Advice You - Business

Referrals are important to most if not all businesses today. In a professional services business, such as business coaching, ref

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

errals are a major source of new clients. One of the strategic advantages of referrals is that they tend to be good quality pros

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

Examples of combination products may in

pects. And another strategic advantage is that they also tend to be relatively easy to convert into clients.

Okay, so referrals

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

are a major strategic method of gaining new clients. But, guess what? Only a small percentage of business people adopt referra

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

ls as a strategic approach to gaining new clients and those that do adopt the strategy will often neglect the needed commitment o

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

Combination pro

f time to generate referrals. It is imperative that you pay attention to the generation of referrals and the best way to do that

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

is to ask for referrals at least two or three times a year from existing clients and professional and personal contacts.

There

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

are a few strategic things to remember when requesting referrals from any of the above-mentioned sources. And your strategic thi

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

nking business coach offers the following to remember. 1. The existing client that you are going to approach must be very happy

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

with the services you are providing to him or her. Review your client list and select those “A” list clients that are your most

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

satisfied clients.

2. The former clients that you might ask must still be pleased about their experience with you and your comp

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

Following aspects would a

any and very satisfied with your past work. It would be very prudent to review your list of former clients that you have not don

dd to the challenges in developing combination products:

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

e work for within the last year or two and select the most satisfied from that list.

3. You must get reaffirmation of why your

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

client is doing business with you and why they selected your company in the first place. Knowing this bit of strategic informati

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

on will be very valuable in approaching the referrals given to you.

4. Ask for referrals in a positive and proactive manner. F

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

or example, you may ask, “Who do you know that is in business that would be interested in knowing about what we do and that could

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

Professional from academic institutions, pharmaceutical industries, health care indust

benefit, as you did, by using our services?”

5. Select a frequency of asking for referrals throughout the year and develop a s

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

ystem to do that. Experience indicates that asking for referrals 2 or 3 times per year would not be offensive and would be very

.

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

productive for you.

6. Always show appreciation to and thank the people who provide referrals.

Six Strategic Things To Remembe

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

Companies that provide selfless information through particip

r When Requesting Referrals By: J. Glenn Ebersole, Jr., Chief Executive of J. G. Ebersole Associates and The Renaissance Group

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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All consumers go through several decision steps when making any kind of purchase, whether large or small. This chart outlines the state of mind of the consumer from unawareness of the offering all the way down to when consumers become strong advocates for the offering (word of mouth). This article is great for those in marketing, advertising, sales, graphic design or web design.

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