Advice You - Business

Timing: You must stay consistent in the sale order of your auctions. Do not change your pattern.

Identity: If your competition sell less desirable items first and good items la

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

ter, has all his/her auctions at the same time Saturday, wears cowboy boots and drives a truck, you don’t have to do the same thing to compete. Don’t mimic your competition. The

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

Examples of combination products may in

y are a lot more worried about what you are doing than you are about what they are doing. Create your own image. Each auctioneer brings something different to an auction.

Adver

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

ising: Give your seller a true idea of how much advertising will cost and what you are going to do to advertise and promote the auction. Put together a simple auction budget. Us

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

e the example you were given in school. Charge advertising costs on top of commission. If you know it’ll cost $1,000 to advertise and market an auction, tell your seller up fron

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

Combination pro

. If you know the true marketing cost, it’s unethical to give the client one estimate before the auction and present him or her with a higher figure when it comes time to settle

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

. You can always estimate.

Don’t Skimp: There are two reasons why an auction is not successful. Either you are trying to auction something you really shouldn’t, or you didn’t s

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

pend enough advertising and marketing the auction. Never let your clients convince you to spend less than what it will take to attract a high buyer to product ratio.

Be a Polit

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

cian: As an auctioneer you have a great deal of influence. If you have someone famous at your auction, always say something nice about them. It will bring you more auction busin

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

ess.

Image: If you want to be a professional, then act and look like a professional.

Strike a Bargain: If you think you should get 15 percent commission, ask for 20 percent. I

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

you think you should get 20 percent, then ask for 25 percent. Auctioneers don’t get enough money for what they do. They don’t ask or get paid enough. If you are going to be a p

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

Following aspects would a

rofessional, and provide professional service, then you’re fees should also be professional.

Double Rings: Many auctions have two auctioneers selling at the same time. It works

dd to the challenges in developing combination products:

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

as long as people know there will be two rings. Never use two auctioneers just because the auction is going slower than you like. People can make arrangements to team up with s

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

meone if you let them know in advance there will be two rings.

Bidder Numbers: Start with high numbers and work backward. Because there are usually many on lookers who aren’t r

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

egistered to bid, this prevents bidders from knowing how many people have registered for your auction.

Labor: Do not include heavy labor costs in your budget. The seller can ma

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

e arrangements to have help, whom he pays at the auction. The laborer charges the seller a flat fee on a per day basis. If the seller wants your help to carry out and get ready

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

Professional from academic institutions, pharmaceutical industries, health care indust

for the auction, you need to charge for that in addition to your commission.

Names: Always write first names on bidder cards, It makes a difference if the auctioneer can call a

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

bidder by his or her first name. Those bidders are more likely to come back to your auctions.

Mailing Lists: Don’t put everyone on your list. Do include everyone who has paid

.

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

ore than $50 at one of your auctions or has driven more than 50 miles.

Credit Cards: Accept them. You can rake arrangements with your bank to accept them. You are losing a lot

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

Companies that provide selfless information through particip

of business if you don’t, If you don’t want to absorb the credit card fee, charge a buyer’s premium for credit card users.

Parting Thought: Work smarter, you’ll be glad you did

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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