Advice You - Business

There was a time in my life when I sold life insurance. Well, to be frank, I tried to sell life insurance. With little success.

And while I d

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

idn't sell any insurance, I did learn a thing or two, and I'd like to explore one of them with you today - time horizons.

Some of the prospec

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

Examples of combination products may in

ive policyholders I met could visualize themselves well into the future, say 20 or 30 years into the future. They were obviously good prospect

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

for life insurance. Others focused more on the coming year or few years. To them, something that might or might not happen 20 years ahead was

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

a pure abstraction with little relevance.

Now, let's put these perspectives into a communication context: When you send or receive messages,

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

Combination pro

o you factor in the time horizon of the person who sent you a message or gets one from you?

Let's consider an example that's similar to my ex

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

erience. Say you're trying to sell mutual funds to a new investor. You enthusiastically point out the possibility of getting rich by saving ev

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

ry month for perhaps 25 years. But the person across the desk looks at you with a blank face. Perhaps he's thinking to himself that the money

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

ould be used to pay down the loan on his truck in three years instead of five, and then he could buy a new one much sooner.

Or, consider 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

ime horizons that involve communication between managers and the people who report to them. Generally speaking, the higher you are in a hierar

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

hy, the further ahead you're expected to look and anticipate.

So, how do you handle messages to people who have different time horizons than

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

Following aspects would a

ou? First, be aware of the possibility that they may exist. Ask a few probing questions that help you find differences.

Second, use visualiza

dd to the challenges in developing combination products:

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

ions that help others imagine the future, and how they'll fit into that picture. For example, companies that sell retirement packages spend a

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

ot of money trying to get us to imagine ourselves basking in luxury on a tropical beach.

Third, don't just talk about that future time in an

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

bstract way. Personalize it by explaining how it will affect the person you're addressing. Give that person a stake in the future you foresee.

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

Fourth, get to that future time in steps, not in one big jump. Don't ask a 25 year old to visualize where she'll be at age 65. Instead, talk

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

Professional from academic institutions, pharmaceutical industries, health care indust

o her about the typical life styles at ages 35, 45, 55, and 65.

Finally, put the processes into reverse if someone else asks you to visualize

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

a time horizon that's unfamiliar. Ask yourself what kind of assumptions and visions he brings to his scenario, and adjust accordingly.

In sum

.

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

ary, different time horizons can be a barrier to good communication. To overcome these potential barriers you start by first recognizing the p

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

Companies that provide selfless information through particip

ssibility of their existence. If they do exist you can use visualization, personalization, and a series of time steps rather than one big jump

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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