E-Folder - Internet and Businesses Online

One of the toughest questions facing novice eBay sellers is “how do I price my items?

Many eBay experts say the best price a

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

t which to start an action is at a minimum bid of one cent as this will attract the most bidders. This can be a good strategy

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

Examples of combination products may in

if you know your item is particularly hot. However, it can also be a bit of a gamble, Suppose you put up an antique brooch wo

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

th, you believe, $150 with an opening bid of one cent.

Unfortunately, it turns out there just isn't much interest in the bro

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

ch and the final bid is $15.99. This means, like it or not, you're obligated to sell that $150 brooch for $15.99. Ouch.

A se

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

Combination pro

ond way to price your items is with a reserve bid. You can set this at the lowest amount you'll take for the item. For exampl

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

, you could start the auction for that brooch at one cent but with a reserve price of $100.00. This way, you won't have to se

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

l until the bidding reaches at least $100 – keeping you protected.

The downside of a reserve price is that many bidders may

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

ass up a reserve auction in favor of one where they believe they have an opportunity to buy a comparable item at a really gre

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

t price.

A third option is to set the minimum bid at a price you know is fair but that will attract bidders. The best way to

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

determine this price is to find an auction for a comparable item. Let's say you would like to sell Olympus Stylus 500 digital

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

Following aspects would a

camera. Step one is to go to eBay and search on Olympus Stylus 500 five megapixel camera. When the page of listings

dd to the challenges in developing combination products:

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

pens, scroll down until you see Show only. One of the options below it is Completed listings Check this box and

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

then select Show items.

eBay will then display a list of all completed auctions for the Stylus 500 in the past month,

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

including the price for which each camera sold or didn't sell. If the listed price is green, this is what the camera sold for

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

If it's red, the camera did not sell at the stated price – usually because the reserve price was not met.

Make a list of sa

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

Professional from academic institutions, pharmaceutical industries, health care indust

10-15 of the prices for which the camera actually sold and then compute an average selling price. This will tell you about w

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

at you can realistically expect to get for your item.

This average selling price can also help you determine a Buy it now

.

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

/i> price, which is a fourth way to price an item. For example, if you find that the average selling price for your Olympus S

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

Companies that provide selfless information through particip

ylus 500 is $199, and you can sell it at $170 and still make a nice profit, you might try a Buy it now auction at $170

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

E-Folder - Four Ways to Set a Starting Price for an eBay Auction

Related Articles: