Advice You - Business

The way you structure your payment offers can increase your sales. I'm not talking about the way

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

people pay like credit cards, digital payments, checks, and cash options. What I'm taking about

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

Examples of combination products may in

is can your customers try before they buy, pay later, make payments, do they get a rebate, etc.

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

Below are six payment offers that will sell like your products or services like crazy:

1.

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

Sample It

Offer your customers a free sample or short version of your product or service. You

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

Combination pro

r sample should give them only a few benefits of the full version. This will entice them to purc

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

hase the full version to get the total benefits.

2. Name Your Price

Offer customers a cho

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

ice of want they can pay for your product or service. List your original product and price then

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

add another product with it for a little higher price. Your orders will increase buy letting the

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

customers choose their price.

3. Free To Try

Offer your customers a free trial of your p

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

oduct or service. You could offer the free trial for 5 to 30 days. This is showing them that you

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

Following aspects would a

have confidence in your product or service and it will sell itself.

4. Give A Little Back

dd to the challenges in developing combination products:

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

Offer your customers a cash back rebate after they buy your product or service. I feel a good

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

rebate would be a least 10% of their purchase price or higher. This will increase your sales and

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

, like most of us, they will forget to turn in the rebate.

5. Pay Later

Offer your custom

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

ers the choice of being billed later for their purchase. Bill them in a few weeks or a month. Th

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

Professional from academic institutions, pharmaceutical industries, health care indust

is will stop you from losing customers who can't afford to purchase your product or service at t

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

hat time.

6. Little At A Time

Offer your customers the option of paying you a little at a

.

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

time for your product or service. You could divide up the purchase price into bi-weekly or mont

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

Companies that provide selfless information through particip

hly payments. You won't lose customers that may not be able to pay the full amount at that time.

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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Advice You - Structure Your Payment Offers to Sell More Products

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