Speaker Interview with Prakash Bhatia: Steps to Incorporate AI Implementation in Medical Device Pricing Strategies
Prakash Bhatia will join Q1 Productions from BD as a distinguished presenter at the Medical Device Strategic Pricing & Accounts Conference in Chicago, IL. The event takes place September 13-14, 2022, where executive-level presenters, participants and sponsor partners will come together for two days of networking and solution sharing. Read on for more about Prakash’s background and how he plans to share his expertise on software and AI in pricing strategies.
Prakash (‘Praks’) Bhatia, Global Pricing Excellence & Change Management Leader
Praks has more than 12 years of experience in pricing, competitive intelligence, process improvement, value creation, and change management from industries such as High-Tech, MedTech (orthopedics, neuromodulation, interventional, diagnostics & cardiovascular), BioPharma, and Kitchen/Bath manufacturing. Currently working at BD as the Global Pricing Excellence Leader in helping to execute a pricing transformation across BD that delivers revenue growth and margin expansion.
Praks has worked with various vendors in the implementation and adoption of pricing analytics, price setting, CPQ, counter sourcing, share of wallet, and competitive cross-reference tools at a regional and global level. Praks’s experiences also includes initiating value-added programs such as Customer Value Management tools, equipment as a service, equity rental, fee for service, and coordinated solutions.
Praks has worked with various vendors in the implementation and adoption of pricing analytics, price setting, CPQ, counter sourcing, share of wallet, and competitive cross-reference tools at a regional and global level. Praks experiences also includes initiating value-added programs such as Customer Value Management tools, equipment as a service, equity rental, fee for service, and coordinated solutions.
Praks earned his Bachelor’s in Chemical Engineering, and Masters in Operations Management & IT from Worcester Polytechnic Institute (WPI), Worcester, MA. Also, he earned his MBA with a concentration in Marketing and Entrepreneurship from Babson College, MA and an Executive Master’s in Strategic Decision & Risk Management from Stanford University. Prakash is certified as a Project Management Professional (PMP), Lean Six Sigma Green Belt, Pricing & Competitive Intelligence Professional (CPP & CIP). Prakash resides in Houston, TX with his wife and son. He enjoys tennis and soccer.
Why do you believe the 12th Annual Medical Device Strategic Pricing & Accounts Conference is important to pricing & contracts executives?
It provides a non-competitive forum for peers from various organizations and institutions to discuss pain points and gather learnings that could be leveraged within one’s organizations. With the current unprecedented environment, understand how others are coping and mitigating the various pressures.
What do you hope attendees will take away from your discussion on efficiencies of software and Ai in pricing strategies?
My hope is that my peers will learn what it takes to implement and integrate a solution that has the power to unlock analytics and take the guesswork out of their pricing strategy. Also, by understanding why a large number of implementation technology projects fail is due to lack of planning, proper change management and reliance on external resources.
Can you tell us a little more about the challenges you have faced with the integration of AI into pricing analysis?
The most common challenges of AI implementation is related to data quality. The system you build is only as good as the data that it’s given. AI learns from available information in a way similar to humans, but in order to identify patterns, it needs much more data than we do. The better data you give it, the better outcomes it will provide. Also, making sure the analysis conclusion has an explanation. When we’re given the rationale behind the decision, it’s easier for us to assess to what extent we can trust the model.
In your experience with software management, what are some of the pros and cons of software management outsourcing?
Few pros and cons of outsourcing are: Pros: it is cost-efficient, access to a needed set of skills and experience, and attention to core competencies. While Cons: Gap in communications, different business philosophy, and most importantly hidden costs.
What advice would you give attendees on applying your presentation to day-to-day activities?
To take it with a grain of salt. The insights provided are from my practical experience. Experiences can differ from one organization to the other. But having the information is a good food for thought while undergoing their journey.
Join Praks and other medical device pricing and accounts professionals for dynamic sessions and more at the upcoming Medical Device Strategic Pricing & Accounts Conference.