Capturing value in the medical devices industry with a data-driven approach
Intuitive solutions help medical device manufacturers unlock actionable insights to drive profitability
Improve pricing strategy and account management
with big data and advanced analytics
Medical device manufacturers are faced with considerable commercial complexity: a large, heterogeneous product offering that ranges from CAT scanners to cotton wads and a diverse portfolio of customers that includes hospitals, research institutions, and general practitioners. Since individual accounts are often comparatively small, most sales reps find themselves serving a higher number of customers than their peers in other B2B industries. What is more, competitive pressure varies greatly across countries, product categories, and customer types. In this cluttered situation, an easily accessible fact base is crucial for good decisions that balance customer satisfaction with profitability targets.
With Periscope®, medical devices companies can get a granular view of how specific products and accounts are performing. Our Pricing Solutions help them set the right list prices for million-dollar machines, spare parts, consumables, and maintenance. Solutions for deal management use advanced analytical algorithms to recommend discounts and promising product combinations to sales teams. In essence, our software absorbs everything companies know about their customers, combines it with external competitive intelligence, and turns this knowledge into automated recommendations for deal terms and discounts. Our unique combination of intuitive software solutions and hands-on expert support enables medical devices companies to transform the way they work with data and establish a mindset of value-driven decision making.
Our Pricing Solutions help medical devices optimize list prices for a large number of different types of products. To determine the best price for a given product, we integrate data from diverse sources, internal as well as external, and apply advanced statistical algorithms. Our solutions put actionable insights at the fingertips of sales reps to inform account-level adjustments of discounts and other deal terms. Drawing on McKinsey’s global experience in the medical devices industry, our experts work closely with commercial directors and sales teams to make sure the impact sticks.
For example, Periscope® partnered with a medical devices company that faced heavy price erosion in a challenging market. By deploying our Pricing Solutions, we ensured that a fact-based, systematic approach was applied to calibrate list prices and determine the optimal discount for every deal. The effort helped to reduce price erosion dramatically. In another case, Periscope® helped a medical devices company review its entire pricing strategy, from list price setting to deal pricing. Periscope enabled the company to implement a rules-based pricing model that takes into account multiple price-setting factors.
Periscope solutions for price and margin optimization
Integrate and analyze internal and external data to generate insights for optimized pricing strategies.READ MORE>>
Enable your sales teams to structure more profitable deals with hands-on contract and quote execution support.READ MORE>>
Optimize price setting across large assortments by simulating the impact of new prices with live data.READ MORE>>
Unlock sales productivity and optimize go-to-market organization.READ MORE>>
Build commercial capabilities to accelerate performance and growth.READ MORE>>
Improve the talent profile and effectiveness of the sales front line.READ MORE>>
Drive growth with sales planning application that increases sales efficiency and productivity.READ MORE>>