Advice You - Business

Do you know the lifetime value of a customer? If you knew, you would take better care of your customers. Good cust

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

omers are like comic books and baseball cards. Who would have thought they would become so valuable over time. The

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

Examples of combination products may in

better we take care of them, the greater value they yield. It makes me wonder how much Spider-Man or my Mickey Man

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

tle card might be worth on eBay today.

Customer Life Time Value Calculator

I was worki

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

g with a client, when the question came up about the value of a customer. I created a simple equation that calcula

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

Combination pro

ed the true value of his customer. It was surprising to learn how much each of his customers was worth to him 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

his business. We needed two pieces of information to determine the value. We needed to know how much the average c

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

stomer does with him in a year and we needed to know how long the average customer stayed with him. Multiply these

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

two factors and you will have your answer.

Customers are like gold, we must strive to retain all our customers a

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

d multiply their value in two ways. One way to generate more business is to increase the frequency and value of or

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

ers. Another way is to duplicate good customers through referrals, bringing in new business.

Work Ha

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

Following aspects would a

rd or Work Smart With Referrals

Research tells us that it takes 5 times as much work and money to f

dd to the challenges in developing combination products:

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

nd a new customer as it does to keep one. If this is true, how smart are we if customers are lost through our poo

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

r salesmanship. How often we stay in touch with our customers is one factor that makes a difference in the success

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

of a salesperson or a business.

The purpose of this article is to remind you of the importance of keeping in touc

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

with customers so, they keep coming back. We must realize that our competitors are trying to take our best custom

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

Professional from academic institutions, pharmaceutical industries, health care indust

ers everyday. If we don’t treat them like Mickey Mantle playing cards, we won’t develop a successful business.

S

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

art today and set a plan to contact your top customers and thank them for their business. If you don’t do it, who

.

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

will? If you don’t know the value of your customers, use the calculator in this article to find out how much they

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

Companies that provide selfless information through particip

re worth. Take the next step and ask for referrals to duplicate good customers and add more value to your business

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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As time passed, some producers would have found they were better at selling the goods than growing them (or perhaps enjoyed it more!). Others preferred to stick to growing. So there was a gradual separation of the producers and the traders.

Many individuals wish to make a career in the field of law as lawyers and attorneys. The legal profession is one of the most challenging and satisfying jobs, which also pays well in terms of money. Many job openings are specifically available for the post of tax attorneys in various fields such as business, income, estate, property and international taxes.

The success of any business relies heavily on the competency and ability of the manager. That is why managers are usually given the most ardent and difficult task of directly supervising the business’ operations, dealing with staff, getting into negotiations with potential business partners for deals and making sure the overall well being of the firm is maintained.

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