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