This paper presents a new configuration for a GMI pressure transducer based on the reading of the phase characteristics of GMI sensor, intended for biomedical applications. The development process of this new class of magnetic field transducers is discussed, beginning with the definition of the ideal conditioning of the GMI sensor elements (dc level and frequency of the excitation current and sample length) and continuing with computational simulations of the full electronic circuit performed using the experimental data obtained from measured GMI curves, and have shown that the improvement in the sensitivity of GMI magnetometers is larger when phase-based transducers are used instead of magnitude-based transducers. Parameters of interest of the developed prototype are thoroughly analyzed, such as: sensitivity, linearity and frequency response. Also, the spectral noise density of the developed pressure transducer is evaluated and its resolution in the passband is estimated. A low-cost GMI pressure transducer was developed, presenting high resolution, high sensitivity and a frequency bandwidth compatible to the desired biomedical applications.