Advice You - Business

Today we are going to look at one of the BIGGEST impacts you can make in your business for maximizing your profits. If you really want to see your profits sky

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

rocket, start applying these tips and you will see a change swiftly. The best part of this series is that it really can be done for almost nothing.

Change the

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

Examples of combination products may in

way you think and find a way to help your client. If you can find the solution to their problem in your line of work, you will begin climbing the profit ladde

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

.

Here we go.

3. The Value of a Client

I can’t give you the full impact on paper on what the Value of Your Client means to your business. Most busine

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

sses don’t recognize the full value of their client and it is a crucial mistake. If you can recognize this value, you will have a tool that will leave your com

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

Combination pro

etition standing in the dust. I will try to explain the value of your client as best I can so you can get the idea of how you can raise your gross numbers and

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

widen the profit margin almost immediately.

I will use some basic numbers to set this up. Let’s say you have 500 clients, and on average they stay with you 5

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

years. Then over the 5 years you do a net profit of 500,000. You will take your net profit of 500,000/500 to get your Value of Your Client. Your Value of Your

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

lient is $1000.00 as a lifetime value. Whenever you pick up a new client, they are worth $1000 on average over the 5 years.

This is important to know for so y

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

ou can make smart marketing moves that won’t effect choices that most businesses walk away from doing because of cost. Here is why.

For instance, if you want

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

o run a advertisement that costs $2000, and you get 50 sales off of it averaging $25 for each sale, or total revenue of $1250. If you look at those numbers, mo

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

Following aspects would a

st would look at it as loosing money or a failure of a marketing campaign, but on the contrary, take the investment of $40 per client ($2000/50 clients) and ap

dd to the challenges in developing combination products:

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

ply the Value of Your Client $1000, you just made $50,000. That’s a little investment for a big return.

I am telling you this principle is crucial to your bus

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

ness. It can literally turn your business into a client focused, maximized profit leader in your industry.

When using this principle you need to realize that

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

clients are a sale for tomorrow, not just for today sales margin. Begin building relationships with your clients, getting their thoughts on your products and l

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

stening to what they need and you will keep a long term customer coming back to you. Clients are an ongoing source of cash flow .

All of these items, are cru

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

Professional from academic institutions, pharmaceutical industries, health care indust

cial. If you can improve a little in each are you will see a major change in your bottom line. Some of the smallest changes can bring the biggest profit. Impro

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

ve your customer service to be friendlier, improve your reaction time in support, improve your product continually, and improve your focus on the customer.

If

.

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

you think upon this method of marketing you will notice it will get your mind thinking bigger and free up your thoughts to be more centered on the client and n

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

Companies that provide selfless information through particip

ot your business. Keep plugging away and remember the Value of Your Client.

Until Next Time…

CJ Gaul
Web Admin and Marketing
The Admin Professiona

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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In the fast-paced corporate environment change management is something that occurs even faster than it ever has before and this is why you corporate executives need to understand change management better. Too often we find in corporate organizations a loss of efficiency when one team member is moved to another department or fired.

A 24-hour answering service can really help any business make sure the personal touch isn't overlooked.

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Advice You - 10 Steps To A New Arena For Your Business - Part 2

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