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Strategic Pricing for Medical Technologies: A Practical Guide to Pricing Medical Devices & Diagnostics: 1 [Paperback]

Mr. Christopher D Provines

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Book Description

5 Sep 2012 0615661890 978-0615661896
In Strategic Pricing for Medical Technologies, industry veteran and pricing expert, Christopher D. Provines, provides a comprehensive and practical guide to pricing medical technologies. Medical technologies include medical devices, in-vitro diagnostics, in-vivo diagnostics, combination products, and medical supplies & equipment. The book will help you better quantify, communicate, and capture value in an increasingly challenging environment. Drawing on 20-plus years of experience in the medical technology industry as well as research, the book provides a comprehensive strategic framework for pricing medical technologies. It specifically addresses, among other things, quantifying the value of medical technologies, setting pricing strategy, communication value, developing offering strategies, understanding buying groups and the buying center, the role of evidence and reimbursement, pricing innovation, and international pricing. It is filled with real case studies, useful frameworks, and detailed explanations of how to think about the unique issues and challenges of pricing medical technologies. Here's what the experts are saying... “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 “Chris Provines has written a clear and intelligent book on the pricing of medical technologies. With a background of more than twenty-three years in the field, Provines brings his vast knowledge to bear in dissecting the intricacies of medical technology pricing which involves stakeholders such as the manufacturers, the payors, the government, the hospitals, patients, and society. The backbone of the book is value pricing, but it addresses reimbursement and contracting issues and the complexities of international pricing as well. A must read for practitioners and academics interested in medical technology pricing. Brilliant!” Lakshman Krishnamurthi, Northwestern University, co-author of “Principles of Pricing: An Analytical Approach,” (Cambridge University Press, 2012) “Chris Provines has a long and 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. Strategic Pricing for Medical Technologies will help you capitalize on your product’s innovations across different markets and help your company thrive during these changing times.” Kevin Mitchell, President – The Professional Pricing Society, Inc. "Pricing is often overlooked as a strategic capability. In this book, Provines provides a clear and compelling 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 Vice President – Johnson & Johnson (retired)

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About the Author

Christopher D. Provines has over twenty-three years of global healthcare experience. He began his career in hospital finance. After graduate school, he joined Johnson and Johnson and later moved to Siemens Healthcare. His roles have included vice president-level positions at both companies. He has extensive global experience in a variety of functions, including strategic pricing, reimbursement, health outcomes, finance, procurement, commercial excellence, key account management, and business improvement. He is a world-leading thought leader in medical devices and diagnostics pricing. He is on the board of advisors for the Professional Pricing Society and is an award-winning adjunct professor at Rutgers University, where he teaches in the MBA program. Chris earned his MBA from Rutgers University.

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Amazon.com: 5.0 out of 5 stars  10 reviews
2 of 2 people found the following review helpful
5.0 out of 5 stars Excellent roadmap for strategic pricing 28 Sep 2012
By MWR - Published on Amazon.com
Format:Paperback
Mr. Provines has taken a very complicated subject- strategic pricing for medical technologies - and written an easy to understand guide that provides an excellent roadmap for medical technology companies to consider and follow in developing their strategy for the pricing of new products. The book will resonate with pricing and reimbursement professionals as it provides key insights and ideas for consideration as new products are developed. It will also be impactful to C-suite management as it highlights the importance of a cogent and fully integrated pricing strategy not only for new and innovative technologies but also to help better manage the life cycle of all products offered by a medical technology company.

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.
2 of 2 people found the following review helpful
5.0 out of 5 stars A must-have for every pricing professional 22 Sep 2012
By Ravi A - Published on Amazon.com
Format:Paperback
As a pricing professional, I tend to keep in touch with the latest writing on the subject. I picked up this book expecting to find a potentially up-to-date version of the many textbook-like pricing strategy books on the market and from a medical technology industry perspective. Instead, the book was a revelation in terms of the insights and practical advice provided. This is due to a few reasons:
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.
1 of 1 people found the following review helpful
5.0 out of 5 stars Great decision making tool 23 May 2013
By S.A.G. - Published on Amazon.com
Format:Paperback|Verified Purchase
Chris Provines shares his vast experience in the area of strategic pricing of medical technologies in a brilliantly organized, easy-to-read format. Compiled literature about the commercial aspect of the medical devices business and its intricacies is hard to come by; this book goes way beyond its title and explains pricing with the big picture in mind. The many internal and external factors to consider when defining a pricing strategy are thoroughly examined and put together in a clear and concise way.

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.
1 of 1 people found the following review helpful
5.0 out of 5 stars VALUABLE RESOURCE !!! 21 Jan 2013
By JMP - Published on Amazon.com
Format:Paperback
It is about time that a comprehensive book about pricing in the medical technology field was published. Previous pricing books are so "generic" that they don't take into account the nuances present in the med tech field. This book does just that. It provides a valuable perspective that translates theory to real world situations.
1 of 1 people found the following review helpful
5.0 out of 5 stars Handy text on medical technology pricing strategy 17 Oct 2012
By Navdeep - Published on Amazon.com
Format:Paperback
The author set out to write a book on pricing strategy for medical device industry professionals but has actually produced a handy volume of knowledge that is useful to anyone interested in pricing. The book starts by explaining the similarities and differences in pricing for medical device versus other industries, the importance of reimbursement and evidence of value, and why and how to understand the needs of each buying center to anticipate buyer behavior. Then with a forward looking view of the increasingly aggressive purchasing environment in healthcare, the book discusses various dimensions of value rather than rely solely on economic value. The discussion on value alone makes this book distinctive especially in the context of what the author says, "these goods are not consumed because people want them...."

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.
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