Wireless power transfer through inductive coupling is used in many applications such as high performance implantable microelectronic devices (IMDs). Power transfer efficiency (PTE) and power delivered to the load (PDL) are two conventional inductive link design merits that determine the energy source and driver specifications, heat dissipation, power transmission range, and risk of interference with other devices. Unfortunately designing the inductive link to achieve a high PTE will drastically reduce the PDL and vice versa. Therefore, we are proposing a new figure-of-merit (FoM), which includes both PTE and PDL with proper weights, to help designers of inductive power transfer links to strike a balance between high PTE and PDL at the same time. Three design examples based on the PTE, PDL, and the new FoM have been presented for IMDs to demonstrate the usage and efficacy of the FoM. Our measurement results show that the inductive link optimized based on the FoM can achieved 1.65 times higher PTE than the one optimized for the PDL (72.5% vs. 44%) and at the same time provide 20.8 times larger PDL compared to the one optimized for the PTE (177 mW vs. 8.5 mW for 1 V driving voltage). The inductive links optimized for the PTE and PDL provide 24% higher PTE and PDL compared to the one optimized based on the FoM, respectively.