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Useful Advices - Just Raise Your Prices
As we continue our discussions on price raising issues, you will find there are many wa
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
ys to raise your prices without getting customer objections. The simplest way is to Ju
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
t Raise Your Prices. How can you do this? Read this week’s article and learn how to d
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
o it.
Just Raise Your Prices
Raising your prices is the fastest way to get more profi
Just Raise Your Prices
Raising your prices is the fastest way to get more profi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
s in your business. When it comes to raising our prices, fear sets in. Before you say
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
, “I can’t do this”, look at the three things that can happen when you raise your price
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
.
One, you experience no loss or gain in customers. Because you are now charging high
One, you experience no loss or gain in customers. Because you are now charging high
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
er prices, you make more money for the same amount of work.
Two, you experience an act
Two, you experience an act
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
al gain in customers. Customers perceive the value of your product based on the price
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
you charge. Lower prices attract a less desirable clientele for your services - price s
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
oppers. A premium rate attracts clients who value good work and don't mind paying for i
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
t.
The story is told about the jewelry store owner who left instructions with his cler
The story is told about the jewelry store owner who left instructions with his cler
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
to reduce prices by 25% so they could sell the merchandise. The clerk misread the ins
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
tructions and added 25% to the prices. Every item sold. The customers perceived the j
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
welry to be a higher value.
Third, you raise your prices and you lose customers—your b
Third, you raise your prices and you lose customers—your b
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
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
iggest fear. Studies show in most industries, with a ten percent increase in prices, y
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
u would have to lose 40% of your customers before you suffer an actual loss in profits.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
You need to do your own numbers, but it’s highly unlikely you would lose lots of cust
.
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
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
mers with a 10% increase. If your 10% increase brings with it a 10% decrease in custom
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ers, you are still way ahead in profits.
There are no downsides to just raising prices
There are no downsides to just raising prices
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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