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Advice You - To Build Your Business, Appreciate the Customers You Already Have
Consumer banking is a very competitive industry. Banks battle for market share with advertising, free gifts, lower charges, hi
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
gher interest rates and more.
So much energy and expense are spent attracting new business. But so little effort is invested
So much energy and expense are spent attracting new business. But so little effort is invested
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
in truly appreciating the customers they already have.
For example, have you ever bought a house with a housing loan? After y
For example, have you ever bought a house with a housing loan? After y
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ou moved in, did the bank call to ask about your new home, or send you a housewarming gift?
Have you ever purchased a car wit
Have you ever purchased a car wit
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
a car loan? Did the bank send you a note afterwards to congratulate you on your new car, or send you a friendly coupon for a
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
free car wash and wax?
Do you have a credit card? Does your bank ever call you just to say ‘Thank you’ for using the card and
Do you have a credit card? Does your bank ever call you just to say ‘Thank you’ for using the card and
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
ask if you are happy with the bank’s service?
At a bankers’ convention I asked if anyone in the audience of 3,000 routinely
At a bankers’ convention I asked if anyone in the audience of 3,000 routinely
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
called their customers just to say ‘Thank you!’ The answer, predictably, was ‘No’.
The bankers were stunned by their own admi
The bankers were stunned by their own admi
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
sion.
‘Relax,’ I said. ‘None of the other bankers here are doing it either…not yet.’
Most banking customers have accounts at
‘Relax,’ I said. ‘None of the other bankers here are doing it either…not yet.’
Most banking customers have accounts at
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
more than one bank. You probably do too.
What would it take to get you to consolidate most of your banking activity to one b
What would it take to get you to consolidate most of your banking activity to one b
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ank? A free gift, slightly lower charges, or a higher rate of interest?
Not likely. Those incentives exist today and you stil
Not likely. Those incentives exist today and you stil
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
l have multiple banking accounts.
But if one bank started genuinely thanking you, calling you, truly listening to your though
But if one bank started genuinely thanking you, calling you, truly listening to your though
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
s and suggestions about their banking service, would you be more inclined to rely on that bank in the future? to use them agai
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
n and again? to migrate your accounts to that one bank for more comprehensive service?
What would it cost the bank to make th
What would it cost the bank to make th
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ose telephone calls to you? Not much. What might it earn the bank? A lot.
Key Learning Point
--------------------
Key Learning Point
--------------------
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
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
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Picking up new business is important, but it can cost a lot
Picking up new business is important, but it can cost a lot
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
n advertising, special discounts, promotions and new customer orientation. Increasing your business with existing customers ma
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
gnifies the loyalty of those you already have, and substantially boosts your profits.
Action Steps
--------------
Action Steps
--------------
.
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
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
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Pick up the telephone. Write a letter. Send out a few
Pick up the telephone. Write a letter. Send out a few
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
`free gifts' - not to the new customer you've just signed up, but also to the loyal customers who have been with you all along
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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