Advice You - Business

Here is an important copywriting technique that I use when writing proposals and sales letters. It refers to "price".

This

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

is something that happens all the time. In proposals and letters the price is buried at the end of the documents.

People be

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

Examples of combination products may in

lieve by explaining all the benefits in the first few pages and leaving the price till the last, that the buyers will be plea

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

antly surprised when they notice how much it will cost them.

However it doesn't work like that.

When you think about it, wh

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

at do you do when you are a buyer?

I always flick through the document until I find what it will cost. If the price is more

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

Combination pro

han I want to pay, I put the document away, never to see it again. I don’t go back to read it again.

A well written proposal

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

mentions how much it is going to cost up front so the reader doesn't have to go digging for it.

They can see how much it co

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

sts and then react to the amount and, if it's more expensive than they thought it would be, they will keep on reading through

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

the document, looking for ways to justify the price in their minds……..

Why is it more expensive than I thought?

What specia

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

l results is it supposed to achieve?

What do they claim to be able to do to justify the price?

It has been tested dozens of

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

times in our own proposals and campaigns, as well as with our clients. Putting the price up front always wins "hands down",

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

Following aspects would a

every time we test it.

Two more tips on price:

1. Don’t say "price" or "cost" in the document. Use the word "investment" in

dd to the challenges in developing combination products:

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

stead.

You may think it sounds like a small thing, but it has a major psychological effect on the reader.

When you use the

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

ord "cost", it makes the reader feel like it is an expense. However, the word "investment" makes them feel like they are maki

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

ng an investment which will give them a considerable return.

2. Don’t say "Your investment in the abc gizmo widget is $2456"

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

Say instead, "Your investment in the abc gizmo is $2456 and includes 12 refills (valued at $xxxx), free life time technical

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

Professional from academic institutions, pharmaceutical industries, health care indust

support, and life time replacement guarantee etc."

What you’ve done here is, by ending a sentence with the price, you have

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

given them time to reflect on the amount.

By mentioning the price and at the same time giving a brief snapshot of what it in

.

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

ludes, the reader instantly makes the association between the price and the return they will get for their investment.

In th

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

Companies that provide selfless information through particip

is case, the buyer makes the purchasing decision based on what they see as value for money and not on the actual cost to them

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 - Some Important Tips On Proposals And Price

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