Advice You - Business

There’s a question in my intake packet for new clients titled, “What is holding you back or slowing your progress?”, as it relates to attracting all the clients they need and having a full practice. Having worked with hundreds and hun

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

dreds of clients over the years, I’ve seen it all. Other than “no knowledge of marketing,” one thing seems to come up over and over again, and it happened again this week, with a brand new client.

The client answered this: “Sometimes, th

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

Examples of combination products may in

‘Little Voice’ inside me asks, ‘Who needs my program anyway? This is basic information that I offer. People already know this stuff!’” This is so common, but in most every case, this is absolutely not accurate.

I have to admit, in t

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

e past, I too have taken for granted what I already know and teach everyday and started questioning my value in the marketplace. For example, when I was teaching holistic nutrition years ago, I sometimes wondered why people were paying m

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

(or WOULD pay me) to teach them about whole foods versus processed foods. To me, it was a no-brainer that brown rice was more healthful than white. But to a person who grew up on Twinkies, it was crucial that I explain it to them in detail,

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

Combination pro

and then the shortcuts to fitting in those brand new foods into their busy life.

I would also question the value of the cooking classes I gave once a month to 15 or 20 people crammed in my living room. As I was stirring carrots and o

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

ions on my Coleman grill in the middle of my tiny apartment, I couldn’t help but think “Are these simple recipes REALLY of value to them?” (I’d been through serious Boot Camp at the French Culinary Institute, so this came naturally to me.) B

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

t they kept showing up, asking questions, and referring friends. Go figure!

Even in the early years of my business coaching practice, I sometimes wondered about my value. Clients ask me daily about the secrets of marketing to get cli

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

nts to call THEM and filling their practice by networking. For me, it was now ingrained and like second nature. I took for granted that I knew it, because I’d been doing it for so long and knew that it worked. I thought everyone knew it too

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

nd that it was common sense.

On the contrary! What’s common knowledge for us, is a secret to someone else. Because we “bathe” in our information all day long, and for years, we start taking for granted what we know. We forget what we

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

know is actually a secret many others would do anything and everything to discover. It becomes the answer to their most pressing problem. It becomes the solution others have been praying for.

If you’re in this situation, you are probably

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

Following aspects would a

OVER-estimating what everybody else knows. The more common what you teach is to YOU and the longer you do what it is you do, the more you tend to undervalue what you know.

The irony here, as I’ve discovered, is that the more we teach

dd to the challenges in developing combination products:

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

things to our clients in SIMPLE terms, the happier they are, the more referrals we get and the more we make. It’s not the convoluted teachings that people are looking for. It’s the practical and simple solutions.

The real shame about

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

the whole undervaluing what you know is that as a result, you may be undercharging for what you offer. This is actually one of the major reasons why most people don’t have enough clients. Because they don’t see value in what they offer,

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

hey don’t charge enough, and there is therefore a low perception of value from the prospective client’s point of view. They then go somewhere else for the same exact information. Talk about a self-fulfilling prophecy!

Some entrepreneurs

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

ven go so far as discounting their services, or offering a sliding scale, because of their lack of confidence and low perception of value in what they offer. In my book, discounting is a BIG no-no. Again, it portrays a devalued product o

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

Professional from academic institutions, pharmaceutical industries, health care indust

service and it’s NOT Client Attractive.

YOUR ASSIGNMENT

Notice that your clients came to YOU for the information you take for granted. Sometimes, they may even have known some of what you know, but didn’t have the di

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

cipline, accountability, resources or structure to do it on their own. Many of my clients KNOW how to attract other clients, they’re successful, but they don’t have the discipline or accountability to do it on their own. So we do it together

.

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

This is actually my favorite type of scenario, because these clients are very driven and because we’re not starting from scratch in the learning process, we move at warp speed.

Be confident in what you offer (read your tes

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

Companies that provide selfless information through particip

imonials over and over until your confidence comes back).

See yourself as their problem solver. Charge accordingly and never discount your services. Ever.

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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Advice You - Undervaluing What You Offer? You May Be Losing Clients

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