Advice You - Business

How many of you have a corporate web site? Everybody says “Yes”.

How many of you know its proper URL? OK, most of you.

How many of you have read everything on

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

the web site? Numbers are dropping like stones here. How many of you contributed information on the web site? Anybody there?

When was the last time you look

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

Examples of combination products may in

d at the section related to your business segment? A year ago when it first went up? Has your business progressed since then? Does anybody know it?

Why am

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

I asking so many questions? Because serious exhibit attendees can answer all of these questions about your business.

I’m seeing more sophisticated prospects

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

nd buyers at shows - and where did they get the information - those questions that stump you? From your very own web site.

How Do You Shop on the Web?

Think

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

Combination pro

about how you get info off the web and what you do with it. Do you buy a car directly (a few) or do you “shop” for information, and then go kick the tires, di

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

cker and deal.

Generally, you’ll buy based on these three levels of comfort

1. You’ve done business with its brick-and-mortar or mail order operation (The Gap

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

Lands End).

2. You have faith in the legitimacy of the site based on reputation (i.e., Amazon.com).

3. The site is clear, the product meets your need and you

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

feel it’s a fair deal.

Same thing with attendees. Except thatat a trade show, they’re not walking the aisles to just unexpectedly happen upon you. They hav

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 an agenda, and it’s often because of the Internet.

They have the list of exhibitors and have evaluated your firm by its web site. Now, at the show, they ha

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

e the opportunity to meet with you first hand, to review literature, see demonstrations, sample product, test your knowledge, and be steps closer to closing

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

Following aspects would a

a deal with you.

First Appearances Count

What happens if you don’t know what’s on your web site and the attendee does?

1. You appear uninformed about your ow

dd to the challenges in developing combination products:

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

n firm. Attendees consider that you are not a serious player

2. Your company appears to take the trade show lightly because you are not properly trained by y

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

ur firm. It's a waste of the attendee’s time and effort.

In essence, if I - as the attendee - take the time to narrow down my list of potential partners, inc

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

uding your firm, and you - as the company’s representative - don’t know as much about your firm as I do - well, Bubba, I think I’ll pass. You have to have v

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

ery compelling reasons for me to do business with a firm that is less informed about itself than I am about it.

Why is this critical? As trade shows draw mor

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

Professional from academic institutions, pharmaceutical industries, health care indust

international clients, I see foreign firms sending high-level decision-makers who have spent time to evaluate firms based on web information. They come wit

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

a preselected list of potential partners. And, I see US firms still sending Junior Execs who think “being cute” or “knowing the buzzwords” or having a “gre

.

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

at booth” or “super prize” will win a deal.

Words to the Wise

So, when you select your staff for the next show, make sure one of the requirements is familia

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

Companies that provide selfless information through particip

ity with your own web site. Often, it’s the first and most critical step an attendee has to evaluate your firm before actually meeting you on the show floor

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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