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Digg It - Heat-Up Your Negotiations by Using this Refrigerator Salesman's Trick
A major benefit of being a full-time consultant is that you get a chance to lear
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
n an amazing amount from your clients. In a sense, this is a career where every
; 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
day you’re enjoying a continuing education class.
One of my client-taught class
One of my client-taught class
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
s pertained to Negotiation.
I was working with the owner of a rather large appl
I was working with the owner of a rather large appl
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
iance store in Los Angeles and he gave me a tutorial on the three grades of refr
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
igerators. Each, of course, was separated from the other by price, about $250 in
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
each grade.
So, you could purchase an entry level fridge at about $500, a middl
So, you could purchase an entry level fridge at about $500, a middl
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
e grade at $750, and the top of the line started at around $1,000.
“Guess which
“Guess which
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
one is most profitable to us” he challenged.
“The most expensive, I suppose” I
“The most expensive, I suppose” I
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
offered back.
“Wrong!” he beamed, obviously relishing his victory over the prof
“Wrong!” he beamed, obviously relishing his victory over the prof
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
essional smart guy.
“It’s the middle grade, and can you guess which one most pe
“It’s the middle grade, and can you guess which one most pe
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
ople end up buying?”
This time, I was ready.
“The middle one?”
“Exactly,” my
This time, I was ready.
“The middle one?”
“Exactly,” my
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
lient pointed out.
He went on to tell me that the most expensive model was the
He went on to tell me that the most expensive model was the
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
one that he made the least profit on, which, you have to admit, is counterintuit
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
ive. He also said, feature for feature it was actually the best value for the cu
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
tomer and the most durable.
People like choices, he went on, and if you can off
People like choices, he went on, and if you can off
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
er three grades of anything, they’ll gravitate to the middle because they think
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
it’s SAFE.
They could do better or worse with regard to their investment, but t
They could do better or worse with regard to their investment, but t
.
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
e middle just feels right.
Remember this the next time you’re negotiating. Don’
Remember this the next time you’re negotiating. Don’
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
t just offer a high and a low.
Always include a most profitable “middle” choice
Always include a most profitable “middle” choice
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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