Advice You - Business

Just as learning our ABC’s was essential to our learning to read and write, the importance of building a strong home-based business is essential to the growt

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

h of our business. Let’s continue to use our ABC’s and apply them to our business.

There are 3 simple questions you must ask yourself, in order to access yo

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

Examples of combination products may in

urself and your business. The answer to these questions will help you realize what areas of your business you will need to develop further.

1. Do I have th

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

e Ability to make this business succeed? Do you know HOW to do it?

2. Do I have the Belief in myself to make this business succeed? Do you believe you CAN

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

and WILL do it?

3. Do I have the Commitment to myself and my business to make it succeed? Am I willing to do WHATEVER IT TAKES to get it done?

When you p

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

Combination pro

ossess the Ability to make your business succeed your message is simple and clear, centered on what your clients need to know to make an informed decision. W

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

rite your down on paper to allow you to physically see what you’ve got, read it aloud, and hear how it will sound to your clients. Your message should incorp

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

orate 3 basic pieces of information

1. The benefit to them

2. The Post-it note version of your offer

3. Why your offer is better than another companies

B

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

eliefs are simply perceptions. Your attitudes and beliefs directly affect your actions, which eventually impact your results. Discover what your core belief

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

s are by using a process called ‘peeling back the onion’. Take one layer at a time and evaluate your perception of the situation. For instance, if you sell

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

a product and a customer tells you it is too expensive and you don’t know how to overcome their objection, examine why. Perhaps you agree that the product

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

Following aspects would a

is expensive. You can only overcome their objection if you believe in your product, no matter what its cost may be. Let’s ‘peel back the onion’. Can you a

dd to the challenges in developing combination products:

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

ttach a value to your product? Is there a benefit to them owning your product? Does the benefit and value of your product now substantiate the cost of the p

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

roduct? Do you now believe that your product is priced to meet or exceed its value? You see, the final layers are your core beliefs. These beliefs will a

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

llow you to communicate a consistently positive and trustworthy message to your clients and team members.

Commitment expresses our passion and purpose becau

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

se it requires action. Action that comes from commitment is what it takes to succeed. “Are you willing to do whatever it takes?” “Are you willing to work

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

Professional from academic institutions, pharmaceutical industries, health care indust

to overcome your fears?” Start by writing down three

Ways in which you fulfill your commitments to your business. Next, write down three ways in which you

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

do not. First, congratulate yourself on those you fulfill and commit to changing those you do not. This is your path to success. Finally, celebrate your ef

.

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

forts, not just your results!

For more coaching tips, go to www.YourTupperwareOnline.com. You will be able to read success stories from successful people wh

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

Companies that provide selfless information through particip

o used our coaching. Sign up for our free Ezine and receive valuable coaching tips including our next article featuring success using an accountability coach

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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