The recent increase in competition in the healthcare industry has forced many medical devices manufacturers to adopt innovative technologies and establish themselves in this market space. Additionally, the high level of competition among players in the medical devices market space has resulted in the emergence of upgraded technologies. However, according to the price analysis experts at SpendEdge, the advent of stringent reimbursement policies and regulations for medical devices across the globe are forcing firms in this market space to showcase a high level of cost-effectiveness for their products. As a result, medical devices manufacturers have started opting for price analysis solutions to stay on top of the price fluctuations to improve procurement decision making across the supply chain.
The Procurement Pain Point and Insights Offered
A leading medical devices manufacturer wanted to gain in-depth insights on the latest price fluctuations and trends in the medical devices market space. The client also wanted to obtain a list of key suppliers; negotiate superior contractual terms and analyze their patterns of spending. Additionally, they wanted to streamline their procurement process and reduce maverick spends.
The price analysis experts at SpendEdge followed a comprehensive two-step research methodology, which involved primary and secondary research coupled with qualitative and quantitative data collection procedures to address the client’s issue. During the course of this price analysis study, the medical devices manufacturing client was able to identify the emerging risks across the supply chain and monitor the price fluctuations. This helped the client negotiate superior contractual terms with suppliers, thereby, gaining a competitive advantage over their competitors across the supply chain. Furthermore, this price analysis study helped client streamline their procurement process and reduce maverick spends.
Key questions answered in this price analysis study include
The pricing analysis study helped the medical devices manufacturer gained insights to stay ahead of the competition and stay on top of the price fluctuations and improve procurement decision making across the supply chain. Furthermore, the client was offered recommendations to improve their process efficiency and optimize spend areas.