Advice You - Business

When I first launched my career as a full-time professional speaker it was in the early 90s and my friends told me that I needed a computer. What I was going to use it for was still a mystery to me? I visited

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

my local technology store and made an appointment to have the manager demonstrate this retailer’s house brand computer, a Tandy.

At the time, this company that I guess once sold radios from a shack used “your

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

Examples of combination products may in

technology store” in their print and broadcast advertising. It was a good positioning strategy for a national chain. Since locally, they were my “technology store” I had fully intended to buy a computer there,

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

that day. When I arrived, the manager was still messing with the computer. It seemed that he was having trouble making the technology run correctly—that was clue # 1.

Finally, he somewhat got the technology

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

orking but we were interrupted by a customer who had come in the store to pick up her computer. Her technology (a computer similar to that which I was considering) didn’t work and the store people sent it out

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

Combination pro

or repair—that was clue # 2. The manager and I were not directly interrupted because the woman was dealing with the counter clerk. In time they got louder—as the technology (computer) was not back as promised.

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

The store manager was trying his best to ignore the woman. Perhaps he figured why mess with an unhappy customer when he was trying to make a sale? I messed him up though, by suggesting that he handle the sit

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

ation. I told the manager that I’d be happy to wait for him. He approached the counter with the store clerk and the not so happy camper, the customer.

I was blown away by the fact that he made no real effort

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

to solve the woman’s problem. In fact, he basically told her tough luck! While sometimes I might be a slow learner that was clue # 3 for me. Was this the kind of place that I wanted to spend my money? Before t

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

e manager got back to me at the table where the Tandy computer sat, I had visions in my mind of one day being that same woman, needing help and being told, tough luck!

When the manager approached me, he now h

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

d three strikes against him in my mind. I thought, “Perhaps others liked to buy their ‘technology’ from the guys that once sold radios from a shack—but, not me!” So I told him that I was late for an appointmen

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

Following aspects would a

t (yes, I told a lie) and I got the hell out of there. I did not want to be an unhappy camper customer in two or three weeks. He blew a $1,600 sale that day. I have always wondered how many retail sales that m

dd to the challenges in developing combination products:

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

nager was personally responsible for sabotaging during his employment at that particular technology store? If he sabotaged just one sale like that each day for six months—five days a week for 26 weeks—gosh, t

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

hat’s only $208,000.

What could you do with an extra $208,000 every six months?

>Hire better employees?

>Train your employees better?

>Go on a much-needed vacation?

>Pay your vendors on time?

>Pay the IR

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

?

>Buy new store fixtures?

>Buy new technology for your store?

>Buy advertising on your local cable TV station?

>Put it in the bank for when you are an old fart?

>Buy that Porsche you’ve always wanted?

>

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

nd the list goes on and on…

When you are serving a customer, or the lack there of, you are on display. Potential customers are watching your actions. You can preach customer service, customer satisfaction and

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

Professional from academic institutions, pharmaceutical industries, health care indust

value from the highest peaks, yet your prospects are watching your actions. And, your actions speak so loudly, that most really can’t hear a word that you are saying—they are too busy watching your actions.

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

dditionally, anytime you are selling new or innovative technology, you had better be sure that the demo works. If a customer is just a bit hesitant about using something new, as was I in this example, a simple

.

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

screw up on your part will send the prospect running as far and as fast as they can. Most people need help with technology. What is old hat to you, most likely is rocket science to your customers and prospect

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

Companies that provide selfless information through particip

—treat them kindly.

To access helpful additional information from Ed Rigsbee at no charge, please visit www.rigsbee.com/downloadaccess.htm

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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Advice You - It Doesn't Work for You, But You Want Me To Buy It?

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