Useful Advices - Business

When dealing with decisions using Cost Benefit techniques it is very important to follow the proven principles. The health of your company and your reputation depend on it. If these rul

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

es are not followed then your decisions could be flawed.

Let's start, shall we?

Profitable Way #1. Making Better Asset Purchase Decisions for Your Company

Cost Benefit Analysis is ve

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

Examples of combination products may in

ry useful when deciding between competing financial outcomes. Do we purchase this new asset or that one? Do we proceed with this investment in new technology or continue as normal? Is i

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

t time to replace an aging asset yet, or should it be kept longer?

Profitable Way #2. Making Better Asset Purchase Recommendations for Your Clients.

All the comments above relate ju

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

t as much to you as to your clients- even more so, since there may be repercussions if your recommendations are flawed.

Think of the benefits to the business if you can show your clien

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

Combination pro

ts a proven easy-to-understand system used by many governments and large corporations world-wide for making better financial decisions.

This methodology will withstand external scrutin

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

y - it has done so many times in the past.

Profitable Way #3. Consulting to Clients on How to Spend their Scarce Investment Capital on Competing Projects.

Cost Benefit Analysis is v

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

ery useful in ranking projects based on their Benefit Cost Ratio results. The project with the highest Benefit Cost Ratio should be authorised first since it will increase the company'

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

value the most (all other things being equal).

Profitable Way #4. Audit Client's Cost Benefit Methodology.

Another separate opportunity is for you to offer to “audit” your clients' p

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

roject development plans and spreadsheets for mathematical correctness as well as the validity and strength of their assumptions.

Large companies will appreciate an objective review of

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

their project methodology. It can add weight to their funding applications also.

Profitable Way #5. Offer These Services to Charities

Not-for-Profits and Charities need to show their

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

Following aspects would a

stakeholders/shareholders that their financial decisions are based on proven principles. They may not have sufficient spare funds to undertake this analysis themselves. However, you co

dd to the challenges in developing combination products:

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

ld offer to audit and consult in the area of Cost Benefit Analysis, gratis, in return for some acknowledgement in their Annual Reports.

Profitable Way #6. Implement this Method Across

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

Client Companies

Once you learn the principles of Cost Benefit Analysis you will appreciate that most companies would benefit from an “across the board” implementation of this method.

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

This could mean extensive training and developing an implementation strategy. More business opportunities for you.

Profitable Way #7. Training in Cost Benefit Analysis

Running trainin

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

g programs in Cost Benefit Analysis for many invited clients can lead to further business, both in implementation and other consulting work.

Profitable Way #8. Advertise Cost Benefit

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

Professional from academic institutions, pharmaceutical industries, health care indust

nalysis Services in Newsletters and Client Correspondence.

This service can help in setting your company apart from your competitors. Why not advertise this expertise in your newspaper

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

advertisements?

Profitable Way #9. Offer to Prepare Cost Benefit Analyses for Client Funding Proposals.

Cost Benefit Analysis is a powerful tool that can clearly show the benefits co

.

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

ntained in the new proposal compared to the “do nothing” or other competing options. It can also show how soon the project will move from a net cost to net benefit position. Other measu

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

Companies that provide selfless information through particip

res of payback can still be included for reference purposes such as Payback, Internal Rate of Return and Present Value. It clearly shows the benefits received for each $ of cost expende

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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Useful Advices - 9 Profitable Ways Accountants Can Boost Their Business Using Cost Benefit Analysis

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