Advice You - Business

Do you have customers that you are currently working with who are NOT your Dream Customers? Do they demand extra time? Do

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

they treat you with disrespect? Are they unprofitable?

These customers are holes in your Business Bucket. They drain yo

; 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 time and your energy. They prevent you from having the time you need to market and provide service to your DREAM custo

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

ers.

Here are some simple questions to answer to see if your Business Bucket leaks:

- Do you currently have unprofitabl

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 customers?

- Are there any customers you would like to have off your plate?

- Are you spending too much time trying t

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

Combination pro

o "close the sale" and convincing people to buy from you?

- Is it hard for you to convert prospects into customers?

- A

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

e you getting a lot of repeat business from your existing customers?

- Are your customers referring others to you?

- Ar

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

e your customers loyal or are you scared they will shift to your competitor on a whim?

- Are customers seeking you out f

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

or your expertise?

If you answered "no" to any of these questions, your business bucket is leaky. It's time to implement

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

a No-Leak Marketing Strategy so you can get the absolute maximum impact from all of your marketing efforts.

The first th

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

ing you have to learn is the word "NO." Don't be willing to accept money from just anyone. You want to get into the habit

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

Following aspects would a

of "cherry picking" your customers. The ones who aren't a good fit are unqualified and you are wasting your time with th

dd to the challenges in developing combination products:

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

m. You will spend too much energy on these types of customers and you will often lose money.

Another thing you shouldn't

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

be doing is spending a tremendous amount of time and energy trying to convince a prospect that what you offer is of valu

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

e. Instead develop a method to find out if people are a good fit for you in the first 10 minutes of your conversation wit

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

them. This will greatly decrease the time you are spending with unqualified prospects and your sales closing ratio will

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

Professional from academic institutions, pharmaceutical industries, health care indust

go up. If your gut says "no" and/or you see red flags early on in your conversations with a prospect, then make sure you

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

listen to these signals.

ACTION ITEM: Take the time to list your customers who you have worked with, but were NOT a good

.

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

fit. Describe why they were a bad fit. Review your "horror" stories. What types of people cost you too much time, energy,

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

Companies that provide selfless information through particip

and profits? What strategies can you implement to "cherry pick" your DREAM customers?

Copyright (c) 2006 Marketing Mave

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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Before any document is finalized, you need to let someone else take a look at it. I cannot stress enough the significance of this step! Letters, memos, reports, brochures, even important e-mails—any writing that will see the light of day—should be read by others before you send it off. Here's why.

The concept of Six Sigma was first developed by Motorola Corporation as an approach to address the high defect rates within the company’s manufacturing processes. The concept of Six Sigma advocates that data be collected from processes to measure performance and determine the extent of variation from target performance measurements.

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Advice You - No Leak Marketing: Plug the Holes in Your Business Bucket

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