in medical imaging, cardiology, neurology or surgery for example. This market and technical expertise in health is a real asset to collaborate effectively with our internal teams and build a climate of trust. Project implementation is professional mainly in relation to the quality of the respondent’s recruitment and the conduct of interviews and discussion groups.

Sophie Perceval, GE Healthcare EU

Customer Market Insights Business Partner Europe

The MarketTech Group is unique in their ability to simplify complex business questions and simplify them clearly and efficiently. The result is a quality project that makes the best us of both our time and our budget. We have trusted them with some of the most critical questions facing us relative to the value and opportunity of key products, and they always come through.

Linda Harrell, Becton Dickinson

Director, Global Insights and Market Research

At Siemens Healthineers, we highly value TMTG’s partnership as they provide a broad range of qualitative and quantitative services in Voice of Customer marketing research. We have used their research services for many years, and more recently with high level multi-country large scale studies. What I value the most is their ability to access C-suite Healthcare Executives we do not know yet and the opportunity they give us to directly interact with high-level respondents.

Alexander Zimmermann, Siemens Healthineers WW

Chief Marketing Officer

Ansell Healthcare has engaged The MarkeTech Group (TMTG) on a number of occasions for qualitative studies and concept research in various international markets. In every occasion the study has been conducted promptly and in a very professional manner. The outcomes have always been very insightful, providing valuable intelligence and guiding valuable strategic decisions.

Monica Sagardoy, Ansell

Senior Global Director, Surgical Brands and Acute Care

We highly value TMTG and have used their research services for years, especially for projects that require market insights and for complex projects that require deep knowledge of the industry. This benefitted us in that TMTG could be an extension of our company with their expertise as they interfaced with customers to conduct research and synthesize the analysis. As a result, we’ve been able to get to actionable insights & take action based on insightful analysis.

Shawn Miller, Philips

Director, Market Intelligence & Strategy

TMTG has accompanied us on a complex segmentation project of clinical diagnostic laboratories over 6 countries(Top 5 European countries and Turkey). We selected TMTG to carry out this project for several reasons: the recommended methodology, TMTG knowledge of the clinical diagnostic laboratory market and ability to lead projects at international level. The depth of collected data across market segments of our market allowed us to initiate our marketing programs with confidence.

Laurent Teste, Bio-Rad Laboratories

EMEA Segment Manager Clinical Diagnostics EMEA

The greatest strengths of the TMTG team were its ability to understand the highly complex healthcare market environment in the different countries and to turn a quantitative cluster analysis into robust strategic recommendations for each identified segments. TMTG also demonstrated high standards of quality and reacted quickly to find solutions when facing field execution challenges. I really appreciated this close interaction which helped establish trust in the consulting provided on consistency and robustness.

Marion Spitzer, Olympus Europa SE & CO.

KG Commercial Excellence - Medical Systems Market Intelligence

TMTG has the unique knowledge in the diagnostics imaging industry that most market research firms do not have. I am very satisfied with TMTG’s services. The recommendations that TMTG provided are actionable, evidence-based, and well thought. We have adopted TMTG’s recommendations that have saved our company a lot of money. The data collected through research has filled the knowledge gap where our company has struggled for a long time.

Jun Gao, Bracco

Senior Manager, Sales & Marketing Analytics

Our Latest Insights

Explore our insightful blog listings on cutting-edge product development methodologies, pricing analysis, and industry trends brought to you by The MarkeTech Group. Elevate your understanding and stay ahead in the dynamic world of medical technologies.

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