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Construction cost estimating is a huge part of any general contractors' job description, and no matter how experienced you are, mistakes happen. Studies repor

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

tedly show that errors do occur regularly, and the majority of potential jobs lost can be attributed to this. It is so important to submit error free bids so

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

Examples of combination products may in

ou have confidence in both the profit you expect and the competitiveness of your costing. Read on and learn from the mistakes of those before you and you will

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

hopefully be able to avoid losing work unnecessarily.

Things Just Don't Add Up Right!
The first and most common mistakes made on construction cost estim

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

ting are related to errors in arithmetic. This means the majority of mistakes could be avoided if the numbers were calculated correctly. Using calculators wi

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

Combination pro

th tape can help so you can check your sums, but it is still so easy to get confused: Costing for labor, materials, resources and licenses can easily get mixe

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

up and misconstrued. Unless you have software to work it out and keep records, you should have someone else review your work and also include a copy of the

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

calculator tape with your estimate.

The Tape Measure Doesn't Lie
The second mistake is due to the fact that usually measurements involved in costing a p

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

oject are derived from plans and calculated to scale. It only takes one small error in the measurements and the whole material prices will be out of whack, re

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

sulting in estimates that are either too high or too low. Always check all the measurements a few times to be sure they are all correct.

Confirm Current Labo

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

Rates
Labor wages vary from time to time, state to state and sometimes even between cities, so the third common error made is with labor costs. Always v

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

Following aspects would a

rify the current correct rates prior to beginning your estimate. If you have trouble finding the information you can contact the union office. Factor some ov

dd to the challenges in developing combination products:

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

ertime allowances in to the estimate as well to be sure you are covering all your bases.

Account For Price Increases
If the job you are quoting for is mo

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

ths or more in the future you should factor in potential price rises on materials. Every time you are forming an important quote, double check your records on

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

rates. Never think near enough is good enough or you could lose your entire profit, so regularly update your price lists.

If It Doesn't Work, Don't Use It!<

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

r> Never prepare a quote in hope that problem equipment will pull through for one last job. If an important item breaks down midway through the job it could

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

Professional from academic institutions, pharmaceutical industries, health care indust

cost a fortune to hire or repair. This can even cause delays and result in failure to meet deadlines, which is often penalized financially.

Construction cos

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

estimating is definitely one of the most important parts of the business side of the company. The least amount of errors you have in your quotes, the better

.

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

for both your company and the client. You should take every step possible to ensure your quotes are error free and avoid getting a bad name for your business.

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

Companies that provide selfless information through particip

To truly ensure this doesn't happen, use the above as a checklist and take the time to visit www.expertestimating.com for more information that can assist you

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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Particularly in open tendering activities, though equally when direct to client, prepation is essential if successes are to increase. This can be supported by setting up systems that match future tendering requirements, such as capturing existing activity information.

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