Advice You - Business

Business referrals are like the Holy Grail of marketing. Anytime you can get word of mouth advertising - which is what b

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

usiness referrals are - the results are priceless.

Once you get set up with business referrals you don't need to do muc

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

Examples of combination products may in

h else besides that. The key thing is getting to the point where business referrals are what primarily drives your mark

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

ting efforts.

The first and foremost factor for generating business referrals is offering outstanding service: under-p

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

romising and over-delivering. Your most powerful business referrals will come from your current customers and clients.

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

Combination pro

Take care of them and they will help you.

When you are looking to expand your base of business referrals you need to kn

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

ow:

What to ask
When to ask
How to ask

By getting these three steps right, your business referral rate will

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

kyrocket.

From every satisfied customer you should be able to generate at least one business referral per year. What yo

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

u need to ask is that each customer think about potential business referrals they can make.

When you need to ask this,

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 soon after they give you a great compliment. How easy is it to give a business referral after you've had great servic

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

e?

How to ask, is by making sure you do not apply any pressure. Asking for a business referral is asking for a favor.

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

Following aspects would a

Don't sour your client's experience by putting him or her on the spot. This will only lessen your chances of actually

dd to the challenges in developing combination products:

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

etting a business referral.

Here is an example script asking for a business referral:

“You know Jim thank you for your

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

kind words and praise. I really enjoy this work a lot. It is really gratifying when I hear how much value your busines

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

is getting out of it. I sure wish I had more clients just like you. You are such a pleasure to work with and you have

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

such nice people here. Do you have any friends with computer problems that we ought to be talking with?”

Bottom Line

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

Professional from academic institutions, pharmaceutical industries, health care indust

n Business Referrals

Business referrals need to be direct but also low key. Many times computer consultants are too bu

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

sy or too shy to ask for a business referral. If that's you, you need to get over it. The number one way to get more bu

.

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

iness referrals is simply to ask in the first place and ask often.

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

Companies that provide selfless information through particip

orldwide Rights Reserved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance

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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This article highlights areas where cross cultural differences can impact upon an advertising campaign if not considered properly.

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