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Main Subject - Are Your Sure Your Price Is Right
Price is a very important factor that will determine your sales success, if your price is right. Making sure that your price is right is always tricky. It is something that all marketers need to juggle well. Price it too low, there is a da
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
nger of having your target audience perceiving it as an inferior product. Price it too high, and it may leave your potential customer staring with envy outside the display window. Some marketers believe that it is better to have a higher p
; 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
riced product than a low priced item.
Pricing decisions are important whether you are selling a tangible product or a service. Many times, people are afraid to charge a fair price for their products or services. But this is a dis-service,
Pricing decisions are important whether you are selling a tangible product or a service. Many times, people are afraid to charge a fair price for their products or services. But this is a dis-service,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
both to themselves and their customers. If you are discounting everything, your price might not be high enough to sustain your business. When you go out of business, you suffer. Your customers, who used to enjoy your products and/or servic
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
es, suffer too. They now have to find a new vendor.
Yanik Silver’s 7 reasons aptly explained why marketers should charge more:
More profits
Better customers
Psychology of price works in the marketer’s flavour
Marketers can deliver mor
Yanik Silver’s 7 reasons aptly explained why marketers should charge more:
More profits
Better customers
Psychology of price works in the marketer’s flavour
Marketers can deliver mor
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
value
Some buyers will not buy low-priced item
Create big paydays
Marketer will own the marketplace
Charging a high price is nice. But the big questions you need to ask yourself would be: Do you provide enough substance to justify thi
Some buyers will not buy low-priced item
Create big paydays
Marketer will own the marketplace
Charging a high price is nice. But the big questions you need to ask yourself would be: Do you provide enough substance to justify thi
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
s high price? What happen if you charge top dollar, and then under deliver?
A higher price does not guarantee a better product. Usually, price is pegged to some measure of quality or quantity. In the case of the service industry, like a h
A higher price does not guarantee a better product. Usually, price is pegged to some measure of quality or quantity. In the case of the service industry, like a h
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
ospital, price is usually associated with the quality of the service. When we pay more, we expect more. However, there are times when such expectations are cruelly crushed when we realize that “high price” is certainly not equal to “good”.
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
I took half-a-day leave to bring my kid to a private eye clinic in a private hospital. Government run clinics are so much cheaper, but for the price, you have to endure long waits and have no choice of the doctor. I chose to pay the highe
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
r price. I thought I would spend less time waiting, more quality time with the doctor, and all in an environment that is more cozy and comfortable. I really hate to be proven wrong once again, after being so recently “unappreciated” at the
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
electrical mall (see "Why Customer Service is Even More Important These Day?", also published at ezinearticles.com).
We were there 10 minutes early. After waiting for nearly an hour, we were told that the good doctor was performing an eme
We were there 10 minutes early. After waiting for nearly an hour, we were told that the good doctor was performing an eme
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
rgency surgical procedure, and would be back shortly. I raised my eyebrows in surprise, and my immediate thought was: “Why didn’t the clinic call to ask if I wanted to reschedule the appointment?” Time passed very slowly, more and more pat
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
ients starting to fidget. By 4.40pm, my patience was wearing thin too. After all, we were here since 2.35pm. I approached the nurse and quietly asked if the doctor would be back soon. The nurse wasn’t rude but her attitude of nonchalance d
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
esn’t quite help the situation. She said, “I don’t know. What to do, emergency case so you all got to wait.” I said no thanks and left.
It is legally, ethically and morally right for the doctor to put down everything to treat a patient wh
It is legally, ethically and morally right for the doctor to put down everything to treat a patient wh
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
o requires an immediate surgical procedure. However, those of us in the waiting room are also his patients; patients who are willing to pay more than double, or triple, the price of the subsidized government run clinic and hospital to see
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
im. He also has a legal, ethical and moral obligation to serve us. He could have given instructions to have all appointments rescheduled if he is not back at a certain time. He could have given us a personal call. He could have done much m
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
ore for charging high price to clients who are willing to pay his fee. He could be a good doctor but he failed to have a thoughtful and excellent overall service. For that, I can foresee he is losing a few patients. After all, there are lo
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ts of private clinics wooing private patients.
So before you go price yourself higher for your goods and service, do yourself a big favour by listing at least 5 reasons why you could and should charge top price. If you can honestly list d
So before you go price yourself higher for your goods and service, do yourself a big favour by listing at least 5 reasons why you could and should charge top price. If you can honestly list d
.
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
wn the answers specifically, objectively and rationally, by all means, go ahead. Otherwise, review your price. The basics of marketing (the 4P’s or whatever theory you subscribe to) still applies, and it is only wise to research, analyze,
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
review, test, and if necessary, change the entire pricing strategy. Your clients will thank you by exchanging their monies for your goods and services.
In the end, whether your price is right, can only be answered by your paying customers
In the end, whether your price is right, can only be answered by your paying customers
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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