Advice You - Business

Business coaches need to be excellent listeners and hearers. During business coa

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

ching sessions, considerable time is spent with the coach asking 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

n listening to responses from those people being coached. And what business coac

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

es hear many times are client confessions of what they have not been doing or wha

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

they have not been doing very well.

Marketing is a major topic of business coac

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

Combination pro

ing sessions. And the discussions definitely include confessions of what clients

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

are not dong or dong wrong in their marketing efforts. Reflecting on what confes

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

sions I have heard over many years of business coaching, here are ten of the top

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

onfessed marketing sins from clients to Your Strategic Thinking Business Coach.

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

. Not consistently following-up.

2. Not using strategic thinking to develop st

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

ategic marketing plans.

3. Not understanding and not appreciating the lifetime

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

Following aspects would a

alue of clients.

4. Not developing and promoting a USP (Unique Selling Proposit

dd to the challenges in developing combination products:

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

on) that defines what truly differentiates you and your company from your competi

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

ion.

5. Not developing an IMC (Integrated Marketing Communications) Plan.

6.

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

Not asking for referrals.

7. Not asking for testimonials.

8. Not forming stra

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

egic alliances for marketing purposes.

9. Not developing and implementing a cli

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

Professional from academic institutions, pharmaceutical industries, health care indust

nt relationship management system.

10. Not evaluating the effectiveness of your

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

marketing efforts.

After reading and reviewing the above, are you a marketing si

.

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

ner? Are you and your business committing these marketing sins? If you answered

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

Companies that provide selfless information through particip

YES, then it is time to confess and rethink and re-prioritize your marketing plan

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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Advice You - Ten Confessed Marketing Sins From Clients To Your Strategic Thinking Business Coach

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