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E-Folder - Co-Pay is a Win-Win-Win
My first book, UP Your Service!, hit #1 on the national bestseller list within three weeks of release.
Thousands of copies have been pur
Thousands of copies have been pur
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
chased by individuals and companies around the world
Where are all these books going!?
An increasing number are being purchased by orga
Where are all these books going!?
An increasing number are being purchased by orga
; 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
nizations for each member of their staff. A bank in Dubai bought 650 copies. A government ministry in Hong Kong bought 500 copies for all
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
frontline and back-office staff. The Young Entrepreneurs Organization ordered 450 copies for regional conference programs. An infrastruc
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ture consulting firm purchased 700 copies for every architect, draftsman, clerk and engineer. The Singapore Police Force purchased 1,200
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
books – one for every officer on the street.
Some organizations purchase the books outright and give them to the staff as a gift or take
Some organizations purchase the books outright and give them to the staff as a gift or take
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
-home training aid. But others have adopted a unique approach of ‘co-payment’ – and the results have been astounding.
Instead of buying
Instead of buying
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
the books outright for their staff, these organizations pay only a portion of the price, with the balance to be paid by the staff themsel
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ves if they wish to own a copy.
The usual price is $25, discounted to $15 for orders over 100 copies. Most companies co-pay just $5, lea
The usual price is $25, discounted to $15 for orders over 100 copies. Most companies co-pay just $5, lea
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
ving the staff to pay twice that amount – $10 per book. To the staff it appears that $15 has been paid on their behalf.
What’s the net r
What’s the net r
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
esult? Almost every staff member chooses to buy a book. Some get more than one copy for their spouse, friends and family members. Because
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
staff members make a personal cash investment, they really do own and then study the book.
What’s the payoff for the company? They pay
What’s the payoff for the company? They pay
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
only $5 per book, but their staff get a $25 training tool. It’s a win–win–win situation. (The company wins, the staff win, and the author
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
– that’s me – also wins!)
The staff who buy the book tell me it’s not just the bargain price that motivates their action. It’s also the
The staff who buy the book tell me it’s not just the bargain price that motivates their action. It’s also the
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
commitment their company shows by making the books affordable.
Companies tell me it’s not just the special discount they appreciate, bu
Companies tell me it’s not just the special discount they appreciate, bu
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
t the fact that staff members make a real commitment to read and learn and grow.
Key Learning Points
-----------------------
Key Learning Points
-----------------------
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
---------------------------------------------------------
The co-pay option can be used with books, courses, meals, transporta
The co-pay option can be used with books, courses, meals, transporta
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
tion, Internet access, home computers, medical care, accommodation, entertainment and more.
Action Steps
-------------------
Action Steps
-------------------
.
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
-------------------------------------------------------------
What does your organization care about? What do you want your pe
What does your organization care about? What do you want your pe
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
ople to believe and be committed to? Where can you use a co-pay option so that everyone shares an investment and an incentive to improve?
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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