Pricing strategy for a medical device competing against other technologies
A tech startup asked FirstLink to help with the pricing strategy for its new medical device.
FirstLink examined the pricing strategy, price elasticity and comparative analysis of competitors’ prices. Upon examining competitors’ prices, a price elasticity model was built.
Outcome
This model showed that pricing the device 37.5% higher than competitors’ average price may result in an 11.6% decrease in quantity demanded, and pricing it 33% lower may result in a 9.92% increase in quantity demanded. This data is helping the company drive its pricing strategy.
"FirstLink has been a wonderful partner. They are always supportive, helpful, and responsive."
– John Dement, ORTA/Technology Transfer Manager, Naval Surface Warfare Center (NSWC), Crane Division
– John Dement, ORTA/Technology Transfer Manager, Naval Surface Warfare Center (NSWC), Crane Division
FirstLink’s report offered confidence
that a spin out was the best path for technology developed by Department of Homeland Security and partners...more
that a spin out was the best path for technology developed by Department of Homeland Security and partners...more
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