SUAZIO consulting is an expert in market research for medical device markets. Due to inflation and increase of cost of goods, we witnessed several pricing dynamics across markets and therapeutic areas. One of the dynamics is the current price increases by medical device manufacturers to cope with current inflation and the rise of cost of materials.
As manufacturers are increasing their prices, hospital administrators are struggling to implement these price increases in their hospital.
SUAZIO conducted an independent survey with hospital administrators (N=45) to understand current price increases per product line (cardiovascular devices), the effect on purchase behavior and understand coping mechanisms from hospitals.
- Average price increase US=7%, EU=6,3%
- 15% of respondents saying a price increase will result in a decrease in purchase
- Acceptable price increases for 1-2 years are highest in EU= 5,2% and lower in US= 3,0%
- Negotiate the proposes price increase and Switch to lower cost devices are main coping mechanisms
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