Advice You - Business

There are two types of people who own their own businesses or professional practices. Those who work in their business, and those who work 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

/b> their business.

Here is the abbreviated version of what these ideas mean: working “in” your business means to treat it as a job. Day to day activi

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

Examples of combination products may in

ties that fall under the very important category of “minding the store,” but never looking beyond the business-as-a-job mindset.

In contrast, working “o

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

” your business means to treat it as an appreciating asset. To intelligently market and grow your business so that you leverage not only your own effort

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

s but you also leverage the efforts of your employees and your marketing.

Not sure which category you fit into? Here’s the test: Will your business di

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

Combination pro

e when you die, or will you be able to pass it along or will your family be able to sell it as an asset? If it is not an asset that appreciates in value

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

you have been working “in” your business.

Clearly, “minding the store” is important, but those types of activities can never be the top priority. The

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

top priority of any business, the most important activity of any business owner, must be generating leads.

Without new leads, even the most thriving bus

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

iness will eventually dry up and there will be no store to mind.

Here are some ideas to succeed in this all important business activity of generating le

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

ds:
Create ads that pull in potential customers at all stages of their buying cycles. Most ads only target those people who are ready to buy ri

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

ght now, but miss those people who are just beginning to consider buying your product or service.

Appeal to people at all stages of their buying cyc

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

Following aspects would a

les by offering free information. Create ads that offer free tips on buying fuel efficient vehicles, how to choose the right air conditioning unit, or o

dd to the challenges in developing combination products:

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

her free information that will help your potential customers.

Use robots to fulfill inquiries. Use voice mail systems to give a recorded message to

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

people who call in for information, or use auto responders for those who request information by email. Robots allow you and your employees to spend you

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

r time with people who are buying now, while the robot handles the follow up for those who have not yet reached the final stage of their buying cycle.

<

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

i>Track your ads. Measure the number of inquiries and eventual sales that result from each ad. Test one ad against the other and then focus your money

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

Professional from academic institutions, pharmaceutical industries, health care indust

on the winner. But keep testing so you can constantly and continually improve the performance of your advertising.

Train your employees to help you

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

measure your advertising results. You have paid a lot of money on your advertising so don’t fumble in the dark by failing to put your entire team behind

.

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

tracking their results.

Starting today, make the decision to work on your business. Focus your energies on the all-important job of generat

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

Companies that provide selfless information through particip

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 - Turn Your Business Into A Lead Generating Machine

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