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Advice You - Creating Extreme Loyalty: Speaking of Motivation
What would it take to make you successful?
Stockbrokers base their success on making their clients money. Or maybe not. The follow story is one of many similar tales I’ve hear
Stockbrokers base their success on making their clients money. Or maybe not. The follow story is one of many similar tales I’ve hear
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
d from brokers over the years.
Back in the early seventies, when the market was dropping faster than Richard Nixon’s approval ratings, a stockbroker was trying to land a well-
Back in the early seventies, when the market was dropping faster than Richard Nixon’s approval ratings, a stockbroker was trying to land a well-
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
o-do contractor as a
client. She wasn't having much luck with him over the phone
so one afternoon she stopped by his office. It wasn't going
any better until, searching for s
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
omething to build a little
rapport, she noticed a newspaper clipping mounted on a
plaque on one wall. Accompanying the story was a picture of
a little girl in a ballet outfit
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
"Is that your daughter?" she asked.
It was the last thing she got to say for ten minutes. The proud parent went on and on about the kid and her dancing. With apparently just
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
fiable pride. His daughter
had even been selected by George Balanchine to perform in
“The Nutcracker” at Lincoln Center one year. That seemed to
thrill the contractor even mo
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
re than it must have thrilled
the girl.
A few months later, the broker heard that a world- renowned Russian ballet troop was coming to town. She bought two tickets. At $17.50
A few months later, the broker heard that a world- renowned Russian ballet troop was coming to town. She bought two tickets. At $17.50
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
each, which back then, with
the stock market busily tunneling its way to hell, was a
lot of money. She sent the tickets to the contractor and
his daughter along with a warm p
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ersonal note.
"Whereupon," says the broker, "the guy turned into what I call the Rasputin Account: Nothing I did could kill it." Nothing. No matter how badly her recommendatio
"Whereupon," says the broker, "the guy turned into what I call the Rasputin Account: Nothing I did could kill it." Nothing. No matter how badly her recommendatio
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
s
performed, the contractor kept coming back for more.
As I said, any number of other financial consultants tell the same type of story. Which is why brokerages teach their
As I said, any number of other financial consultants tell the same type of story. Which is why brokerages teach their
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
eople, "This business is not about making clients
money; it's about building relationships." That's just not
what they tell their clients, most of whom seem to believe
they'r
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
e more interested in making money than new friends.
Truth: Once people believe you care about them, they’ll look for reasons to do business with you. When they look, they usua
Truth: Once people believe you care about them, they’ll look for reasons to do business with you. When they look, they usua
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ly find.
A Simple Trick, a Possible Bore and Some Basic Motivation
There is of course a trick to getting a person to believe you care about him or her. The trick to getting a
A Simple Trick, a Possible Bore and Some Basic Motivation
There is of course a trick to getting a person to believe you care about him or her. The trick to getting a
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
person to believe you care, is to care.
Someone once said that quoting yourself is the hallmark of the true bore. That may well be true, but at the risk of confirming what yo
Someone once said that quoting yourself is the hallmark of the true bore. That may well be true, but at the risk of confirming what yo
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
might already suspect, here
it comes anyway. As Barry Maher (me) frequently says,
“Concentrate on the What’s in it for them and the What’s in
it for you will usually take ca
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
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
e of itself.”
You can concentrate on the What’s in it for you and still be successful. There are business people out there who view business as war and the customer as an enem
You can concentrate on the What’s in it for you and still be successful. There are business people out there who view business as war and the customer as an enem
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
y that
has to be overcome. They con the customer about who they
are and how much they care, even if they tell the complete
truth about their products and services.
Whether o
Whether o
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
not they have a problem with how that
makes them feel about their job and their lives is their
business. This isn’t about ethics. But the longer the
relationship with that c
.
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
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
ustomer goes on, the more likely it
is that their true priorities are going to come out. And
when that happens, no matter how well liked they might have
been before, they’re
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
mmediately going to drop back down to
the level of just another huckster.
Truth: It’s easier just to care than to pretend to care.
# #
Truth: It’s easier just to care than to pretend to care.
# #
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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