Advice You - Business

Obviously, it hurts when a promising business project you backed financially goes down the tube.

But while you point to many possible causes, seldom do you attribute the wreckage to a lack of effective communications that might have modified the behavior of sales pro

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

spects in a positive way, thus averting a money-losing shutdown.

Is it not possible, Mr. or Ms. Venture Capitalist, that aggressive publicity and promotion might salvage the occasional, marginal investment?

I believe it could, so here is a suggestion.

Make it stand

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

Examples of combination products may in

ard operating procedure, starting with your next venture, (a minor cost compared to your investment) that any project you back MUST include an adequately funded, top-notch plan to aggressively publicize the venture.

Here's why. In public relations, we know people wil

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

l act on their perception of the facts before them about your new venture. Further, we know that those perceptions will lead to predictable behaviors, good or bad, about which something can be done.

So when we create, change or reinforce that opinion by reaching, pe

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

rsuading and moving-to-desired-action those folks whose behaviors affect your new venture, your public relations effort is a success.

I know you have startup worries beyond public relations concerns, but consider for a moment some very serious PR exposures faced by

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

Combination pro

that new venture of yours, and especially by the new management you recently installed.

If sales prospects are not made aware of your product or service, you will not get them as customers. And, as customers, if they don't remain convinced of the value of your produ

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

ct or service, you lose them.

If employees believe your new management doesn't care about them, productivity suffers, and if a minority person believes your new venture discriminates when it doesn't, a host of unnecessary problems may ensue.

For that matter, if co

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

munity residents perceive your new business as a lousy place to work, you have employee hiring and retention problems. And if insurance carriers perceive your new management as a bad risk, they don't provide the needed business coverage.

There's more. If journalist

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

s are suspicious of your new management's motives and they are not convinced otherwise, the venture gets "bad press." And if business people believe what some competitors say about the new business, that strategic alliance your managers want so badly may not come

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

about. Plus, as you grow bigger, if government regulators believe the venture's products are not completely safe, sales will almost certainly be negatively affected.

By the way, this article calls addressing these kinds of risks a new idea for venture capitalists bec

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

ause I've yet to see it discussed or even mentioned in the public press.

Fortunately, you can put the kind of PR we're discussing to work immediately on behalf of your newest venture by introducing the new program to its managers with a brief, no-nonsense charter.

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

Following aspects would a

Possibly along the lines of "yes, yes, I know you're very busy but it's our money on the line here and we're going to do everything possible to make it work!"

From that might flow these "marching orders" to your managers.

You will take the time to meet with members o

dd to the challenges in developing combination products:

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

f your most important audiences and evaluate their feelings and beliefs about you and the business.

You commit to take action when you discover troubling perceptions that could lead to negative behaviors.

You accept that what people BELIEVE to be true, versus the tr

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

uth, defines your public relations problem.

You will raise your profile, and that of the business, by regularly speaking before business and fraternal clubs, by meeting with the media and by promoting your business as appropriate, thus building the kind of good will

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

you will need should things go awry.

You will prepare carefully thought out, persuasive messages that directly address the misconceptions you discover during your periodic fact finding sessions.

You will select effective communications tactics that will carry thos

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

e messages to your key audiences in a timely manner. And you will choose from a wide array of tactics such as meetings, speeches, luncheons, facility tours, promotional events, emails, media interviews and many more.

And finally, you will track the progress of your p

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

Professional from academic institutions, pharmaceutical industries, health care indust

ublic relations effort by speaking regularly with members of those key audiences, and monitoring both the media and the reaction of community residents and other businesses, adjusting your strategy and tactics accordingly.

Yes, Mr. or Ms. Venture Capitalist, it does h

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

urt when a promising project you backed goes down the tube.

Of course, you are, and must be concerned with a host of financial, human resource, legal and competitive issues for each new venture.

At the same time, in my view, you must remain vigilant as to how a singl

.

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

e issue - potentially dangerous, unattended perceptions among a key audience -- can nudge a fledgling business closer to failure than success.

Fortunately, the "marching orders" outlined above will lead your venture management team to resolve such issues without a ma

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

Companies that provide selfless information through particip

jor investment in either time or money.

Please feel free to publish this article and resource box in your ezine, newsletter, offline publication or website. A copy would be appreciated at bobkelly@TNI.net.

Robert A. Kelly © 2005

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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