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Strategic Pricing for Medical Technologies: A Practical Guide to Pricing Medical Devices & Diagnostics Paperback – September 5, 2012
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"All companies need to get their pricing right, but few do. Provines lays out how to develop the right pricing strategy in an easy and highly readable format. This is a must read for every executive and practitioner!" Jason Aroesty, Vice President - Siemens Diagnostics, Head of Northern Europe
"Provines brings his vast knowledge to bear in dissecting the intricacies of medical technology pricing. A must read for practitioners. Brilliant!" Lakshman Krishnamurthi, Northwestern University, co-author of "Principles of Pricing: An Analytical Approach," (Cambridge University Press, 2012)
"Chris Provines has a distinguished career in medical technology pricing. His experience shines through in the clear manner in which he describes why medical businesses are different and how companies can use value to drive their pricing strategies in this critical arena." Kevin Mitchell, President - The Professional Pricing Society, Inc.
"Pricing is often overlooked as a strategic capability. Provines provides a clear roadmap to navigate the intricacies of pricing decision-making and use it for competitive advantage. A "must read" for marketing leaders from one of the industry's leading experts!" Karl F. Schmidt, Corporate VP - Johnson & Johnson (retired)
Bronze Award Winner in the Axiom 2013 Business Book Awards. Judging was based on the content, originality, design, and production quality, with emphasis on innovation and creativity.
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Top Customer Reviews
As world economies continue to slump, the pressure to control and reduce costs and payments for medical technologies by government and private payers will increase. As healthcare reform initiatives begin to be implemented, the need for medical technology companies to understand the value of their products and to communicate them via effective strategic pricing will become a core competency for successful organizations. In this book, Mr. Provines has not only provided the rationale for a medical technology company to build up the core competencies of reimbursement and pricing management, but more importantly he provides clear cut and practical steps for a company to implement in order to strategically price its products. I highly recommend this book if you are responsible for or even just interested in better understanding the role that reimbursement and pricing have in successful medical device and diagnostic companies.
1. The book provides an overall framework for pricing that can be applied to any B2B industry, but with a medical technology slant. The framework is clear, comprehensive and most importantly, easy to work with.
2. The author provides numerous examples from real world experience, many of which could serve as case studies. In my work, I've found that no problem is really a new one and I could apply the lessons from many of these examples directly.
3. Mr. Provines makes a linkage between reimbursement and pricing and the importance of getting stakeholders in the reimbursement decision aligned which was a first for me. This insight has been very helpful for my work.
4. The book goes beyond just pricing to looking at contracting strategy and approaches and provides a practical how-to approach. This is again something I haven't seen in other pricing books.
5. Finally, the author provides several tools that can be used, often in a ready-made way, in pricing activities.
This book is a must-have for every B2B pricing professional and a much-needed addition to introduce some practicality into the world of pricing textbooks.
Anybody interested in improving his or her understanding of the overall medical device business will find in this book an invaluable tool. In particular, executives, consultants, entrepreneurs and middle managers working in the Medical Technology field, whether in General Management, Domestic or International Marketing, Sales, Business Development, Finance, Market Access, Pricing, Reimbursement or Health Economics roles, will be glad to find an outstanding framework to enhance their contribution to the financial health of the organizations they serve.
There are short case studies and real examples from the med tech industry throughout the book. The layout of the book and the writing style make the book engaging and I appreciate how the author chose substance over simply elaborating on artificial buzzwords. I wish there were additional examples on capitated agreements and benefit sharing between, say, payers and providers, but the author covered these topics quite adequately so I am not complaining.