Advice You - Business

Bill was once quoted as saying something along the lines of, "Microsoft has had lots of competitors over the years. It's a good thi

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 we have museums to record those moments in history."

Ouch. Not a good thing to think about if you were one of those competitors,

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

Examples of combination products may in

that's for sure.

But, you certainly don't need to be a competitor of Microsoft to feel the sting of business competition.

With th

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

e quantity of chiropractors in practice today, and the quantity of new doctors coming into the profession every year, I'm sure you'

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

d agree, it's a pretty darn crowded and competitive chiropractic marketplace out there.

The number of shrinking incomes and struggl

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

Combination pro

ng doctors, certainly confirms that.

So, how do you go about being on the winning side... the success side... of chiropractic busi

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

ness competition, instead of on the losing, struggling side?

2 ways...

1. DIFFERENTIATION.

2. USING YOUR PRACTICE METRICS PROPERL

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

Y.

Let's talk about differentiation first.

In order to excel in a crowded profession, you must be able to show prospective patient

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

s and active patients what makes you and chiropractic care in your office different from what every other doctor or chiropractic of

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

fice is offering.

Mainly, you must offer patients benefits and unique value they can't get from one of the other local doctors comp

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

ting with you.

And, if you really want to protect your practice and income from current competition and any future competition, yo

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

Following aspects would a

u must learn how to position your chiropractic practice uniquely in the mind of consumers.

In other words, you've got to learn how

dd to the challenges in developing combination products:

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

, through your marketing, to have prospective chiropractic patients view your chiropractic practice compared to others, as if compa

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

ring apples to oranges.

This only happens when you take proactive action to create that differentiated, unique positioning through

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

your patient acquisition and retention methods.

And, here's where your practice metrics come in...

Plain and simple, the only way

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

to rapidly grow a chiropractic practice (and sustain it) is to understand and manage your key practice metrics (measurements/number

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

Professional from academic institutions, pharmaceutical industries, health care indust

).

Just like acquiring wealth and becoming financially free is all about properly managing and measuring certain numbers (i.e. your

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

bank balance, your income, your expenses, etc.). The same applies to your chiropractic success.

Sadly, most chiropractic schools

.

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

never teach this concept to graduating docs.

New chiropractors then go into an insanely competitive marketplace, with tons of prac

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

Companies that provide selfless information through particip

ticing chiropractors, struggle to build their practices, and end up tremendously frustrated.

Can you blame them?

I certainly can't

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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