An implantable medical device (“IMD”) as described herein includes adjustable power characteristics such as variable transmitter output power and variable receiver front end gain. These power characteristics are adjusted based upon the intended or actual implant depth of the IMD. The IMD may process an IMD implant depth value (provided by an external IMD programming device) to generate power scaling instructions or control signals that are interpreted by the IMD transmitter and/or the IMD receiver. Such adjustability enables the IMD to satisfy minimum telemetry requirements in a manner that does not waste power, thus extending the IMD battery life.