Advice You - Business

During the past few months, I have had the opportunity to talk with many women about pricing and valuing - both

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

themselves and their businesses - when delivering two of my popular seminars: profitable pricing and negotiation

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

Examples of combination products may in

. The ability to value yourself, coupled with strong negotiation skills, are critical in terms of determining yo

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

ur own worth and value, and the value which others place upon you.

Society typically determines value through m

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

netary measures - what you make in terms of salary if you work within the corporate realm, or revenue generated

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

Combination pro

by your business if you are an entrepreneur. In a recent newsletter, I asked subscribers to respond to the quest

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

ion of whether or not there were disparities in the value that society places on work performed by women. Over 6

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

% of them agreed that there were indeed disparities. Not surprising when you look at the differential in earning

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

s between men and women.

Yet, I also find that women help to perpetrate some of the devaluation that occurs. Do

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

es this make me mad? You bet. So, how do we perpetrate the cycle? Let me give you some examples.

Think back to

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

he last time you changed jobs, asked for a promotion or submitted a bid on job that you wanted and perhaps, desp

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

Following aspects would a

erately needed. When it came time to ask for the salary you wanted or the fee you deserved, what did you do?

Ma

dd to the challenges in developing combination products:

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

ny women I talk to tell me that they are guilty of what I term the "psychological" one-down. Instead of asking f

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

or what they wanted, they had a conversation with themselves telling themselves why they wouldn't get what they

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

anted. The outcome: they wound up asking for less than what they wanted or deserved, and in many cases, less tha

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

n what they would have been able to receive. This sends a subtle message that we don't value ourselves and there

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

Professional from academic institutions, pharmaceutical industries, health care indust

fore, society doesn't need to either.

So what can we do to stop this cycle of devaluing women's work and worth

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

n society?

First, take inventory of yourself and determine your unique value proposition. Second, determine the

.

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

skill sets that you need and make time to practice those skills regularly. Third, help other women by placing a

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

Companies that provide selfless information through particip

high value on the contributions that they make. And finally, remember believe in your value and others will too

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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