Advice You - Business

We all know, some of us too well, what can happen when we do not set boundaries in our personal lives; does the term “door mat” ring any bells?

I know that sound

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

s harsh but I’d be lying if I didn’t say there was a time when I did not set proper boundaries in my personal relationships and it felt as though others were wipi

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

Examples of combination products may in

ng their dirty boots with me and not loosing a wink of sleep over it! Can you relate?

Failing to set solid boundaries in business, particularly as solo pros and

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

small business leaders, can not only affect you personally but it also spills over into the perception others have of your personal brand. Setting clear and cons

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

istent boundaries is essential to ensure that you express what your brand and business stand for, which will increase your client attraction potential.

In

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

Combination pro

part 1 of this article, I shared the first and most important ingredient for brand success and that is to Define Your Role. Here, I share the remaining three key

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

ingredients to whipping up a brand that brings you wild brand success:

Set Limits

Defining your role sets the stage for creating limits in your business

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

. Do you return phone calls or accept meetings after hours? What about your cell phone? Is it available to your clients 24/7? In your business, those limit

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

are your choice and are yours to protect.

It is not uncommon to launch your business and have zero limits. After all, you’re in building mode and you feel

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

you must accept whatever client(s) come your way – slicing, dicing, julienning your services, whatever it takes to build a more solid foundation. You DO have a c

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

oice. If you set limits early in your business it may be slower to grow BUT you will create a brand experience that is consistent from the onset of your business

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

Following aspects would a

. Again, the choice IS yours.

Just Say “No!”

Some formulas never change. Just as 1+1=2, setting limits means you will be faced with having to say “no”

dd to the challenges in developing combination products:

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

to some things. There’s no question that this can cause your palms to sweat like a pan of vegetables, but understand that many of the prospects you’re presented

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

with will appear as opportunities when in fact, they are time and energy zappers and leave a bad smell in your brand kitchen. The key to knowing what to say, “ye

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

s” to and what to reject is being clear on:

Your brand values
The needs of your target audience
Your business and personal limits
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

Be Consistent

All great brands (personal or otherwise) consistently deliver on their promise of value. The boundaries you set for your brand commu

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

Professional from academic institutions, pharmaceutical industries, health care indust

nicate to the outside world what your brand stands for, the integrity of your brand and the respect your brand insists upon. In the world of personal branding, y

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

our business is inexplicably linked to YOU – one does not exist without the other.

As the head “chef” in your business, it is incumbent upon you to set the rules

.

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

tone and overall expectations that your target market and other alliances have of your business. Now that’s a recipe for brand success!

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 - Your Recipe for Brand Success, Part II

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