Advice You - Business

When you send out information to prospects what do you put in the envelope? A letter? A brochure? A bu

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

siness card?

Many of my clients use a brochure to tell the whole story about their business. They mai

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

Examples of combination products may in

only a letter or a letter with a brochure. However, instead of relying on one piece only, consider ma

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

ling out a complete package to your prospects.

There are many different elements to choose from when

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

putting a package together.

• a sales letter
• a brochure describing your product or service an

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

Combination pro

its features and benefits
• copies of an article you've written relevant to the group you're ma

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

ling to
• a list of the types of clients you've worked with
• a reply card to make it easy

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

for them to respond
• your fee schedule
• a professional bio with details of your backgro

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

nd and qualifications
• a sheet of testimonials
• a flyer with special offers
• a fl

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

er with upcoming workshops and seminars

There are many more possibilities: these are just a few ideas

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

to start you thinking.

John Caples in his book Tested Advertising Methods (Prentice Hall) explains:

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

Following aspects would a

"If your entire advertising message is contained in a single circular or single booklet, the prospect

dd to the challenges in developing combination products:

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

ill devote a few seconds to it, and if it doesn't arouse his interest, he will throw it away. On the o

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

her hand, if your envelope is stuffed with half a dozen different pieces, the prospect will probably g

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

lance at each piece before throwing it away. Therefore, your six different inserts give you six differ

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

nt opportunities to catch the interest of the prospect instead of one."

That's not the only reason to

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

Professional from academic institutions, pharmaceutical industries, health care indust

consider having more than one piece in your package:

• A package looks and feels more substantial in

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

the hands of the recipient.
• Most elements of the package are inexpensive to produce because yo

.

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

can do them yourself with the help of your local copy shop.
• Chances are your prospect will ke

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

Companies that provide selfless information through particip

p at least one of the inserts for future reference instead of consigning all of them to the round file

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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The cost of doing business continuously increases as gasoline prices soar. Many service companies (e.g. plumbing, air conditioning and chimney contractors) have realized this as gasoline expenses have reached the ceiling. In an effort to offset this cost many companies are cutting budgets in other key areas like marketing and advertising. Many companies are realizing as they cut budgets for advertising they are seeing a decrease in profits which requires further budget cuts. This can have a snowball effect; however, there are adjustments that can be made to relieve the strain on the gasoline budget.

The outcome of most athletic contests is normally decided by a very small margin, sometimes by as little as tenths of an inch or hundredths of a second. One would suspect that most winners and losers in business are also determined by very small margins.

He was brilliant. Polished. An asset for the company he represented. In less than an hour, he worked up the crowd to fever pitch. Hundreds of people lined up to sign up for the next step-which involved a no-cost, eight-hour financial investment training day.

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