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Whatever they are worth!

As a consultant, that’s my standard answer. But I know it’s a bit more complicated than that. Hourly rates run the gamut from $50 to $50

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

0. Some are worth it and some aren’t. You could probably say the same about your attorney, accountant, and physician. Each is an expert that should be looking out for

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

Examples of combination products may in

your self-interest. After all, if you’re successful, then they benefit.

But advertising is a different animal. Let’s use the auto mechanic as an example. The c

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

r is running rough. You bring it in and the guy tells you it needs an engine overhaul. You trust him to do the right thing and, the next day, you pick up your vehicle. He p

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

esents you with a bill detailing all the work and you write a check. Hopefully, it’s working well now and you’re both happy.

Compare that with advertising. Your

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

Combination pro

business is slow and you hire a consultant. He reviews your current campaign and makes a recommendation. You acknowledge that he or she is the professional and let them run

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

the show. A month or so goes by and business is still bad. You come back and demand a refund. Sorry, it’s not going to happen. Unlike the car, that you could return a

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

d have more work done to correct the problem, the marketing cost has already been chewed up by the media. There is nothing to return or refund. Is it the consultant’s

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

fault? It depends. Did you overreact expecting miracles? Perhaps.

If the consultant only got paid for results, that would be like a doctor only getting paid if he cured yo

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

u. The doctor prescribes a course of treatment with medications according to his best estimates and using his vast expertise of prior cases. If the treatment fails, the doc

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

or still gets paid. He might then try another type of action and still gets paid for that as well.

Marketing is of a similar ilk. The consultant makes a recommendation based

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

Following aspects would a

on a history or case studies that produced certain results for specific companies. It’s rather like picking stocks based on previous performance. They may or may not

dd to the challenges in developing combination products:

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

perform as expected, but what else does the consultant have to use for their proposal? Each campaign comes with that caveat and the business owner must understand that ris

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

k in advance.

So, when it comes to how much the consultant should be paid, it’s more of an exercise in ROI, or return on investment. If he succeeds and helps the busin

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

ss prosper, what is that worth? If he fails, has he really damaged the business or just not helped it do better? I would never blame a good marketing consultant for a bus

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

ness failure. There are usually many other factors involved. Furthermore, a reasonable charge for services rendered could be an hourly rate that is competitive with other c

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

Professional from academic institutions, pharmaceutical industries, health care indust

nsultants or a flat fee based upon a schedule of the projected work required.

Under no circumstances should the consultant charge a percentage of the business profits gain

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

ed. This borders on unethical behavior and can lead to numerous problems, including violation of the privacy of the business’s accounting. Check their credentials and

.

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

references first, as you would for anyone you are considering before making an important decision. You’ll have a good feel for the person and whether you’re a g

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

Companies that provide selfless information through particip

od match. Then give them all the information they require and allow them to prescribe the best treatment. Hopefully you and you’re business will be happy and healthy

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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Stress and repetition in our business or career can make us lose our creative fire and vision. .How do we keep creating with freshness and authenticity? The key is to continually nurture and expand our creative energy. One technique that a few very savvy entrepreneurs use is to start eadh day fresh by destroying everything they were unwillng to let go of that they created the day beiore. This opens us to receive even greater opportuinites.

Whether you're just starting up or you're already established, this critical factor is an essential part of any business. Once you understand the cash needs of your company you are far more likely to succeed. And if you ignore it then you could soon be joining many others in business failure.

Assuming that about half the people in your area use the local YP Internet vehicle versus the print product, you now have only half the potential customers to deal with. What are you planning to do about it?

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