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Advice You - Referral Strategies - Part 1
Customers are humans too!
And all people deserve to feel appreciated when they do something for another. Sending you business that
And all people deserve to feel appreciated when they do something for another. Sending you business that
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
costs you little to nothing to acquire should trigger a flood of grateful feelings in you – so show it!
"Referrals in
"Referrals 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
Examples of combination products may in
herently possess 6 powerful characteristics that make it one of your best marketing strategies." Referrals are –
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
>High trust Low Sales Resistance Low Effort High Leverage (once systemized) Low Cost Hi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
h Return on InvestmentThe downside is very few businesses have formalized, systemized referral generation programs that t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
heir business can duplicate again and again. This leaves a massive hole in their bottom line profit and marketing arsenal. As a res
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
ult, it increases uncertainty and stress levels. Is this you? If so, you need to organize your first systematic referral process. T
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
o achieve this you need to satisfy 4 steps. 1. Make it work 2. Reward those who refer 3. Systemize it 4. Duplicate it
Step
Step
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
1 - Make it Work
Your first and most obvious task it to produce a referral system that actually brings in referrals. In m
Your first and most obvious task it to produce a referral system that actually brings in referrals. In m
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
any cases, you may find you already get referrals in a haphazard way. I would start with this one. Because it already satisfies ste
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
p 1 and now you just need to reward, systemize and duplicate.
I will tackle each step with you one by one, but first it’s worth un
I will tackle each step with you one by one, but first it’s worth un
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
derstanding the process. In all your marketing efforts, you should always start by improving things you already do before you ever
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
eek to introduce some brand new strategy.
Next, understand that you can and SHOULD have multiple referral systems. One idea should
Next, understand that you can and SHOULD have multiple referral systems. One idea should
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
not replace another but ADD to it. If you develop a second method of profitable referral generation, you don’t drop the existing o
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ne because you found something better. You run with as many profitable, systemized methods for bringing you business as you can.
N
N
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
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
ow some people will instantly think, “That’s going to be a lot of work”. Get that “I must do it myself” attitude out of your head b
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
cause when you have multiple, systemized methods for bringing you business, you will have the money to have other people perform th
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e monotonous tasks of tracking, testing and implementing as you need.
All you need to do for now is follow the above 4 steps and y
All you need to do for now is follow the above 4 steps and y
.
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
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
ou will have multiple low cost, high return on investment referral streams flowing constant leads into your business.
In Part 2, I
In Part 2, I
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
am going to share with you a method I used to get 63 referrals from one appointment.
Until then...
Think BIG! Act BOLD! Have FUN
Until then...
Think BIG! Act BOLD! Have FUN
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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