Advice You - Business

This is the second of a two-part article on overfilling your marketing funnel and client pipeline.

Last week we discussed that, in order to quickly fill your funnel 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 pipeline, you will want to have these 5 tools:

1. Unique Selling Proposition
2. Attention-grabbing, memorized elevator speech
3. Client attractive w

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

Examples of combination products may in

ebsite
4. Effective business cards
5. A “full practice mentality”

Now that you have those, you want to implement strategies that will result in clients comin

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

g TO YOU rather than you having to chase after them.

1. Brand yourself.

Branding isn’t just for megacompanies like Coca-Cola or Pepsi. In order to build a r

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

lationship with your prospects, you want to brand yourself and remain consistent in that brand.

Do you have a logo? A tagline? Your photo? A certain masthead? Spec

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

Combination pro

ific colors and fonts? What feelings do you evoke when someone looks at your materials? What feelings do you WANT to evoke?

They used to say it took between 7 and 10

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

times of someone seeing something before they had any recognition of it. In today’s information age, I’m sure the number has increased – make it easy on your prospect

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

by branding your business.

2. Niche yourself.

Some people are huge proponents of niching while others feel it doesn’t makes a difference. The truth is “it d

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

epends” on the type of business you’re in. You will find that your clients may begin to niche themselves over time

Perhaps most of your clients are women or men. Mayb

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

e they are primarily in real estate or a certain age group. Perhaps they all have children or maybe they are predominantly entrepreneurs.

A “niche” is any defining fe

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

ture of a group. It does not need to be the industry they serve or the business they are in as long as you can group them.

3. Keep in touch.

Whether you send

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

Following aspects would a

an email or printed newsletter or holiday and “just because” cards, find reasons to keep in touch with your target audience.

Offer to speak at their events and let th

dd to the challenges in developing combination products:

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

em know whenever you do something new. Ask for their referrals.

4. Create materials that “pull”.

All of your marketing materials should talk about what you

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

can do for your prospects and what you HAVE DONE for your clients – results-based testimonials are great for this.

By showing how you solve problems, you will draw pro

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

pects into your funnel rather than always selling and turning them away. You wan to focus on the results and benefits, not the features of your services.

5. Tell e

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

veryone.

You want to tell *everyone* what you do – get in the public eye as much as possible using press releases, writing articles, attending networking events,

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

Professional from academic institutions, pharmaceutical industries, health care indust

etc. to insure that your business does not remain the “best kept secret”.

Just starting? Send a letter (or email) to your friends and former colleagues letting them k

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

ow that you have just launched a business and directing them to your website or to call you for more information.

Make your marketing easy by creating systems for as m

.

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

uch as the above as possible and, once you’ve created your brand, you want to consistently brand EVERYTHING you do, say and produce.

Even now, when my business continu

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

Companies that provide selfless information through particip

es to grow by leaps and bounds, I keep my marketing funnel full by insuring that I perform at least one marketing-related activity every single day. Consistency is key

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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