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Tired of your clients trying to bring down your fee? Dump the nickel-and-dimers and sell to the people who value what you have to offer!

Of course you deliver g

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

reat service, or you have a great product. But have you fallen into the trap of under pricing your services just to get some revenue coming in? Unfortunately th

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

Examples of combination products may in

s can trap you into a survival cycle that is very difficult to pull out of.

Here are five tips to reset your pricing to reflect what you're worth, and attract th

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

clients who willingly will pay:

1. Double your fee, no questions asked

Most self-employed professionals tend to underestimate their worth, a symptom of

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

the "underdog" syndrome. This is why I often recommend to my new clients to double their fees right away, whatever they are at the moment. Think of it, by doubl

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

Combination pro

ing your fees, even if you lose half of your clients, you're still earning the same income with half of the workload! And the clients who stay end up being the o

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

es who are worth your time and effort.

2. Be a Top Gun

Positioning yourself as an expert is a powerful way to enhance your perceived value to your clien

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

s. Communicating your expertise by writing, speaking and training demonstrates to your market that you have confidence in your abilities, and confidence sells. P

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

ople will pay more to hire someone perceived as an "expert" than someone of equal competence, but who is unknown.

3. Filter out the tire-kickers

Provide

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

tire-kickers a simpler way to sample who you are and what you offer, without having to take up your time. Group your products and services into Bronze, Silver a

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

d Gold packages, with the first level providing a basic level of service with clearly defined parameters and a basic fee. The Silver and Gold packages provide in

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

Following aspects would a

reasing levels of support or results, at higher fees. Your Gold and Platinum levels can be an "all-you-can-eat" or custom package reserved for those who are will

dd to the challenges in developing combination products:

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

ng to pay top dollar. In this way, your clients are clear about what they will get for their investment, and you don't have to provide Gold level service on a Br

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

onze budget.

4. Pick your team

Who your clients are speaks volumes about who you are and what you offer. So isn't it important that you have a good cal

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

ber of customer? Be picky about who you accept as your clients, and don't let ability to pay be your only criteria. Take the point of view that you are recruiti

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

g a major league team, where each client is a marquee player.

5. Money is commitment

The biggest realization I had in my business is that the clients wh

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

Professional from academic institutions, pharmaceutical industries, health care indust

paid my new, higher fees were the ones who were most committed to making our work together a success. As soon as I started discounting my fees, I noticed that t

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

hose clients took our relationship less seriously. Your client's fee is an investment, not only in your services or products, but also in the outcome they want.

.

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

The more they are invested in the outcome, the more they will cooperate and support you to create a mutually successful result.

Incorporate these five tips into

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

Companies that provide selfless information through particip

our business strategy, and you'll quickly discover that you'll attract a higher quality of clients that value what you offer, and you'll work less for more income

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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