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Main Subject - What Kind of Pricing is Best for Your Market?
That's an interesting point - one I've often wondered about, and better minds than mine have grappled with for many years. It's critically important. If you u
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
nder-price your product, you are leaving money on the table. And if you over-price, you'll lose sales.
But despite all the research and data, there still is n
But despite all the research and data, there still is n
; 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
o surefire way to assess the best price for an information product you are about to launch. Deciding upon your sale price is an equal mix of calculated guesswo
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
rk, inspired thinking and sheer luck.
Pricing is determined by what the market will bear. If other products and services of a comparable nature to what you of
Pricing is determined by what the market will bear. If other products and services of a comparable nature to what you 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
fer are selling well at a particular price point, then your product too will very likely fit in at that level.
Pricing is also limited by 'channel'. Ebooks, f
Pricing is also limited by 'channel'. Ebooks, f
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
r example, fetch an upper price limit of $100 even in the hypey Internet marketing field, while the same content presented as an 'audio course' will easily sell
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
at $197, probably a lot higher.
And books sold in physical printed form in an offline bookstore would be hard to sell at $97 or higher - while ebooks are sold
And books sold in physical printed form in an offline bookstore would be hard to sell at $97 or higher - while ebooks are sold
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
on the Internet at this price quite routinely!
Another component is what Dan Kennedy calls "selling cash at a discount". If I have a 2-page report that shows
Another component is what Dan Kennedy calls "selling cash at a discount". If I have a 2-page report that shows
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
you how to make an extra $500, and price it at $250, I am giving buyers a GREAT deal. That's because they can use the information to double their investment 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 buying it.
But it is possible to carry this rule too far.
In some online niches, like Internet marketing, this concept has been stretched so thin there are
But it is possible to carry this rule too far.
In some online niches, like Internet marketing, this concept has been stretched so thin there are
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ome fluff-laden infoproducts selling at ridiculous multiples of the price of other comparable products. This is fuelled by high-pressure salesmanship and power
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
ful copywriting. It is very likely a backlash will soon follow, condemning such practices and forcing vendors to drive pricing down to the level where value is
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
higher.
A unique market segment is the BOP (bottom of pyramid) marketplace. This is a market of 4 BILLION prospects living on less than $1 a day. You could h
A unique market segment is the BOP (bottom of pyramid) marketplace. This is a market of 4 BILLION prospects living on less than $1 a day. You could h
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
ave the world's very best info priced at $5 and they will NOT buy - because they cannot afford it.
At this point, the only formula that works in this market is
At this point, the only formula that works in this market is
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
:
PRICE = PROFIT + COST
You figure out your price first (say, $1 for a book), then decide how much profit you want (say, $0.25) - and then go about creating t
PRICE = PROFIT + COST
You figure out your price first (say, $1 for a book), then decide how much profit you want (say, $0.25) - and then go about creating t
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
e product and distributing it at LESS than $0.75
Tough? You bet. Profitable? I wouldn't have believed it, until I heard Dr.Prahalad's lecture and saw some m
Tough? You bet. Profitable? I wouldn't have believed it, until I heard Dr.Prahalad's lecture and saw some 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
ulti-MILLION dollar companies featured that followed the model. For more detail on the BOP model, you can read the BOP manifesto at http://www.bopinternetmarke
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ting.com
If anything is obvious from the discussion above, it is that pricing is guesswork - and testing. Start out by testing a particular price. See how sa
If anything is obvious from the discussion above, it is that pricing is guesswork - and testing. Start out by testing a particular price. See how sa
.
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
les take off. Then try different price points. Track response. Analyze results. Stick with the price that performs best in the market.
But always keep in m
But always keep in m
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
ind the fact that loyal clients will follow you for a long time if you focus on providing greater value than may be reasonably expected for the price you charge
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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