Everything you need to know about FormlyAI pricing – FormlyAI is a new eQMS software for medical device manufacturers targeting EU MDR and FDA compliance.
Generally speaking, FormlyAI is one of very few eQMS software providers targeting startup customers. In other words, they don’t go for the mid-size and large enterprise companies, even though those usually spend (way) more money on their eQMS software. This is cool, because in the past, it was only us trying to serve these startups with our eQMS software, OpenRegulatory Formwork.
Let’s talk FormlyAI pricing. Here are their pricing models, and we’ll break them down further below.
There’s quite a lot to process here, so let’s break it down into pros and cons:
FormlyAI Pricing Pros
- The pricing is transparent: Even though there’s an option to “contact sales”, they also display the actual prices on their pricing page. Prices for paid tiers range from 499$ / product / month up to 899$, and there’s also a custom tier with higher prices.
- Monthly options are available: This is pretty cool, because especially startups usually can’t commit to multi-year contracts. FormlyAI offers you to pay monthly, even though that does increase the price you pay substantially.
But not every aspect of their pricing is great. There are also quite a few drawbacks. Let’s look at them:
FormlyAI Pricing Cons
- More expensive than the competition: The only other provider offering eQMS software for startups, OpenRegulatory Formwork (hey, that’s us!), offers better pricing (free, 99€, 499€ / month) and the software is a much less risky choice as they’ve been on the market for longer and more companies have passed certification with it already.
- Pay per product: The FormlyAI pricing tiers offer unlimited user seats, which is great, but the pricing scales up depending on how many products your company has. This can’t be understated. While it initially sounds great to pay, say, 899$ / month as a startup (albeit being rather expensive, see above), your bill might suddenly double if you decide to launch a second product. Ugh!
Given that many startups, when they scale up, decide to launch (multiple!) new medical devices, there’ll likely be a very “rude awakening” for those companies as their bill will double, triple or multiply even higher.
Conclusion
In summary, FormlyAI’s pricing does have some cool aspects, notable the monthly billing and unlimited user seats. However, several aspects are a no-go in my opinion: Scaling the price up when your startup launches more products, and simply being more expensive than similar, already-established companies on the market (Formwork).
If you’re interested in more details about FormlyAI, read our in-depth review here. And if you’re interested in Formwork, which is arguably a safer choice and less expensive, check out its product page here.
What do you think about the pricing of FormlyAI? Leave a comment below 🙂
