Advice You - Business

Are you ever in the situation where you are introducing yourself and your business and don’t know quite what to say? Here are 3 important tips for establishing your expertise and impressing

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

your potential client.

1. Develop a killer “elevator speech”. You may have heard this phrase before; it’s a standard response of one or two sentences that quickly summarizes the es

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

Examples of combination products may in

sence of your business or service, identifies your target audience, and the benefits customers might expect. Let’s say for example you train real estate agents to successfully get new client

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

s and property listings. You might say something like “I teach residential real estate agents to increase their new client base and property listings by 20% within 30 days.” Or if you were

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 life-coach specializing in balancing work and home life you might say “I teach busy professionals how to balance work and home life to make them 10% more productive on the job and 100% happ

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

Combination pro

ier at home.” There are several important factors in your elevator speech.

First you need to be able to describe what you do in a few words, not an entire paragraph. Second you need to com

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

municate exactly who your target market is. In the first example we targeted residential real estate agents, ruling out commercial agents. Third you need to deal with what I call the “so wh

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

at” factor. The so what factor highlights the impact of your services. In the case of the real estate agent listings increased 20% within 30 days. Make sure that your elevator speech is qu

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

ick, informative, and definitely has a “so what” factor.

2. Make sure you can describe what you do in the language of your listener. Recently I was on a call with a solo-entrepreneu

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

r who had a fascinating niche consulting service. Unfortunately when asked what services her business provided her answer was so full of politically correct words and generally vague stateme

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

nts that I actually have no idea what she said. When asked a second time she spouted another sentence full of fluff and puff and I was just as confused as before. I had no idea what her ser

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

Following aspects would a

vices actually were, who her target client was, and what the benefit of her services might be. She went on to develop a quick sentence that described “in laymen’s terms” what her business wa

dd to the challenges in developing combination products:

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

s all about, who would want to hire her, and what benefit they could expect to their business. Once she got rid of the fluff and puff, stopped using jargon only used by those in her field, a

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

nd started using words that her potential customers would use to describe their needs, she was off and running.

It’s so tempting to use words that you think sound impressive, but your target

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

client won’t be impressed if they can’t understand what you’re saying. Make certain that you’re using the language your customer would use in order to better communicate your business and 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

ervices.

3.Remember to listen, listen, respond. An important aspect of interviewing communications is the ability to really listen to what’s being said, to listen to what’s being com

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

Professional from academic institutions, pharmaceutical industries, health care indust

municated without being said, and only then respond. All too often people do not really listen at all, or listen to just part of the message, and then rush to respond. Make sure you stop an

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

d take the time to actively listen. Consider the motivation or concerns behind what they’ve said. Then if you need to, ask a few questions before you fully respond. Don’t have a fast-food

.

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

conversation where you respond before their comments or questions have a chance to develop any real meaning. I know you are eager to get your information out there and impress the client. B

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

Companies that provide selfless information through particip

ut take the time to listen, listen, and respond. The payoff will be worth the effort!

By following these easy interviewing communications techniques you’ll be on the way to business success

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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A great article that explains why it's important to focus on marketing instead of selling.

A curious thing happens to entrepreneurs in the spring of every year. They wake up one day and realize they had better figure out how much money they made last year so they can pay their taxes. But w...

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