Advice You - Business

The usual complaint from companies is that Marketing simply does not yield as expected. So much effort, time, and money goes into campaigns, and yet the frustrations persist: Why aren’t sales up? Why are we not growing? And t

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

he truth, sadly enough, is that no one can really pinpoint what is working well, and what simply is not producing anything (and costing the company!).

As with anything else, preparation is key. Without laying a foundation for

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

Examples of combination products may in

success, success will not magically appear.

Strategizing

Strategy comes first, allowing you to determine your goals and what actions you will need to take accordingly. Once strategy is firmly in place, you will have the lan

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

guage at your disposal for all communications with your target audience.

Here are important areas to define:

1. Identify who you are, your values, what you stand for

2. Have a clear vision for where your company is headed, a 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

ission statement to live by

3. Be sure you understand your product and/or service well

4. Always know your audience inside and out

5. Dissect in great detail what the benefits of your product/service are

Note that going throu

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

Combination pro

gh this process is crucial whether you have been in business for a day or for a decade! And it is important to review these areas periodically, at least once a year. In doing so, you continually have a good grasp of who you a

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

re and what your purpose is as a company.

Your overall strategy unfolds from the above answers and statements. Before diving into the gameplan, answer the following questions, which will help define the direction you will ta

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

e in the years to come:

1. Where do we want to be as a company in a year? What does it look and feel like?

2. How about in five years?

3. Ten years?

Be detailed. Don’t hold back as you define every aspect of your organizati

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

on, and how you will interface with all those around you: management, employees, clients, and vendors. The thought precedes the event, therefore start by painting the picture, and its realization will happen naturally.

The g

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

ameplan

This is the fun part, the actual gears of your money-making machine. I recommend that you use a calendar approach, either via software, or through a wall-sized calendar that everyone can write on and reference easily

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

.

The calendar becomes your week-by-week or month-by-month roadmap for what you will be doing to reach your audience—the gameplan itself that will keep you focused on your goals. By knowing what is coming up well in advance,

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

Following aspects would a

you will be able to plan accordingly and execute successfully.

The purchase rarely happens right away, and it is therefore crucial to stay in touch with potential customers consistently over the long-term. This will gradual

dd to the challenges in developing combination products:

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

ly convince them that you are the company of choice, and allow them to overcome their fears and objections. Cutting through the clutter of SPAM and regular mail, billboards, radio, and TV—just to name a few—takes time. You ne

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

ed to stand out and have something useful to say.

To establish expertise and win audiences over, try these ideas:

1. A letter announcing an upcoming event. Hold a special event (presentation, seminar) and make a big deal abou

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

it.

2. A follow-up call on the letter. This is different than cold-calling, as you are specifically referencing this special event, of potential interest to that targeted individual.

3. The actual event. Whether showcasing s

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

ome product, covering some aspect of investing, health-related matters—this brings you face-to-face with your audience, allowing for unparalleled interaction.

4. A document follow-up to that event. You might choose to make a

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

Professional from academic institutions, pharmaceutical industries, health care indust

vailable information from the event, for those who were not able to attend. More educational material to draw them closer to you.

5. A case study or useful article that is mailed out. Not written about you, but about a topic r

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

elating to your business or industry. The case study is a powerful tool for discussing how you solved a customer’s problems, and can include testimonials that are worth gold.

6. An email announcement. Something useful that you

.

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

recommend that could be of benefit to your audience. Only to those who have opted in, of course.

Bottom line: do not bore or annoy your audience! Give them educational and interesting materials without actually selling (the

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

Companies that provide selfless information through particip

beauty and power of successful Marketing). You will be educating them towards the time when they choose to purchase from you—and there is nothing like working with a customer who already knows all about you and what you do

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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One day I was telling a friend of mine about all the reasons why he should do everything he can to keep the seller of a business he was buying on board to manage it. When I got through telling him why this would add years to his life and make his business life virtually stress-free, he asked what he should do if the owner wants to just drop out and retire? What should he say to keep that person in?

There is a lot of talk about leadership development but very little specific leadership skill training is available. It seems like success is dependent upon surrounding yourself with the right people and hoping they have the skills necessary to do the job. Compassion often prevents us from replacing those that don’t have the skills in a timely fashion and very little coaching and mentoring support is available within the company.

What seems now like a hundred years ago I owned and operated a company that was made up of three components: a monthly magazine that we converted over to the Internet (http://www.SBMag.org); a graphic art studio; and an advertising agency. While we were in our infant stages, one of the tools I used to build a client base was a one hour consultation for new business start-ups on how to get business with little or no advertising budget.

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