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In the last article that I wrote, I spoke on the subject of procurement for security services. Since the release of this article, I have spoken with a few property and facility managers. These conversations have inevitably t

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

urned to pricing. I wanted to take the opportunity to answer a few of these questions. It is my commitment to explain in short detail how to unmask the secrets for costs of service.

How does a vendor price a service?

Every

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

Examples of combination products may in

vendor is different, which is not always good for you, the consumer. To be effective in comparing the best value for the product, you have to compare everything equally. For a long time, the security industry standard has b

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

een to provide a pay wage range for the security officers and the monthly and yearly cost of the total contact. This has masked the substance of the true cost and what it means to you. When purchasing a construction vendor,

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

material costs are itemized and labor is broken down for each specific task. I suggest you demand an itemized list of costs from each security vendor when requesting services from them. The way to standardize this, is to pro

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

Combination pro

vide a detailed pricing sheet in the RFP, which all vendors are required to fill out. This seems simple, however, it is rare that the price sheet is detailed enough for you to fully understand all of the costs. The next sect

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 will give you some ideas on what factors you should include in this pricing sheet. It is through this standardized approach that you will be able to evaluate that best value for your money.

What line items are included

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

n an hourly bill rate?

The first two items are base wages and FICA/Medicare. However, if each company is paying the same base wages, these costs will not differ from vendor to vendor. Liability insurance, worker compensatio

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

n, and unemployment insurance will differ from each vendor to vendor based on claims against their company. Accelerated rates in these areas may be a very good barometer of how the vendor manages its company. Medical insuran

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

ce, profit and corporate overhead will comprise the biggest discrepancies between vendors. There is no industry standard for what a security company needs to offer their employees for medical insurance; however, asking that

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

question of each vendor will guarantee a better understanding of how they value their employees. Moving on, corporate overhead should include the management of your contract from the vendor’s executive staff. These costs hav

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

Following aspects would a

e a direct relation with the vendor’s management structure. Other variables to include are sick pay, vacation pay, and holiday pay because, along with medical benefits, they are a direct reflection on the how a vendor cares

dd to the challenges in developing combination products:

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

for its employees. Demanding the cost of each of these line items will assist you in breaking down proposals equally and efficiently.

What should I consider a reasonable markup to be?

There is no right answer to this quest

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

ion. I can only explain how it is a mark up is figured. The markup is the total yearly amount divided by the yearly base wage. This markup can be anywhere between 1.4% and 1.7% depending on the company. Remember that each of

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

the factors mentioned in the last section figure into the markup after the base wage is determined. As you now know from the last section, some of these costs will vary from vendor to vendor. The example of two line items th

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

at would affect a higher markup are medical insurance and corporate overhead. In these areas, a higher markup would not necessarily be bad for you do to the fact that one company may offer better benefits for their employees

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

Professional from academic institutions, pharmaceutical industries, health care indust

meaning better higher caliber of security officer and lower turnover or better executive management response to your contract. You again have to understand the cost and compare that with the value of the service to you. One

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

caution about markup, a vendor that comes in at a very low markup for the same wages, does not necessarily mean they are the company for you. This could be a red flag. Just like a vendor having to justify a higher markup, y

.

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

ou should ask the same of the low bidder.

In short, I will leave you with this. Understand the cost to you by itemizing each line item to provide you with a clear understanding how that affects you. By doing this correctly,

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

Companies that provide selfless information through particip

you will be able to answer your own questions about markup and set the standard for pricing comparatively. If you have any question, please call me. The worst thing that could happen is I would have to write another article

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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