A medtech company engaged L.E.K. to develop an optimal pricing strategy by product type and care setting.
This leading medtech asked L.E.K. to help identify and recommend pricing opportunities and approaches by product type/SKU and identify levers to maintain a positive customer/channel experience as the Medtech deploys its pricing changes.
Approach
We developed an analysis to support the client’s goal by:
- Quantifying price sensitivities across the client’s product categories and SKUs and contextualized them within the market environment
- Analyzing internal client sales data to assess SKU-level pricing trends and price sensitivities
- Benchmarking product category price relative to market
- Identifying levers to minimize volume declines as a result of price increases in relatively more price elastic categories
- Conducting a financial impact analysis for proposed price changes across product categories
Results
Our work helped the client develop an optimal pricing strategy across its portfolio, measured its impact on the bottom line and provided levers to execute on pricing recommendations.
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