Advice You - Business

A few years ago I was working as an insurance broker selling car insurance. There was one person th

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

at kept sending me referrals. Dozens of business referrals and sales leads every month. I made a lo

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

Examples of combination products may in

of money off of these referrals. I wanted to buy this person a gift as a thankful gesture. I went

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

out and bought an expensive bottle of wine. Just before I was to give this person the gift, I was d

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

scussing it with my boss. I told him that I had bought the bottle of wine for this person as a busi

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

Combination pro

ess gift. My boss stopped me right in my tracks. I was not allowed to give the bottle of wine as 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

gift.

It turns out that as a licensed insurance broker, it was against the association's guideline

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 give anything other than a nominal business gifts to clients. A nominal gift may be something l

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

ke a coffee mug, a pen, a desktop business card holder, and so on. Anything more could be misinterp

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

reted as a kick-back. A kick-back is often seen as inappropriate and portrays an image of favoritis

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

. You hear media stories of this all the time in politics. It doesn’t leave a good impression.

An

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

Following aspects would a

nsurance broker that gives anything more than a nominal gift could have his broker's license revoke

dd to the challenges in developing combination products:

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

d by the broker's association. So I could not give my gift of a bottle of wine to this person.

Is

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

iving a business gift to your corporate client appropriate? Yes or no?

Even though it may be a goo

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

business networking tactic, it may not always be appropriate.

Not all salespeople belong to a gov

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

erning association that has a stringent set of rules in regards to corporate gift giving. But, if y

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

Professional from academic institutions, pharmaceutical industries, health care indust

u do not belong to a governing association, your own employer may have a company policy on corporat

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

gifts. Not only that, the recipient of your business gift may work for a company that has a policy

.

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

on accepting business gifts.

An act of generosity may have unintended consequences. So, before yo

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

Companies that provide selfless information through particip

buy anything more than a nominal gift for a client, find out if it’s even appropriate or permitted

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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Your business may be making you a profit, but are there things you can do to make it better? Do you offer your customer the best possible transactions? Taking the time to get to know your customers can increase your business. That doesn’t necessarily mean getting to know each of them on a personal basis, rather knowing their needs, their wants, predicting the goods or services they will purchase, and being prepared to keep up with changes in the market.

Harry Lorayne and Jerry Lucas, the former basketball star, teamed up years ago and wrote a sensational little self-help manual: THE MEMORY BOOK. You might have seen these two appearing on “The Tonight Show.” Their “act” consisted of simply memorizing and then repeating in order the names of everyone in the audience during a given program. That amounted to hundreds of names! Lorayne and Lucas point out that we may listen adequately, but remembering what we've heard is our real problem. Businesses would be wise to teach both listening and memory skills. If they did, they’d have happier customers and make more money, says Dr. Gary S. Goodman, President of Customersatisfaction.com, top speaker, best-selling author, and Fortune 1000 consultant.

Moving into a new Human Resources leadership role changes everything. And many new HR managers miss the point. And failure to grasp this point trips up their career more than any other reason.

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