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Many business owners end up passing on discounts to their customers without intending to. Are you guilty of any of these profit-reducing practices?

1.

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

Forgetting to explain your terms of business before starting work

If you do not explain your terms from the outset you leave yourself open to misunderstandings. If your terms of busin

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

Examples of combination products may in

ess are payment within 7 days then it is better to find out before you start that the client has no intention of doing that -- especially if you need the cash flow and you have not made

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

provision for the extra interest you will have to pay on your bank loans, or worse.

2. Wholesale your time

We all of us have only 24 hours in a day, seven days in a week -- we can no

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

manufacture more time -- so be careful when a client asks you to wholesale your time. Consider the extra costs of being 'out of the market' for a while, and when the contract expires w

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

Combination pro

ill you have a lag time before you pick up more business?

3. Omitting to have a price policy in place, or do not stick to it if you do

Imagine you are a river-raft operator and there

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

are only a limited number of times you can go out a year. It costs you the same amount to take one person as it does a full raft. Three people book then show up with a friend -- they ar

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

ue that all four should go for the price of three because your costs have not increased. You agree with them but then what do you do next week when word has spread and only one person b

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

ooks, but three turn up? And what happens when you fill your raft with non-paying passengers, and just as you are about to leave, a carload of customers appears, waving their credit car

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

ds at you?

4. Make spur-of-the-moment guesses instead of pricing things properly

This is a terrific way to lose money fast! If you are keen to get the business and you are an optimist

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

it is very easy to underestimate costs. Do not be hurried into guesstimating or you will end up paying the price!

5. Work for friends at "mates' rates"

A lot of small business operato

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

Following aspects would a

rs go slowly broke working for friends. Think about the concept of "mates' rates" -- is that really what a good mate asks of you? Surely a good friend would appreciate your value and be

dd to the challenges in developing combination products:

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

willing to respect that in the customary way?

6. Do not have any convincing sales reasons for not discounting

Your customer may just be asking for a discount out of habit, or curiosi

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

ty. Be prepared in advance. Is your quality so good, and demand so great, you do not need to discount? What else can you negotiate -- perhaps a longer guarantee, or a better product, a

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

uicker response, an extra accessory?

7. Start work on the job before the client has confirmed terms and conditions

This is a brilliant way to work for nothing! If you are keen (or des

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

perate) to do the work, resist the urge to start before all the paperwork is signed off.

8. Underestimate the amount of work involved

If there are many parts of the project to conside

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

Professional from academic institutions, pharmaceutical industries, health care indust

r, make sure you itemize each piece. It is easy to underestimate the number of extra phone calls and running around that can occur when things do not go according to plan.

9. Overestim

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

te your ability

If you are confident in your abilities and inclined to think you are a Super Hero watch that you do not overestimate your abilities, believing you can get the job done

.

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

in less time than is practical.

10. Forget to write things down; keep poor records

Another brilliant way to lose money! If there is a time lag between doing the job and the accounts y

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

Companies that provide selfless information through particip

ou prepare at the end of the month, make sure you write everything down. If the client should phone to query an invoice it will be your attention to detail that will save you in the end

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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