Advice You - Business

Private practice marketing is tough enough without being encouraged to give away y

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

our services.

Yet somehow it has leaked into the "popular wisdom" of the coaching

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

Examples of combination products may in

world that the way to get new clients is to offer a free complimentary consultatio

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

.

I do not know where or how this got started, and I really don't care. What I do

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

care about is that the people that I mentor and coach do not offer one!

Here's

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

Combination pro

why:

The idea behind the free complimentary session is that if someone gets

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

little bit of your services they are going to want more. While it does make a cer

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

ain amount of sense, it does not work in the real world.

The reason this popular

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

dea does not work is it communicates two things:

1. You communicate that 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 are willing to give away your services for free. When you do this in a first me

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

ting, you communicate that the rest of your services are free or that your fees ar

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

Following aspects would a

negotiable.

2. You communicate that someone can get all they need in a on

dd to the challenges in developing combination products:

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

time session. While that is not your intention, it is what is communicated.

I've

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

heard it a thousand times from those I coach and mentor - very few people that do

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

the complimentary session end up as clients.

What to do instead

Guess wha

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

? We already do an initial consultation. It's usually called a phone chat. In my i

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

Professional from academic institutions, pharmaceutical industries, health care indust

person or on the phone coaching, the first contact is most often by phone. The cl

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

ient and I chat for awhile, they tell me what is going on, I tell them what I thin

.

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

we can do together, and we then almost always set the first appointment.

And it

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

Companies that provide selfless information through particip

ould NEVER, EVER occur to me to call it a free initial consult. Neither should you

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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Within the corporate world, there are the ‘living dead’, which are the sick companies that go on a wretched existence, without any hope of turnaround.

It seems odd to think of a person opening a shop, knowing that they're not at all interested in selling or in face-to-face interaction with customers. But that's exactly what many Internet business owners have done. And they've done it well.

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Advice You - Private Practice Marketing: Why You Should Absolutely Never Do a Free Consultation, Ever, Period

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