Advice You - Business

I had an interesting discussion the other day with the love of my life, the apple of my eye, the woman that inspires me… (that is all true, and also just in case s

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

he is reading this. I’m sure you all understand!) We were talking about the idea that many salesman out there are simply out to make as much as they can, then look

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

Examples of combination products may in

for the next hustle. She felt that salesmen, for the most part, lack some integrity and purpose. They don’t care what they’re selling or who they a

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 selling to. They are only interested in the bottom line – ‘how much can I make?’ To an extent, that is the popular opinion. I’ve thought about this some more. I’

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

e thought about the different sales occupations I’m familiar with, and the different types of salesmen I know personally.

For the most part, it would seem that th

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

Combination pro

majority of salesmen initially get in with any product or service that is an easy sell, or high on commissions. However, if you look past that, you see something

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

interesting happen. The majority of salesmen don’t last too long. Maybe after a year or two they made a decent amount of money and now want to try something else.

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

aybe they got burnt out. Maybe it just wasn’t for them. As you look at those who have been in the industry longer and have had increasing s

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

ccess over the years, (these are the models we’re interested in, after all) you will find that these are people who have learned some common truths
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
in the world of business. Truths that are vital for your business to not only survive, but to thrive.

Going after the elusive dollar will bring excitement in the
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
beginning. But in the long term, it leads nowhere. It’s similar to the myth about the toaster never popping if you watch it. In a sense, you can’t get what
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
you want – success and money, in this case – by focusing on it. Success and wealth are byproducts of a much larger, much more important
dd to the challenges in developing combination products:

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

Stop trying to sell and start trying to SERVE. Identify what people really want and need, and aim to provide it for them. Your focus should be to
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
HELP PEOPLE. This is the real nature of marketing. Do this and you won’t have to sell. Customers will beat a path to your door.

Please do not overlo
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
k that statement, or take it likely. If your business is not performing as well as you want, do NOT focus on how to generate more sales. Rather, you need to look a
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
the whole picture. Are you marketing something people want and need? Is your approach one of trying to help the customer? Do they feel you’re try
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
ing to help them?

Under-promise and over-deliver. Your duty as a marketer, as a business person, is to serve others. It’s as simple as get
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ing out of the mentality of ‘pushing products’ and asking yourself ‘what service, what benefit to I provide?’ Then applying that thinking
.

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
throughout your business. It may cause you to re-evaluate your situation. It may not.

If you want to be someone who lasts in business…if you want to be an icon th
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
t people will look to for advice and inspiration down the line…if you want to leave a legacy, then you’re going to have to start by serving others.

To Your Succes

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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