Streamlined Processes
Single source of pricing truth for improved visibility and collaboration
Pricing Innovation Delivers Winning Formula for Medical Device Maker
Discover how one large medical device manufacturer leverages Vendavo to optimize pricing for 300,000 SKUs worldwide.
Highlighted Business Outcomes
More Time Selling
Quickly analyze, adjust, and approve pricing
Better Margins
Pricing guidance for profitable deal-making
A Need for Smart, Efficient Pricing
As one of the largest medical technology companies in the world, this medical device manufacturer has 300,000 SKUs spread across four main product lines: cardiac and vascular, restorative therapies, minimally invasive therapies, and diabetes.
Payers and providers in the U.S. and around the world are putting in place new financial incentives that reward the quality of care rather than the volume of care. With pressures on volume come pressures on pricing. Making the pricing process as efficient as possible, and as smart as possible, is the key.
“In a company our size, every product pricing decision counts and every basis point counts. Vendavo lets us see it all so we can manage it all for better margins, better cash flow, and better returns for shareholders.”
Innovating for Better Visibility, Collaboration & Flexibility
Vendavo Commercial Analytics allows the pricing team to see customer profitability across providers, across products, and across geographies. They know exactly where there is margin leakage, what’s causing it, and what is needed to fix it.
The company’s pricing, costs, and contracts have also been consolidated in one place so multiple departments can collaborate on pricing including finance, marketing, and sales. The pricing workflow is built into Vendavo so that as calculations and decisions are made, everyone can see the work, access the latest pricing, and get the information out to the field faster.
Setting prices accurately is only half the challenge in a company this size. The other half is making sure sales and account management teams can use them. Vendavo Deal Price Optimizer provides the company with pricing ranges so they can adjust as needed yet not jeopardize profits. Flexibility is available to ensure the deal gets done while still hitting profitability goals.
“We can get new pricing done in hours now instead of weeks.”
Aligning Value in Healthcare
Aligning value in the healthcare industry is no longer a request, it’s an absolute requirement and the company is committed to developing – and pricing appropriately – meaningful innovations that make the patient journey easier and offer greater value across the continuum of care.
“Real value, and how it gets priced in healthcare will continue to change for patients and providers, but we’re ready for those changes with our Vendavo tools. It’s all part of helping us fulfill our mission to alleviate pain, restore health and extend life.”
About Company
Overview
A global leader in medical technology, services, and solutions that are dedicated to alleviating pain, restoring health, and extending life.
Fast Facts
Industry: Medical device manufacturing
Region: Global
Employees: 50,000+
Annual Revenue: +$20 billion (2017)