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What is the right price for your product or service? Most small business owners struggle with this qu

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

estion, because they confuse the cost of producing the product with the value it brings to the custom

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

r.

When it comes to establishing a price for your goods or services, the value of your product has a

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

bsolutely nothing to do with production cost. The value is based on how much you help clients save, i

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

crease, reduce or improve. If you can quantify these benefits, then you have a foundation for establi

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

shing an appropriate price for your goods or services.

Get to the Point!

-It is All About Va

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ue
-Calculate Your Value
-Focus on the Benefits

It is All About Value

Think a

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

bout your last software purchase. You opened an attractive box which contained a CD and a small manua

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

. There was less than $10 worth of material in the box, and yet you may have paid $300, $500 or even

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

$1,000 for the software.

You paid a premium, well above production cost, because of the need the sof

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ware fulfilled and the benefits it would provide.

Calculate Your Value

The same is true for

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

your product or service. How much value do you deliver?Use these questions to build your value:

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

How much can my product save my customer? Savings may be in time, money or effort.

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

How much can my product earn for my customer? Can you help them increase their income

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

directly or indirectly? Does it create a foundation for future opportunities or establish valuable p

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ersonal relationships?
What intangible benefits might customers realize, and is it possib

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

e to quantify these benefits? Will your product improve their abilities, confidence, appearan

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ce or peace of mind?

Focus on the Benefits

Customers buy the benefits, the solutions to thei

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

problems. If you can associate a dollar value with specific benefits, you have a powerful message to

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

include in your marketing material and a solid foundation to charge a premium price for your product

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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If you are on the lookout for laser cutting companies, the Internet is a good place to start. There are various business establishments that you can choose from offering various kinds of services.

Financial statements can do much more than just keep track of history. Successful entrepreneurs know how to use them to make good decisions.

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