Advice You - Business

The primary objective of a business is to get and keep customers. Growing a profitable business requires providing

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

exemplary customer service and products or services of exceptional value.

In the classic book, The Science of Gett

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

Examples of combination products may in

ing Rich, Wallace D. Wattles writes that it is essential to provide customers with more in use value than you recei

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

ve from them in cash value. Exactly what does that mean?

Imagine purchasing a training course contained on a set o

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

f CDs, and that its price is $1,200. Some would consider this rather expensive, especially if they are working with

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

Combination pro

a small budget. The costs of copying a few CDs, and the packaging and shipping costs would not nearly be worth $1,

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

200!

However, suppose you used the knowledge and resources contained in the course to generate several million dol

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

ars of income during your lifetime. In this case, you have obtained far more in use value than you paid in cash val

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

ue. In fact, you might consider your purchase of $1,200 to be a real bargain.

The seller was not responsible for w

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

hether or not you would use the material. Nevertheless, he or she provided a product of extraordinary value.

This

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

principle is easy to understand. It is also one of the most essential business practices in today's volatile econom

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

Following aspects would a

y. Just like you and me, our customers and clients are particular about how they spend their money. They deserve th

dd to the challenges in developing combination products:

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

e most value possible for each dollar they spend.

Here is a little exercise that is fun to do, and provides some v

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

aluable insight. Think about all the companies you've done business with over the past year. Pretend you are holdin

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

a personal "Company of the Year Contest." Who would win, and why?

It would probably be the company whose product

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

or service gave you far more in use value than you paid in cash value. It would be one whose product satisfied impo

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

Professional from academic institutions, pharmaceutical industries, health care indust

rtant wants or needs—one you enthusiastically told your friends about.

Consider also that both you and your winnin

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

g company benefited when you made the purchase. By using this simple value principle, you and your customers will b

.

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

enefit beyond expectations.

You'll grow a profitable business because you'll get and keep more customers over time

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

Companies that provide selfless information through particip

. They'll keep coming back and keep giving you referrals because they know you'll give them truly exceptional value

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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Did you know that 80% of all sales are made after the 5th contact? The biggest mistake we make is not following up with our clients regularly. We not only lose the chance to offer other services and products, we lose the chance for satisfied clients' referrals. Follow-up is good business.

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