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Setting your fees is something I know that a lot of people struggle with. But it's really very simple and has only 2 key components...

Simple maths
Your "Value"

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

>Step 1 Simple Maths

The best place to start is to work out what your ideal annual income is....what you WANT to earn, not what you think you CAN earn.

1) So for example, let's

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

Examples of combination products may in

say you want to earn ?50,000 per annum.

2) Now decide when & how much holiday you want each year (and don't forget half terms if you have kids). This gives you the total number of week

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 you'll be earning an income for. So let's say you want 6 weeks off in the summer and a further 2 weeks off. This gives you 52 weeks - 6 weeks - 2 weeks = 44 working weeks each year.

3

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

Now decide which day of the week you'll work ON and not IN your business - you MUST plan this so that you give yourself enough time to plan, manage & grow your business and not spend al

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

Combination pro

l your time doing-what-you-do in your business. You should also build in a buffer day each week, on which you can play catch-up and do all the things you haven't had time to do whilst wo

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

rking in your business.

You can use this template to help you plan your week: Weekly Time Planner Template

4) Now add up how many hours that leaves you to work each week and decide how

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

many hours you want to work on those days. So that might leave you with Monday, Tuesday & Wednesday to work "in" your business and if you want to work 5 hours - that means you'll be wor

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

ing for 20 hours of "fee-earning" time each week. And then multiply this by 44 (the number of weeks you'll be working) to give you the total number of hours per year that you will work 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

N your business = 880 hours every year

5) Divide your desired annual income by the total number of hours you'll : 50000 / 880 = ?57 per hour

6) Now look at your range of services & ski

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

lls and what you're charging for them - and what you should be charging for them.

Step 2 Value for Money

The next stage in deciding on your fees is understanding the value you

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

Following aspects would a

provide. It's more an attitude & belief rather than an action, but you need to identify and understand the value you provide to your clients and ensure you set your fees accordingly. The

dd to the challenges in developing combination products:

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

chances are you "under value" rather than "over value" what you do and therefore set your fees too low. Questions like "Am I worth that much?" "Will people pay that much for my services?

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

" start to surface and the doubts start to creep in.

One of my coaching clients offers a home personal training service in London. She trains clients at their homes, according to their

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

busy schedules and is flexible in her scheduling to allow for the fact that her politician, millionaire business people and noble clients are often not in the country to keep to their tr

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

aining schedule. But she felt that she couldn't justify raising her prices or charging any more than ?40 per hour (yes, ?40 in London for a home personal training service), in case her c

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

Professional from academic institutions, pharmaceutical industries, health care indust

ients thought this was expensive.

I pointed out that she was providing a premium, no hassle service in the comfort of their own homes, according to their schedules and that most of them

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

wouldn't train if it wasn't for her. I guessed that the clients who loved her training and valued her skills would be happy to pay more...and guess what? I was right!

If you are provid

.

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

ing a great value to your clients lives, then the chances are most of them are more than happy to pay for the value you add to their lives.

If you are great at what you do, provide valu

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

Companies that provide selfless information through particip

e to your clients lives and know who you want to work with, your ideal clients WILL pay your fees and they WILL know & appreciate your worth...if they don't they're not your ideal client

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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Having to deal with angry and upset customers are by far one of the worst responsibilities we must face on a day to day basis in the world of sales and business.

All roads in business eventually lead to the bottom line. Everything we have done to this point has been to create value for our clients. This value will in turn give us the opportunity to charge more then would be normally possible. How do we charge for our products and services?

Are you opening a dollar store? If so never lose sight of the importance of cost reduction. In fact cost reduction should take place from the day you start your planning. Once the store has opened, there are three areas that must remain a focus.

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