Increasing Market Share & Revenue in the MedTech Industry
This exec brief outlines how medical technology companies can drive rapid and lasting digital transformation with the best dynamic price optimization and management, digital selling software solutions
Growth in a Challenging Market
An ever-changing MedTech landscape with continued consolidation, pricing pressure, cost containment measures, compliance risk avoidance, and a drive towards complex selling models with a focus on value and competitive differentiation…it’s no wonder MedTech companies are looking to accelerate digital transformation. At its core, digital transformation is about leveraging technology to drive agility, speed, and personalization with every customer, globally. Ultimately, it gives companies the ability to deliver a superior customer experience that increases market share, revenue, and profit.
As MedTech companies look to adopt digital tools, their focus should be on what will deliver the greatest and quickest ROI: the end-to-end pricing & selling process. MedTech companies need to leverage market and competitive data, artificial intelligence, dynamic pricing optimization and management delivered into a quote and contract solution that lives within your CRM & ERP systems.
A scalable platform to understand the impacts of erosion, rebate programs, and terms & conditions on each deal breeds the ability to analyze and align cross-functionally to approve the offer that will win. It also provides the flexibility to dynamically change pricing and selling strategies in the face of unprecedented disruption such as COVID-19.
Top 4 Insights in this Executive Brief
- A leading med device manufacturer recovered 300 basis points of excessive discounting.
- A leading eye surgical products company streamlined quote-to-contract process from days to less than 24 hours.
- By gaining insight that enabled aggressive adjustments of negotiable prices, an orthopedic manufacturer reversed their longstanding price erosion trend on a 6.4B worldwide business unit.
- By understanding customer willingness-to-pay, a medical supply distributor increased margins by 140 basis points and generated a $10M increase in gross profit.
Additionally, Learn How PROS Enables Medical Technology Companies to
- Win more with existing customers
- Provide competitive, defendable, market relevant pricing
- Formulate and execute winning quotes and contracts
- Manage all prices through a centralized platform
- Empower digital selling, pricing, and ordering
- Take control of your revenue and automate the lifecycle
- Accelerate time-to-revenue
- Gain actionable-business insights and analytics
- Identify and Correct Profit Leakage