Advice You - Business

Whether you are already running your own business, or still thinking about starting your own business, I suspect that deep down you know you have gifts and talents that can really make a difference to others. In an ideal world, you'd spend the majority of time doing the work you love to do, with a ste

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

ady stream of clients knocking at your door as and when you want them. The reality, however, can be somewhat different, and the whole process of finding new business can be a time consuming challenge full of uncertainty.

Some would be entrepreneurs are so intimidated by the idea of finding clients

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

Examples of combination products may in

that they never put their dreams into action. Others start promising businesses, yet give up disillusioned by the frustrating lack of clients. Some die-hards persist, but at great emotional and financial cost as the uncertainty about attracting and maintaining clients takes its toll.

But it doesn'

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

t have to be this way. There is a way to reverse the sales process. Imagine, if you will, a situation where instead of having to go out and chase new business, qualified buyers are seeking out YOUR expertise. Imagine putting your marketing efforts on 'automatic pilot' so the right work turns up as and

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

when you need it. Imagine being able to pick and choose which projects you want to work on. Can you imagine having the confidence to turn down work that doesn't meet YOUR criteria?

Here's a metaphor that nicely sums up this approach. Imagine two boys in a garden. Both of them want to catch birds. O

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

Combination pro

ne of them is frantically chasing after birds; the other just stands still holding out birdseed in his hand and waits. Instinctively, most of us recognise that the second boy will be more successful. Yet most sales techniques used by businesses today involve some form of 'chasing' with the net result

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

hat prospective clients are scared away. In this article you will discover how the birdseed approach can help you attract rather than chase clients, and even get them eating out of your hands!

'But that doesn't apply in the business world', I can hear you say. 'If it were that easy, why don't I alr

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

eady have all the clients I want?' Well there are a few possible answers. Some of us have entered the commercial garden, but forgotten the birdseed! Others haven't even taken the birdseed out of the packet. Some of us have the birdseed in our hand, but clenched so tightly the birds can't get to it. If

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

you are to adopt the latter approach, it's important to spend some time selecting the right birdseed. So what's your birdseed? To answer this question you need to know who you are aiming to attract, so that you are offering the birdseed which is most tasty and appealing to your target clients.

1.

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

Take a moment to think about your prospective clients. What are their concerns and fears? What problems are they struggling with right now? What are their hopes and desires? Be willing to think laterally as you think about what is most important to them.

2. The next step is to align what you have t

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

offer with their most pressing concerns and needs. How can you help your target clients even before they become a client of yours?

3. It's important to emphasise that you already have skills, knowledge and expertise that is valuable to your prospective clients. The trouble is most of us take what

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

Following aspects would a

comes naturally to us for granted, and completely underestimate the value of what we know to our prospective clients.

Not only is what you know very helpful, you could be using it to attract your prospective clients, by packaging your knowledge and expertise in a form that meets one of their curren

dd to the challenges in developing combination products:

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

needs. A classic way of doing this would be to offer a free report or information pack which answers a question or solves a problem that your prospective clients have.

For example, if you are a recruitment consultant, you have probably noticed that some of your existing clients are more successful

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

at attracting and retaining talent than others. Now if you sit down and reflect upon this, you could probably come up with five things that the companies who are successful at retaining talent do that others don't. This could be based entirely on your personal observations over the years. Voila! Fles

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

out your opinions and you now have a report, '5 ways attract and retain talent' or ''What companies who are successful at attracting and retaining clients do that their competitors don't'

This does not need to be a ground breaking piece of academic research. I want to remind you that you already h

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

ave an opinion on this, which may well differ from the mainstream view, and if I asked you this question over lunch, you would have no problem in coming up with an answer.

4. Once you have your article written, you could offer this free report by placing a message or short ad in a place where your

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

Professional from academic institutions, pharmaceutical industries, health care indust

arget clients congregate. I call this a magnet - something that provokes prospective clients to raise their hands and say, 'I'm interested!' By requesting your report, responders indicate that they are interested in this topic.

Now, not everyone who requests your report will be a hot prospect, but

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

there will be some potential clients within this group. The free report would just be the starting point of your relationship. From this point you could offer more 'birdseed' each time demonstrating your credibility in this subject area, up until the point when the prospect asks, 'can you help me', or

.

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

a one-to-one conversation is necessary.

This is a low cost way to generate leads and position yourself as an expert in your particular field. Yes, it takes a little brainstorming, imagination and creativity on your part, but the knowledge which shapes your 'birdseed' should come naturally anyway, a

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

Companies that provide selfless information through particip

nd the time spent thinking about the needs and desires of your prospective clients will never be wasted.

(c) Bernadette Doyle, 2004. Reprint rights granted to all venues so long as the article and by-line are reprinted intact. This article may not be used for any publication unless it is opt-in

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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If you are considering switching to a career in pharmaceutical sales there are a number of factors to take into account. Pharmaceutical sales is a rapidly growing field, and one with impressive potential for success.

Everywhere we go we see or hear the word 'free' attached to every label of every product or service. Yet, time has taught us that everything comes at a price and our minds are subconsciously programmed to steer-clear of the sinister that is called 'free'.

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