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It may be impossible to predict the outcome, but one thing is for sure: if you fail to examine your costs and pricing periodically, you could be cheating yourself and your emplo

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

yees of financial security. As you consider a price increase, take some time to examine the marketplace, your industry norms and the quality of your products and services to mak

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

Examples of combination products may in

an intelligent decision.

Manage Your Business Efficiently Raising prices is only one way to increase profitability. Consider management improvements that may boost the

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

bottom line immediately. Look for inaccurate billing, high accounts receivable, workflow bottlenecks, high employee turnover, and poor cash flow predictions With improvement 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

these areas, it may be possible to minimize the need for a price increase.

Be Mindful of Your costs and Price Accordingly The price of your products or services must re

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

Combination pro

lect a realistic calculation of your costs. If your costs have gone up but your prices haven’t, obviously you are working just as hard but making less money. Examine the costs

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

of labor and overhead. Are you confident that your pricing reflects industry realities.

Compare Your Company to the Competition How do your pricing model compare to yo

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

r competitors’ prices? If your cost and free structure are significantly lower for a product or service of comparable value, make an adjustment. If your pricing is higher, you

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

ust be able to communicate the additional value received for the higher pricing. If you cannot make a clear justification, you should not raise the prices until you can!

Co

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

sider The Quality of Your Offering. Inevitably, quality determines price. You may lose sales to competitors if your price is too low. Prospective customers may assume your

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

quality is lower if you price seems too good to be true. However, if you have invested in quality improvements without raising your price, you may be leaving money on the table

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

Following aspects would a

. If you offer a better value of service than your competitors, at a much lower cost, this is the time to make the change in price.

Just do it! If it’s clear to you that

dd to the challenges in developing combination products:

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

a price increase is justified and required, just do it.

Depending on the nature of your business and your relationships with certain customers, you may want to provide advanced

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

notice of a price increase. If you do notify them in advance, be sure you know how to explain the reasons for the change.

Do not get defensive when you receive the push-back th

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

t will come with the increase in pricing. You are not doing anything wrong. Price increases are a fact of life, an honest response to increases in costs or quality. Long-term s

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

tisfied and reasonable customers will understand. If they truly are upset, you may not have the type of relationship you thought you had established.

In every industry - there

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

Professional from academic institutions, pharmaceutical industries, health care indust

s always someone cheaper. Customers who are looking for lower prices can find them easily enough. Remind clients that they cannot find the same level of quality, service, and de

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

endability elsewhere at your price. Many times those customers will leave you for a short while, only to return when they have found that lower pricing usually means a lessenin

.

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 quality or performance.

When increased costs or improvements in quality justify a price increase for your business occur, you have to raise the pricing. Your long-term abil

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

Companies that provide selfless information through particip

ty to service and provide value to your customers is very significant to continued growth and success. Most customers truly will understand your decision and respect you for it

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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