Advice You - Business

In the last Lesson (Look at my bio box below to get a link to it) we talked briefly about influence, our attitu

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

de and how it could be used to sell more.

Friend, it’s very important to understand this point:

When you have

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

Examples of combination products may in

your own business you must lead your customers to make a buying decision. You must assume the role of a leader

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

and use the influence you have to convince your customers that your product or service is the correct solution

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

o their problem.

Here’s a short story that illustrates this lesson:

When I was director of economic developme

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

Combination pro

nt for the City of Utica, NY there was a company that was in financial trouble that wanted the city’s help. It

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

as my job to complete the due diligence on the company to see if the were eligible for financial support and to

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

make sure that any financial assistance we provided them wouldn’t be a waste of taxpayer’s money. Although the

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

company was eligible for assistance, investing any money in this business would have been a complete waste. The

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

owner was very able to lead the employees to do a wonderful job…but he was not leading his customers so that t

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

ey viewed his company as the solution to their problems.

In fact, he had a customer list of 32,000 that hadn’t

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

Following aspects would a

been contacted in over 5 years! He had a few (large) regular customers that had kept the business afloat. When

dd to the challenges in developing combination products:

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

he ran into financial trouble he didn’t even call his bank who had his largest outstanding loan on the books to

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

let them know he was closing the plant for two weeks. The bank president found out about the closure in the new

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

s!

When most people think about leadership, they rarely think that marketing is a form of it. But it is.

If y

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

u want to be a millionaire Friend, you have to lead your customers….right to your door. Take them by the hand,

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

Professional from academic institutions, pharmaceutical industries, health care indust

gently, but with confidence and poise show them that you are the solution to their problems. DO NOT expect your

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

customers to choose to do business with you just because you’re nice or are well dressed, or you give away donu

.

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

ts.

You must be a leader of your customers and with firmness, empathy and gentle prodding get them to open the

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

Companies that provide selfless information through particip

r wallets. This YOU MUST DO every day if you’re to succeed.

More about Leadership Marketing in the next lesson

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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For more sales, better service, happier customers and employees, get Sales and Service working hand in hand. Customers experience both sides – each should support the other.

Businesses that don’t listen to what their consumers are saying and how the society rates them are bound to fail, sooner rather than later. Companies would do well to realize and accept at least the spirit of the statement: Business is for the consumer, by the consumer, of the consumer.

Gift Certificates can be a great revenue producer during the entire year, but your purchases will really increase around Birthdays and Holidays especially prior to Christmas. It is a great idea to feature this gift certificate sale right after Thanksgiving.

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