Actual - Home Based Business

Perhaps one of the most challenging facets in the area of home based transcription is pricing. When you are starting there really is no standard table or chart. The nature of a home based business pits you against cheap outsourced labor in India, entrepreneurs in their undies typing away at a home

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

computer, and professionals in bricks and mortar offices in the States just to name a few.

Tough questions need to be examined in order to set up a fee structure and set pricing to be competitive. What are your strengths and weaknesses? What are your competition’s strengths and weaknesses? What

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

Examples of combination products may in

does your competition charge? Where are you at in your transcription career? How many work hours does it take you to transcribe an hour of audio?

Before you consider making a bid or accepting an offer on a transcription job, sit down and transcribe a single hour of audio. Time yourself. You do

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

not have to work continuously – that’s one of the pluses of doing it yourself. If you need to take Rufus out for a walk or take the kids to the soccer game, deduct that time accordingly. Once you’ve calculated the number of hours it takes to complete an hour of transcription, you are ready to crea

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

te a fee structure.

On a side note, most transcriptionists use the estimate of three hours of work for a single hour of audio. It’s not set in stone, but it is an excellent guide. You would be surprised at the number of people who start out ‘cold’ in the bidding selection process. They figure if

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

Combination pro

they type 100-120 words per minute and an hour of audio represents roughly 8,000-10,000 words, then they are looking at around an 1? hours to complete the project. So, they make an outlandish offer of something like $60 for a six audio hour project rationalizing their decision that ‘it’s a starting

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

point’. When reality sets in, deadlines are missed, and money, time & work are forfeited. The buyer then pays a premium to a real transcriptionist to “rescue” the project, and quite often the disillusioned transcriptionist quits the field before they actually even had a chance to start. All this

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

is sidestepped with a transcription test run. If you are new, do it!

Next, if you are just starting off, it is perfectly acceptable to undercut the competition and the average going rate. In fact I did exactly this when I first started my transcription business, nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

infoaces.com">www.infoaces.com. You have to make it appealing and worthwhile for a buyer to consider your services. You need the first few jobs to get yourself established, develop a reputation, and garner some feedback and testimonials. However, no matter how much you want the job, make sure

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

that it’s at least marginally worthwhile for you to do. You don’t want to be working for $1.00 an hour or sometimes less because you underestimated the demands of the job!

Competition is a major factor. Know your competition. Outsourcing in India is booming. Indians will work for pennies on th

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

dollar, and they work hard, fast, and professionally. It’s a great deal for them and for their employer. So, what can you do to compete against foreign outsourcing? While you must recognize them as an admirable form of competition, when you break it down to the foundation, foreign outsourcing ha

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

Following aspects would a

s a difficult time in the field of transcription. The nature of the English language, the nuances, the slang, the inflections and dialects are often lost upon their study of ‘Queen’s English’. Basically, if your English grammar and vocabulary skills are strong, as a native transcriptionist you hav

dd to the challenges in developing combination products:

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

e a monumental head start over foreign competition. Since you are able to establish a strong product differentiation, specifically superior quality, you will be able to command a higher fee. Your employers only need to get stung once to learn the time immemorial lesson, “You get what you pay for.”

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

Craft your skills. Pay attention to the details. Do an actual reading proof and not just a spell check. Things like this enable you to firmly establish your pricing structure.

The going rate for a single speaker hour of audio ranges from $20 - $60. You will find employers accepting proposals a

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

t all levels along that range. When I first started I priced my work at $25/audio hour. It took me almost six hours to transcribe one hour of audio. That’s below minimum wage, but I was happy to do it. I did it at my own leisure, and it helped to form the foundation of my feedback to allow me to

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

grow. After I began to get comfortable and more proficient, my transcription time dramatically began to drop, and I started getting too much work. This is where Econ 101 kicks in with the supply/demand curves. Raise your price. Grandfather your existing customers and slowly expose them to slight

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

Professional from academic institutions, pharmaceutical industries, health care indust

increases over time.

The last major factor to consider when pricing is the volume of work. When you get massive projects requiring the transcription of 40, 60, or 80 hours of audio, it is almost understood there will be some type of incentive discount for the employer. For example, my current es

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

tablished rate is $50/audio hour. All of my longtime repeat customers are grandfathered in at $45. When I bid on large projects, depending on my current workload, I will bid anywhere from $45 to $50 per audio hour. This seems to work well in spite of the foreign outsourced bids of $15 to $20. 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

closing, work hard to distinguish yourself from your competition. Rock bottom outsourced rates should be examined within the scope of the big picture. Be aware of the rates, but recognize that all things are not equal and if you differentiate yourself enough, the competition from foreign outsourci

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

Companies that provide selfless information through particip

ng can be minimal. Price yourself & your business accordingly–even if you are transcribing away in your pajamas! Please feel free to email me any questions, comments, tips, suggestions or anything. I love success stories. Leona www.infoaces.com

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

How much is the way we feel about what we do generated by ourselves, and how much is the responsibility of the manager who creates the environment in which we work?

The internet has brought with it a completely new and different concept to shopping. It is now possible for anyone in the world to buy anything from anyone in the world, any time of the day. There are many sites selling products to be bought, and many online trading stores to visit for great deals to make. Today you find that there are many online shopping deals on eBay worth looking into, and making.

Whenever you create new content for your website or even at the very start when you first plan to build a new site you face an important choice - What title to use. This article argues that choosing a title is as much about selecting good keywords for search engines as it about convincing someone to read your article.

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Actual - How to Price Your Home Based Transcription Business

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