Useful Advices - Business

What are you and your company’s services and products worth to customers? What is the value you and your company bring to your customers? When working with customers and organizations, it is important to dis

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

tinguish the difference between worth and value and to set a baseline value for the contributions you bring to the table. To illustrate, following is a simple example based on a company that provides training

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

Examples of combination products may in

to other companies:

Terry Trainer will develop and deliver from scratch a one-time 4-hour workshop on teamwork. Estimated time for design and development is 20 hours. Prep time is 2 hours. Delivery time 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.

4 hours. Post-delivery time is 4 hours (evaluations, follow up, etc.).

Terry’s rate of pay is $100.00 per hour for a total of 30 hours = $3000.00. Estimated materials cost is $1000.00. No travel or other

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

expenses. Total for project = $4000.00.

So in this example, Terry Trainer’s worth is established at $100.00 per hour and the expenses incurred are $1000.00. However, what is the value that the customer is ge

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

Combination pro

ting for his or her investment of $4000.00?

To establish what it is worth to the client, both Terry and the customer need to determine the perceived effectiveness of the training. Will it solve the issue at

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

hand or will it only solve a portion of the issue at hand? Keeping with our example, let’s assume that Terry Trainer and the customer have met and determined that this training is exactly what is needed to so

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

ve a workflow problem that is costing the customer’s organization $1000.00 per month in lost efficiency.

Terry has explained the process she intends to take, the alternatives this process provides to solve th

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

e issue, and how the training is going to be applied and measured once attendees leave training. Through evaluations and follow up observation, the customer and Terry will determine the overall effectiveness

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

nd value of the training.

Terry and the customer also identified as many obstacles as they could that might get in the way of a successful learning experience for attendees. Through this process they found s

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

everal tradeoffs including delivering the training on a backshift rather than asking attendees to come in on their day off during the day. If the training is effective, it will take four months to recoup the

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

Following aspects would a

cost of the training and then each month after that is value added to the bottom line. That is a pretty good investment-to-value ratio to consider.

To make sure you are adding value to the customers and orga

dd to the challenges in developing combination products:

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

izations you work with, keep the following in mind and make sure to:

-- Identify two or more possible solutions or courses of action

-- Identify the value of requested solution(s) by comparing

1. The cost t

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

o design, develop, implement, maintain each solution

2. The likelihood that solution(s) will be used by target audience

3. The probability of solution(s) achieving desired outcomes

4. The impacts on all sta

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

eholders involved including the organization’s ability to support solution(s) and the risks of success and failure of proposed solution(s)

-- Recommend only solutions that add value, are feasible, and are mos

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

t likely to accomplish the desired outcomes with a minimum of risk

-- Describe potential value added and how it will be measured for example:

1. Increased safety, customer service, job satisfaction, producti

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

Professional from academic institutions, pharmaceutical industries, health care indust

ity, etc.

2. Increased revenue/profit

3. Decreased costs/expenses

4. Decreased error rate, lost time, time to market, etc.

5. Increased on-time delivery

6. Increased reliability

7. Better retention rate

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

of employees

-- Outline risks, tradeoffs, assumptions

-- Document the expected value added through use of a contract, memo of understanding, project scope, etc.

-- Be honest, challenge assumptions, and act

.

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

ith integrity

-- Don’t mislead clients or customers on your expertise or overextend your capabilities. Don’t over-promise and under-deliver

-- Find ways to over-deliver to your clients or customers – give t

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

Companies that provide selfless information through particip

hem more added value than they ask for

By defining you and your company’s worth and value as two separate processes, you will go a long way in convincing customers that they should buy your product or service

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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Typically in a major restructuring exercise, the timing is extremely short for you to deliver the positive results. There are many things to do and remember. However, you need to prioritise and remember these four Cs.

Okay, you've decided that you'd like to join the growing group of individuals who've opened their own home business. It's a great decision and I'm certain that you will soon see why so many people have decided to follow the same path. However, you're probably wondering to yourself what type of business you should start. There are dozens of options available but I'm going to focus on two of the most popular types - reselling products and affiliate marketing.

For that matter, why even bother having a home based business? Here is why: The economy is not good these days. Many of us have to begin thinking about doing something. Job security, pension plans, and 401K plans are not things that we can depend upon any more. A Home Business or Multi-level Network Marketing Business that you can build using the computer form the comfort of your own home is a great solution! Where else can you start a business for less than $100. How can you promote your Home Business on the Internet?

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Useful Advices - To Increase Your Sales and Revenue Make Sure To Add Value

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