Advice You - Business

You could argue that free is bad:

That free gives no value.
That free wastes people’s time.
That free is setting your business up for failure.

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

Or you could argue that free is good:

That free DOES give value.
That free captures attention.
That free brings customers into y

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

Examples of combination products may in

ur sales funnel.

I’m gonna go with door #1. For 6 reasons:

FREE helps others. Don’t be selfish with your knowledge. Give stuff –

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

information, ideas and like – away for free to help people.

FREE pays it forward. How many times have you been give priceless pieces of wisdom?

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

Did you pay for it? Doubtful. Return the favor. Except, don’t return it; pay it forward.

FREE gives value first. Huge rule in business. Free

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

Combination pro

information shows that you have knowledge and expertise. I’ve given dozens of free speeches in my life, and subsequently booked paying gig as a result.

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

So, give it away for free the first time, and the people who received value from it will come back to you the second time. And the third, and the fourt

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

, and the fifth…

FREE wins fans. How many times have you heard a song on the radio, LOVED IT, then went out and bought the album? Probably lots

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

Because you were a fan of the music. Hence, free creates (and ultimately helps retain) fans. Think iTunes’ free music Tuesday. Brilliant. It's a si

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

mple formula: break the silence, make the mundane memorable, turn strangers into friends, friends into fans and fans into sales.

FREE tests t

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

e waters. Maybe you have new ideas that you’re not sure about yet. I say, post them on a blog and get free feedback before you break the bank. May

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

Following aspects would a

e people will see stuff you never thought of. Maybe people will love your ideas! Maybe people will say, “That sucks!” Either way, it’s good to know.

dd to the challenges in developing combination products:

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

FREE culture of dishonesty. Thanks to Enron, James Frey and a multitude of other big name liars, customers are skeptical before buying stuff. So

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

give something to them for free first, disarm their immediate preoccupation, and win them over. If they like you, they'll be back.

The reason I posted

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

about this today is because a woman called me recently and said (jokingly, I think), “Scott, you have way too much free stuff on your website! I’ve been

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

there all afternoon!”

First of all, thanks! All afternoon? Wow. Most web users stay on the average sit for 90 seconds. Nice.

Secondly, are

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

Professional from academic institutions, pharmaceutical industries, health care indust

ou complaining?

Thirdly, maybe you’re right. Maybe 100+ articles, 5 FREE ebooks and several videos are too many things to give away for FREE. Maybe I’

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

afraid to sell. Maybe I’m afraid that charging people will lose people.

Maybe.

All I know is, in the history of my business, FREE has been the absolu

.

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

te #1 most valuable marketing technique for spreading WOM, attracting fans and increasing visibility, thus increasing sales.

So there.

LET ME ASK YA TH

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

Companies that provide selfless information through particip

S...
What are you giving away for free?

LET ME SUGGEST THIS...
Email me with your best "free offering," and I'll post the top three on my blog

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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