Advice Pool - Business

First, I find that too many design professionals display a lack of confidence. Notice I said “display” a lack of confidence. You may feel that you ARE confident and, in fact, you very well may be. However, you may not realiz

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

e how your body language, facial expression, the tone of your voice, etc. is “coming off” to prospective clients. Remember: a person’s perception is that person’s reality. Put another way, if someone perceives your actions,

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

Examples of combination products may in

peech and mannerisms as lacking confidence, that is what they will think of you – regardless of whether their perception of you is true or not. Their perception of you IS true for THEM.

Before you get out of your car to go in

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

o your next consultation, take a moment to reflect on ALL your past successes. Recall that big project you completed on time and within budget. Recall your client’s reaction of joy upon seeing the new space you created. Reve

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

in a job well done…..and EXPECT that the same will happen for you again!

Earlier this week, I happened to come upon a saying. I don’t know who said it, but it makes my point perfectly:

Winners expect to win in advance. Lif

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

Combination pro

is a self-fulfilling prophecy.

Take this advice to heart. Expect to WIN! Expressing confidence is a HUGE part of converting a consultation into new business.

Second, when the issue of budget or fees comes up, many design p

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

ofessionals look like a deer caught in a headlight. Your eyes may start to glaze over as your mind races, thinking “What should I say? How can I answer that? I don’t want to scare them [the prospective clients] away.” Does

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

hat sound familiar?

Before you go into a consultation, you should have a clear understanding of your pricing strategies, your fee structure, etc. I often recommend that my clients charge on an hourly basis. That way, if the

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

cope of the project changes or the client needs to go on several unexpected shopping trips, you are being properly compensated for your time. The point here is: know in your mind what you charge and be confident that your fee

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

offers good value to the prospective client.

One other thing to keep in mind: EXPECT a prospective client to ask you about your fees. They’ve expressed interest in your services by asking you into their home to talk about a

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

roject. Expect to wow them such that, after getting to know you during the consultation, they will want to hire you. Well, before they can make an intelligent decision as to whether to hire you, they need to know what you wil

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

Following aspects would a

l charge for your services.

Now I’m not talking about giving them an estimate of your fees (I would NEVER suggest that). Rather, be upfront and unapologetic when you announce your hourly rate. If pressed, you may offer a ran

dd to the challenges in developing combination products:

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

e – and, I would suggest, you make the range rather broad – of the number of hours you would expect to spend on their project. When I say “range”, I mean range. So you might say something like: “As I’ve said, no two projects

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

are alike, so I don’t know how much time will ultimately be spent on your project. However, I would expect somewhere in the range of X – Y hours.” Again, be sure to make the range wide and, if anything OVER-estimate your time

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

leaving some wiggle room for extra time. Doing this will not only answer the prospective client’s question as to your fees, but it will also help you to get a good idea of where your prospective client’s head is. When presen

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

ed with your estimated range of hours and your hourly rate, was her reaction: “Oh my goodness. That’s a LOT!” or was her reaction simply: “OK. That sounds fine.”

If her reaction was the former, you can ask a few clarifying

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

Professional from academic institutions, pharmaceutical industries, health care indust

questions to find out what she expected to pay for your services. With that information, you can then educate the prospective client on what her expected budget would cover (for example, you might say: “I understand your budg

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

t is about $500. For $500, I could come up with 3 different layouts and offer ideas on paint colors.”). Whatever you do, do NOT discount your fees. Instead, try to educate the prospective client on a realistic estimate of ti

.

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

e to accomplish the project and, if the estimated fee amount is too high, offer to work within her budget by suggesting tackling a PORTION of the work. In this way, you send the message that you value your time and that you ar

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

Companies that provide selfless information through particip

a professional.

Bottom line: be confident in yourself as an expert and be ready to talk money. As I’ve indicated, a little preparation can go a long way toward converting a mere consultation to your next project. Good luck

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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There is a great many misconceptions when applying for a franchise. First is the mind set that we have when we come over to the interview with the franchisor. We seem to forget that getting approved as a franchisee would also benefit the franchisor in several ways. So here are a few facts on what's in it for them so that when you go into that interview you know the worth you are bringing into the organization.

Low cost promotional products are frequently used as giveaways at events, such as trade shows, conferences, sporting events or fundraising events, where they can be handed out in large numbers to promote a company and to raise brand awareness.

The real art of the assumptive close is to make EVERY WORD in your small talk and presentation imply that the sale is already done and that you are just discussing formalities. It is all about attitude.

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