Over the years, the cost associated with medical devices has reached its saturation, leaving hospitals to look for alternative solutions that are cost-effective. To keep pace with innovations and retain their foothold in the surgical instruments market, organizations have started opting for competitive pricing analysis to understand the pricing of medical devices and further benchmark the prices with that of the competitors. Through a detailed competitive pricing analysis, organizations can identify the list of manufacturers and their product offerings. In the surgical instruments market space, organizations can easily identify the pricing structure of the competitors and accordingly reprice their products to remain competitive in the market. In addition, competitive pricing analysis allows organizations to change their product price periodically and keep the price competitive. Leading firms can leverage the use of accurate competitive pricing analysis to decide the right price for a product at the right time.
Infiniti’s competitive pricing analysis solutions help the client stay updated on the latest technology prevailing in the surgical instruments landscape. The client can maximize the use of the tools for accurate price comparison and analysis of the competitors’ offerings in the market.
The Business Challenge
Over the years, the medical landscape has been witnessing unprecedented twists and turns, owing to the increasing number of competitors in the surgical instruments space. Keeping this specific challenge in mind, a leading surgical instruments manufacturer wanted to carry out a robust comparative pricing analysis to understand the pricing strategies of the competitors. The primary objective of the client was to understand the competitive pricing structure to compete more effectively, increase sales, and grow profit margins. The client further wanted to improve negotiations with suppliers to understand optimal margins, prices, and product selection.
The client was also facing challenges understanding the pricing strategies for identical products in the surgical instruments landscape. The client wanted to identify the prevalence of identical products and assess the discounts and deals offered on these products.
To gauge more information on the surgical instruments landscape, the client approached Infiniti’s team of competitive pricing experts. Infiniti’s competitive pricing experts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the surgical instruments space. Also, Infiniti’s pricing analysis experts created a robust database to automatically collect and analyze competitors pricing, assortment, and promotions data. Moreover, the experts also collated information from various proprietary sources such as hospitals to compare and identify competitor pricing.
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Competitive Pricing Analysis Solution Benefits
- Track and compare real-time competitive pricing information
- Gain actionable insights by analyzing the competition
- Improve negotiation with suppliers, optimize pricing on a continuous basis
- Understand current pricing strategy and track price changes
- Evaluate market behavior and make informed business decisions
Benefits of Our Integrated Approach
In just eight weeks, the client was able to track, compare, and analyze the pricing models for surgical instruments; thereby, determining the best possible selling price for the products. The engagement further assisted the client in comparing the selling price of the same products with that of the competitors. The engagement further helped the client devise smart pricing strategies to attract more buyers.[spacer height=”20px”]