Strategic Pricing for Medical Technologies: A Practical Guide to Pricing Medical Devices & Diagnostics: Volume 1

Description

In Strategic Pricing for Medical Technologies, industry veteran and pricing expert, Christopher D. Provines, provides a comprehensive and practical guide to pricing medical technologies. Medical technologies include medical devices, in-vitro diagnostics, in-vivo diagnostics, combination products, and medical supplies & equipment. The book will help you better quantify, communicate, and capture value in an increasingly challenging environment. Drawing on 20-plus years of experience in the medical technology industry as well as research, the book provides a comprehensive strategic framework for pricing medical technologies. It specifically addresses, among other things, quantifying the value of medical technologies, setting pricing strategy, communication value, developing offering strategies, understanding buying groups and the buying center, the role of evidence and reimbursement, pricing innovation, and international pricing. It is filled with real case studies, useful frameworks, and detailed explanations of how to think about the unique issues and challenges of pricing medical technologies. Here's what the experts are saying... “All companies need to get their pricing right, but few do. Provines lays out how to develop the right pricing strategy in an easy and highly readable format. This is a must read for every executive and practitioner!” Jason Aroesty, Vice President – Siemens Diagnostics, Head of Northern Europe “Chris Provines has written a clear and intelligent book on the pricing of medical technologies. With a background of more than twenty-three years in the field, Provines brings his vast knowledge to bear in dissecting the intricacies of medical technology pricing which involves stakeholders such as the manufacturers, the payors, the government, the hospitals, patients, and society. The backbone of the book is value pricing, but it addresses reimbursement and contracting issues and the complexities of international pricing as well. A must read for practitioners and academics interested in medical technology pricing. Brilliant!” Lakshman Krishnamurthi, Northwestern University, co-author of “Principles of Pricing: An Analytical Approach,” (Cambridge University Press, 2012) “Chris Provines has a long and distinguished career in medical technology pricing. His experience shines through in the clear manner in which he describes why medical businesses are different and how companies can use value to drive their pricing strategies in this critical arena. Strategic Pricing for Medical Technologies will help you capitalize on your product’s innovations across different markets and help your company thrive during these changing times.” Kevin Mitchell, President – The Professional Pricing Society, Inc. "Pricing is often overlooked as a strategic capability. In this book, Provines provides a clear and compelling roadmap to navigate the intricacies of pricing decision-making and use it for competitive advantage. A "must read" for marketing leaders from one of the industry's leading experts!" Karl F. Schmidt, Corporate Vice President – Johnson & Johnson (retired) Review: As expected. - I would suggest a more set of examples on the pricing methodologies, but for the rest it covers in satisfactory way the goal. Review: A Must Have Reference for Anyone in the Medical Technology Industry - This is the best text on the topic because it covers the real life issues, complexities and challenges of pricing medical devices. Honestly, I've seen a lot of people struggle with pricing medical technologies. Sometimes, they turn to other pricing books only to find them too generic. This book deals with real life issues a sales & marketing executive will see in the med tech industry. First, the overall framework for thinking about pricing is clear and complete. It addresses the core pricing/marketing activities such as quantifying value, determining a pricing strategy, and communicating value. Next, there are many frameworks, tools and examples that help illustrate "how to" price a medical technology. Finally, the book covers a wide breadth of issues global med tech execs will see such as international pricing, pricing innovations, contracting and tendering strategy, and reimbursement & evidence. The chapter on strategy is worth the price of the book alone! It's well written, clear and comprehensive. I'll put it to use right away.