Advice You - Business

I've spent one third of my working life presenting sales training courses to engineeri

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

ng and scientific companies. 600 times so far.

It has surprised me to find that the h

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

Examples of combination products may in

ghly intelligent, well-qualified people that come to my events are ignorant about some

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

thing which has a direct bearing on how well their organization does.

I ask a set of

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

uestions to make the point, 'How important do you consider ability in sales and market

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

Combination pro

ng to the success of your company?"

The usual responses are, 'Essential / critical /

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

vital etc '. So then I inquire, 'How long did it take you to have the technical knowle

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

ge which is necessary to do your job?'.

And they reply, 'We're still learning'. But i

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

f I press the point and ask, 'How long was the formal education in your science subje

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

ts?', 'What unit of time would you measure it in; days, weeks, years?', they tell me t

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

at it's years. That's obvious, isn't it?.

Now I've got them set up like that, I hit t

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

Following aspects would a

hem with my bomb. 'Ok if ability in sales and marketing is critical, and if you've ta

dd to the challenges in developing combination products:

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

en years to learn the technical know-how to do your jobs, then tell me how much time y

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

ou have put into learning something about selling.

There's a room full of blank faces

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

as the realization dawns. 'Duh, nothing, no time at all, nada, a big fat O'. Then so

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

eone usually says, 'The ten minutes we've been on your course so far'.

It's a bit of

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

Professional from academic institutions, pharmaceutical industries, health care indust

a paradox; conscious awareness that sales ability is desirable yet a frank admission t

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

at they have done nothing at all to acquire it.

By the way, this characteristic of 't

.

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

echie' companies has been the same in the 9 countries I've presented the 'Selling for

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

Companies that provide selfless information through particip

ngineers' course in so far.

So can I ask you again, 'Do you know that you don't know?

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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Over the past 19 years, I have worked with thousands of business owners in Africa, Canada and the United States. I foresee serious financial adversity looming for many entrepreneurs in the coming years, and perhaps a lot sooner than we may think. And before you conclude that this is mere speculation, let me share some reasons for my concern, and then allow me to offer you a solution.

There are many different kinds of businesses available to the consumer today. Customers can choose who they want to do business with and with more businesses opening daily, and the explosion of internet businesses, customers are looking for the best places to do business with.

Since most of us are always online and our business is online, we often forget the importance of advertising our business offline. Print advertising can be one of the best forms of advertising for your buck. Why? Well, with print advertising it's in the form of hard copy and is always in view of your potential customers. Thats just one small example. Think about your daily newspaper...try hiding that in your email box!

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Advice You - Do You Know That You Don't Know? (For Business Owners And Managers)

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