Advice You - Business

The old adage “you get what you pay for” makes for a good sound bite, but it is simply a myopic perspective based upon a misinterpr

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

etation of the value of “Free”. The ultimate marketing hook has always been, continues to be and will remain the “Free” give-away.

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

Examples of combination products may in

Free does not diminish value nor is it beneath a premium provider or brand…Rather ”Free” is simply a very intelligent way to levera

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 your strengths. In today’s blog post I’ll examine the lost art of how to use “Free” as a strategic marketing advantage.

Brand sn

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

obbery is not the key to success, and very rarely will someone make a purchasing decision based upon a positioning strategy of demo

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

Combination pro

strated arrogance. A key focus area should be in establishing a bond of trust and engendering credibility with your target market.

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

Moreover anything you can do to remove barriers and shorten the selling cycle is time very well spent. Nothing gives you the chance

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

to demonstrate competency, overcome objections and communicate unique selling propositions better than a “try before you buy” strat

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

egy. It is a very rare occurence that I speak with an executive or entrepreneur where I can’t reach an agreement so why wouldn’t I

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

want every possible chance to do so?

If you believe free offers are for discount providers or brands, or that they are not used by

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

busy or successful professionals, then I would encourage you to reevaluate your thinking as it may be resulting in lost opportunit

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

Following aspects would a

ies. Our firm has a premium brand and we use free give-aways as a key component of our marketing strategy…I am a very busy executiv

dd to the challenges in developing combination products:

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

with numerous operating responsibilities at the corporate level as well as maintaining a personal consulting practice. I charge up

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

to $5,000 dollars a day for my time and receive a $7,500 dollar honorarium to speak, and yet I take the time to author this blog a

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

d often give away my time at no cost or obligation.

You will find that the most sought after professionals will always invest thei

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

r time as they have nothing to hide and everything to gain in doing so. From my point of view, the best thing that can happen is fo

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

Professional from academic institutions, pharmaceutical industries, health care indust

prospective clients to speak with other firms and then for them to speak with me…I certainly don’t want to do anything that would

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

stand in the way of letting the client compare me with my peers.

Bottom line…free consultations, free access to white papers or ar

.

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

icles, performance guarantees, discounted, tiered or bundled pricing models, rebates or a any number of other incentives that incor

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

Companies that provide selfless information through particip

porate a free offer will result in an increase sales and customer loyalty. Still not a believer? Call me and let’s see what happens

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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Logistics is defined as possessing the right amount of substance at the correct time and for the appropriate price. It is a discipline, which deals with the procedure of any organization and has operational and financial impact. It fits in with all types of industry segments, and administers the completion of project life cycles, supply chains, and ensuing efficiencies. Freight logistics involves working with experts who merge expertise in freight transport with focused knowledge of certain industrial sectors.

In order for your dreams and visions to become a reality, you must continue to think that you're going to become successful, that you're going to surpass all of your expectations in life, and that nothing is going to come in your path to prevent you from achieving your goals.

As a manager of a business, non-profit or agency you need to make sure you do not come across as arrogant to your employees or team. This is often hard if you are dealing with folks who have not thought thru their comments, questions or are so new that they ask ridiculous questions. I use to have a rule that was; Ask three then me

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