Advice You - Business

A few years ago, I was attending a family function when I ran into a cousin of mine. Having not seen her in more than three years, she told me that her son had graduated from law school a

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

nd had passed the bar examination and was now a lawyer at a very prestigious law firm in New York City.

"So what kind of law is he practicing?", I asked.

"Well....law, The American kind

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

Examples of combination products may in

" she replied.

"Ok, but what area of specialization? Bankruptcy? Criminal? Real Estate? Personal Injury?,” I inquired.

"You know, I don't really know, but I know he's a great lawyer,

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

or at least he better be with all the money I spent on his schooling,", she said.

"Do you have his business card?" I asked.

"Actually I don't have one with me. He never gave me any. He

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

aid just told me to have anyone with a legal problem give him a call. I'll give you his home number and you can talk to him about it," she said.

I'm sure that many people have heard pare

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

Combination pro

nts brag about their son "THE LAWYER" or their daughter "THE DOCTOR" or whatever profession they are in. But like my cousin, many of them are not familiar with what their son or daughter

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

really does for a living. All they know is that they paid for their kid to go to medical school, law school, graduate school and in their eyes, they are a success.

After the conversation

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

ended, I thought to myself about the many golden opportunities my cousin had missed for her son to acquire new clients. It was bad enough she didn't know what kind of law he practiced, bu

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

t what made it even worse is that she didn't have any of his business cards with her.

As a business owner or sales professional, people need to know what it is you do for a living. Your

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

first step is to educate your immediate "sales force" -- that is your family -- as to what you do. This doesn't mean that they need to know all of the technicalities of what you do for a

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

iving. At the very least, you need to train them to listen for key words, or to watch for certain circumstances where they may be able to provide a solution to someone’s problem.

For exa

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

Following aspects would a

mple, if you are a chiropractor, tell your family that if they hear a neighbor complain that their back is hurting after doing spring cleaning, that person may be a patient for chiropract

dd to the challenges in developing combination products:

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

ic treatment. You may want to train your mom to 1) identify a need, 2) provide a solution to the person's problem and 3) give them a call to action [tell them what they need to do] and 4)

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

make them prospect for future clients by giving out your business card, plus an extra card in case that person knows someone else who can benefit from your services.

Speaking about busi

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

ess cards, out of the thousands of business cards I receive each year, I am surprised whenever I get a card that is missing the basics: the address, fax number, email, or title, let alone

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

the person's full name.

I'm a firm believer that your business card must also spell out exactly what you do, if it is not apparent by your company's name. For example, if your business

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

Professional from academic institutions, pharmaceutical industries, health care indust

is the SUPER MEGA COMPANY, INC. and you clean windows, it should say "SUPER MEGA COMPANY INC" with the words "Commercial and Residential window cleaners" below it.

If you have a title in

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

the company, use it on your card. Are you the CEO? The account representative? The Vice President of Marketing? The Developer of Imaginative Ideas? People want to know.

The bottom line i

.

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

s that people need to know who you are and what the heck you do for a living. Start training your family members, your friends and clients to get the word out there about yourself. Once y

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

Companies that provide selfless information through particip

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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