Advice You - Business

Do you know how to recognize your ideal client for your business? Do you have any idea of the characteristics of your ideal client? Have you taken time to selec

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

t criteria you will use to decide whether you will do business with someone or not? The honest answer from too many of you will be NO to these questions. And th

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

Examples of combination products may in

e sad truth of this is that too many businesses try to be all things to all people and believe that anyone that breathes or has a credit card is a prospect. This

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

approach is definitely not strategic.

My suggestion to you is to take a more strategic approach. And this means that you must define your ideal client. For adv

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

ice on how to do that, I refer to one of my favorite mentors – Michael Gerber, who says, "The foundation of your marketing strategy is an insightful understanding

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

Combination pro

of your customers. It's a "three-legged stool" - who they are, where they are and how they think and behave;"

So how can we take Michael Gerber’s advice and tran

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

slate it into some simple starter questions for you to answer. The questions focus first and foremost on what YOU want. I believe it is very important for you to

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

decide and choose who your ideal clients will be and how you want to work with them. This puts you in a position to be proactive rather than reactive in your mar

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

eting. What questions might you ask to define your ideal clients? Here are ten (10) questions your strategic thinking business coach suggests you can use to hel

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

p identify your ideal clients.

1. Who do you really want to work with and what is the compelling reason you want to work with them?

2. What are the types of pro

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

lems you want to solve for your ideal clients?

3. Where is the geographic location of your ideal clients?

4. What is the minimum revenue/profit that you want to

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

Following aspects would a

generate from your ideal clients?

5. What are the socio/demo/psycho graphics of your ideal clients?

6. What criteria will you use to prioritize the list of id

dd to the challenges in developing combination products:

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

eal clients?

7. What criteria will you use and how will you "fire" clients that do not fit the ideal client profile?

8. What types of businesses are your ideal

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

clients in?

9. What are the core values you will look for in your ideal clients?

10. What markets do your ideal clients serve?

The identification of your ide

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

al clients so you can recognize them must be an initial step. Beginning with a clear profile of your ideal client, you will be able to develop more strategic mar

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

eting. And you will be in the position to focus your efforts on prospects that are most likely to purchase your products/services. If you create a culture where

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

Professional from academic institutions, pharmaceutical industries, health care indust

you gain a deep understanding of your prospects, you will become their company of choice. People do want to do business with people and companies who take time

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

to learn about them and what their biggest challenges are and how to provide solutions.

Your strategic thinking business coach encourages you to use strategic th

.

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

nking in the development of your ideal client profile. If you would like to learn more about how to define your ideal client and how a strategic thinking busines

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

Companies that provide selfless information through particip

s coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole through his website at www.businesscoach4u.com or by email at jgecoach@aol.co

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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