Blog

05Apr 2025 by cesare ferrari No Comments

Building a Winning Brand Strategy for Medical Device Start-ups

Almost two years ago, I shared my thoughts on the importance of a brand strategy in the medical business. That article was very well-received and, even today, continues to spark conversations with professionals working in the pharma and medical device sectors. Today, I want to revisit the topic of medical branding by sharing some essential rules for building a brand strategy. The goal is to outline the baseline requirements for brand-building in the MedTech industry. The list below is applicable to all medical device companies. However, it specifically targets startups looking to establish a strong brand and define a clear and defensible strategy. This list is based on my observations of what works in other markets and how these principles can be applied to the unique challenges of the medical…

23Mar 2025 by cesare ferrari 2 Comments

Mastering the Product Life Cycle: Strategies for Medical Products

Downstream marketing

All medical products, devices, or pharmaceuticals go through their life cycle. The complete product life cycle is the period of time that begins with the development of a product or service to the withdrawal of that product from the market. There are several stages in the product life cycle and by understanding them, we can increase the profitability, demand, and interest for the product. This post covers the various stages involved in a product life cycle. It explains how we can increase profits and generate demand. There's also information on life cycle analysis and understanding the environmental impact of your product throughout the different stages of its lifecycle. Let’s get started. The product life cycle The theory of the product life cycle theory was developed by Raymond Vernon in 1966…

12Mar 2025 by cesare ferrari

Maximizing Profits with Value-Based Pricing in the Medical Devices Sector

Downstream marketing, Upstream marketing

This is the third article on strategic pricing. In the first, I discussed cost pricing and competitive pricing for medical devices. In the second, I examined skimming and penetration pricing. Today, I will cover value-based pricing. Value-based pricing strategy In value-based pricing, you price your product according to the value generated and perceived by the customer. I have already examined the concept of value for medical technologies; please refer to this post. Basically, the perceived value to the customer primarily depends on three dimensions: clinical, economic, and psychological. The use of value pricing brings some complexity related to the various stakeholders involved in the buying process of medical devices, such as the user, the payor, and the provider, who can have divergent value perspectives. To apply value pricing, first, you must…

23Feb 2025 by cesare ferrari

Maximizing Profit: The Art of Skimming and Penetration Pricing

Downstream marketing, Upstream marketing

This is the second article on strategic pricing, you can find the first article here. There I discussed cost pricing and competitive pricing for the medical device sector. Today, I will cover two other pricing strategies, skimming and penetration analyzing their pros and cons. It's an insightful read, so follow along. Skimming pricing strategy The decision between skimming or penetration pricing is based on several factors such as the level of competition, company characteristics, market dynamics, degree of innovation, etc. Medical device companies use skimming pricing when the objective is to serve a segment of the market that is relatively price-insensitive and thus willing to pay a premium price for the product or service received. For example, skimming is used if the supply of the product is limited in order…

07Feb 2025 by cesare ferrari

Cost vs. Competitive Pricing: What’s Best for Medical Device Companies

Downstream marketing, Upstream marketing

This is the first article about common pricing strategies for medical devices. I previously discussed the importance and impact of an effective pricing strategy here. I also highlighted the factors to consider in setting a pricing strategy here. In this and the next posts, I will cover some of the most common pricing strategies used in the medical device sector with their advantages and disadvantages. Most common pricing strategies In my experience, medical device companies frequently orient their pricing on a cost basis. However, companies that employ pricing as part of strategic marketing are aware of the different pricing strategies and tactics and use a combination of them. Together, let’s explore some of the most common pricing strategies. Cost pricing strategy Companies following the pricing strategy based on the cost,…

23Jan 2025 by cesare ferrari

Key factors to consider for successful medical device pricing

Sales, Upstream marketing

Setting a pricing strategy for a medical device is not an easy job. Many factors impacting the pricing of medical devices are in continuous evolution; therefore, companies that expect to effectively manage profitably in changing markets need a clear pricing strategy governing how they will set prices to earn revenues. If you’re in doubt as to the essential factors to consider when setting a price strategy, this guide is for you. Keep reading to learn what to do and what to avoid. The pricing strategy The pricing strategy is a critical part of the overall marketing strategy. For the pricing strategy to be effective, it must align with the marketing strategy and the business strategy. If the business strategy is where to play and how to win, in my opinion,…

11Jan 2025 by cesare ferrari

Navigating the Pricing Labyrinth: Pricing Strategies for Success in MedTech

Sales, Upstream marketing

“There are two fools in every market—one asks too little, another asks too much.” Old Russian Proverb The subject of a good pricing strategy has been long debated, raising questions and concerns for very obvious reasons. To begin with, some folks agree that charging too little helps to gain market share but reduces profitability. Others say low-priced products can attract the wrong customers—those who will switch to competitors to save money. A low price could cheapen the customer’s view of the product. Conversely, charging too much may reduce product acceptance and market penetration. This topic of pricing is particularly very intense in the medical device business. Several forces like competition, concentration of buyers, globalization, internet diffusion, and lack of resources in the healthcare systems act to increase downward pressure on…

20Dec 2024 by cesare ferrari

Holiday Recap: Top Medical Sales and Marketing Insights of 2024

Other

As we approach the festive season, it's a perfect time to reflect on some of the most popular and impactful medical sales or marketing posts of 2024. My Top Medical Sales and Marketing Insights of 2024 have shaped strategies, driven changes, and inspired discussions with my readers. Let’s revisit these key highlights: 1. Common Misconceptions About Medical Sales Debunking myths and misconceptions about medical sales was a hot topic this year. My post on this subject clarified common misunderstandings and provided a more balanced picture of medical reps. 2. The Characteristics of Modern Medical Sales Understanding the traits that define today's medical sales professionals is crucial for sales success. This post highlighted the essential characteristics and skills needed to thrive in the evolving landscape. 3. Mastering Account Targeting in Medical Sales: A…

07Dec 2024 by cesare ferrari

The Cornerstone Of Great Medical Value Propositions: The Customer

Upstream marketing

The value proposition of a medical device or a drug is one of the key determinants of its commercial success. I’ve deeply analyzed this subject in 4 different articles and you can read all about it starting here. In today’s post, I will revisit the subject focusing on a crucial aspect of the value proposition design: the customer. It’s my hope that at the end you’ll have further insight into why the customer is the cornerstone of a great medical value proposition. So follow along. The foundation of the value proposition: The customer You’ll agree that to design and effectively promote medical products and services that satisfy our multiple customers we must have a comprehensive knowledge of them. And to correctly use the value proposition canvas, we first need to…

23Nov 2024 by cesare ferrari

What makes a good value proposition for Medical products?

Downstream marketing, Upstream marketing

At the heart of every strong medical product success is a good value proposition, here you’ll find out what makes a great one. The influential powers that determine customer preference may not always be initially evident. This is why we must understand what our customers are really looking for in terms of Jobs-to-be-Done, gains, and pains and consequently design products that will delight them and speak their language in our promotional material. What makes a good value proposition? Combining different sources, this is my personal list of factors to consider when building a good value proposition: Early start: To start developing a product with no clear objectives is too common a mistake. The value proposition design process is the basis for defining the product development plan and clinical development. Collaboration:…