Advice You - Business

The following tips can apply to virtually any profession or industry. If you think that these are self-evident, then I challenge you to take a personal assessment. Print this page an

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

d keep the list on your desk for one week. Place a checkmark next to each item when you conduct an activity that fulfills one of these objectives. Can you check all of these items in

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

Examples of combination products may in

one week? Are you actively practicing the commitment that you desire from your customers?

If you want loyalty, you have to give it

Makes a list of your most important custom

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

rs or clients. For your general customers or clients, demonstrate your commitment in general terms and especially when they need you. For the most important customers, demonstrate yo

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

r commitment and let them know how much you appreciate them. Sometimes loyalty takes sacrifice.

Communicate

Building a lasting relationship requires communication. Communica

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

Combination pro

ion means listening to your customer or client, as well as conveying your own message. One sided communication is a speech, mutual communication is a conversation. Communicate when t

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

hings are going well and when there are problems. When things are going as expected, bring it to their attention. When there are problems, provide the scope of the challenge and your

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

solutions, preferably before the customer even knows that the problems exists. This builds credibility, confidence and trust.

Understand Your Customer's Goals

The products o

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

services that you provide are only meaningful in the context of your customer's objectives. What you do is intended achieve financial or strategic objectives, or fulfill a need. Und

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

rstand and communicate your value from the perspective of the customer. Be aware of changes that may affect the customer requirements and your perceived value so you can adjust accor

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

ingly.

Be Consistent

One of the best ways to manage expectations is to be consistent. Be consistent with your quality, your responsiveness and delivery of goods or services.

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

Following aspects would a

Establish a routine schedule for communication with your most important customers, so you can call "just to talk" and check the pulse of the relationship.

Build Credibility

dd to the challenges in developing combination products:

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

There are two easy ways to build credibility. First, do what you say you are going to do. If you leave a message to call back or make a commitment for follow-up, then call when you s

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

id you would call. Even if you do not have all the answers, call when you commit to call back. The second way to build credibility is to take time to get the best answer. Sometimes y

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

u may not know the best response to a situation or request. Ask for time to research and come back with the most accurate answer or information that you can obtain. Taking time for a

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

curacy can be far more beneficial to your customer than a quickly but incorrect reply.

Cracker Jack Surprise

Give your customers something more than expected. Don't tell the

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

Professional from academic institutions, pharmaceutical industries, health care indust

m in advance, just do something to demonstrate your appreciation. It can be as simple as a greeting card, email or small token to show your appreciation. Loyalty is a relationship, a

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

d it should be nurtured as you would care for a friend. Do not take it for granted.

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Words of Wisdom

"An ounce of loya

.

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

ty is worth a pound of cleverness." - Elbert Hubbard

"Unless commitment is made, there are only promises and hopes... but no plans." - Peter Drucker

"The quality of a person's li

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

Companies that provide selfless information through particip

e is in direct proportion to their commitment to excellence, regardless of their chosen field of endeavor." - Vince Lombardi

_____________________________________________________

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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In a constantly fluctuating business market, it is very important for a business enterprise to get a regular business valuation. Having a current business valuation helps to determine what a company is worth today. Besides, it informs the owner about the financial condition of the firm and assists in quick decisions on buying, selling and merger of businesses.

Gas powered or charged? Cordless or corded? Makita or Milwaukee? What is the real difference between them, and do you really need to know? Of course you need to know.

Use these gift ideas while deciding on the perfect corporate gift to give your employees and clients. They will definitely appreciate it and cherish them for a long time to come. Happy reading!

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Advice You - Building Customer Loyalty

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