Advice You - Business

In last year’s animated film Shrek II, a giant gingerbread man steps on a building and sends all the customers scurrying across the street. The name of the establishment they leave and the one they run into is “Farbucks” – poking

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

fun at the fact that an unending stream of patrons appears willing to pay four bucks for a cup of coffee.

While it’s an exaggeration to say there is one on every corner, since 1992, Starbucks has exploded from 192 locations to mo

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

Examples of combination products may in

e than 9,000 worldwide, and will average four new store openings every day this year.

Starbucks isn’t the only retailer attempting to create density in the marketplace. Walgreen’s and CVS are popping up locations everywhere – usu

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

lly across the street from each other, just like Lowe’s and The Home Depot. In my small community, there are even two Shell stations on either side of the primary street; definitely a strategy of getting your customers coming 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

oing.

As a small business owner, your challenges probably lie more in the area of finding new customers than in what area to open your new location. The first step in growing your business is to own the three-mile radius surround

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

Combination pro

ng it. Before worrying about how to get folks from the other side of the city to do business with you, make sure you’ve taken the proper approaches to informing everyone who lives and works nearby that you are there for them.

The

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

e are many techniques for getting your name out to prospects, and you may already be utilizing some of them. Networking at community events is a great way to become visible to your potential customers. And don’t be shy about askin

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

g your best customers to refer you to their friends and associates. Advertising in a local magazine is an excellent way to reach those in your target market. Direct Mail, billboards, Yellow Pages, radio/TV and even a magnetic sign

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

hung on your car door are all proven forms of effective advertising.

An often overlooked marketing gem is public relations. Think of PR as free advertising…with one big difference. With advertising, you pay for the ad and control

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

the message. When it comes to PR, a newspaper or magazine publishes a story about your company and charges you nothing, but they control the editorial content. Despite this important distinction, PR has the potential to send many

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

ew customers your way.

To get publicity for your business, write a press release containing your newsworthy information. Don’t worry about making it fancy, just include the “Who, What, Where, When, Why and How” and your contact i

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

Following aspects would a

formation. Find out the names of the editors of local publications who distribute in your three-mile radius such as the Tri-County News, Local Villager and Area Sun, then send them – by fax or e-mail – your press release. Be sure

dd to the challenges in developing combination products:

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

o follow up the next day with a phone call asking if they received it, and if there is any more information you can provide. They’ll respect your determination and you’ll rise to the top of their “possibilities” file.

Editors are

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

always looking for news, but be aware they don’t like press releases that appear to be promotions or sales pitches. One of the first things I learned in journalism school more than 25 years ago is “Dog bites man. No story. Man bit

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

es dog. That’s news.” Be creative in crafting your press releases. Start by thinking about yourself. What makes you unique?

One of our coaching clients is a former two-time individual world champion in his sport. When opening his

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

business, he decided to separate the successful athlete of his youth from the aspiring business owner of his adulthood, so “people would take me more seriously.” When we started working together, I immediately suggested he change

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

Professional from academic institutions, pharmaceutical industries, health care indust

hat philosophy and capitalize on the champion angle. After sending out a few press releases, he started receiving many calls from editors who recognized the connection between perseverance as an athlete and a business owner. The e

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

suing articles led to speaking engagements at community events and, ultimately, to more customers.

The mythical kingdom in Shrek – home of Princess Fiona – is named Far Far Away, and some area businesses are able to attract custo

.

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

ers from far away neighborhoods. The faux jewelry and fashion stores you would drive miles to visit are perfect examples, as are unique restaurants far far away. If your business doesn’t fall into this category, remember to focus

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

Companies that provide selfless information through particip

n owning your three-mile radius. There are plenty of potential customers within that circle just waiting for you to tell them how you will make things better for them.

Copyright © 2005 by Success Handler, LLC. All rights reserved

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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