Advice You - Business

Legend has it that Pablo Picasso was sketching in the park when a bold woman approached him.

“It’s you — Picasso, the great artist! Oh, you must sketch my portrait! I insist.”

So Picasso agreed to

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

sketch her. After studying her for a moment, he used a single pencil stroke to create her portrait. He handed the women his work of art.

“It’s perfect!” she gushed. “You managed to capture my essence with one

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

Examples of combination products may in

stroke, in one moment. Thank you! How much do I owe you?”

“Five thousand dollars,” the artist replied.

“B-b-but, what?” the woman sputtered. “How could you want so much money for this picture? It 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.

ly took you a second to draw it!”

To which Picasso responded, “Madame, it took me my entire life.”

I love this lighthearted anecdote, most graphic designers do as well. It perfectly illustrates th

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

e amount of dedication and energy devoted to a love of art, which is sometimes not appreciated by clients. I know a lot of graphic designers that are seriously annoyed by this; they get upset that clients don’t appreciate the

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

Combination pro

r craft. The question is, should they be upset? The answer is, no.

In our previous example this woman hired Picasso for art, and that's what he's created. That’s what most graphic designers create – art. Busine

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

ss owners, unless they sell art, don't really want art from a graphic designer - that's not what they are buying.

I know, you’ve got to be saying, “What? If they’re not buying art, what are they buying?” From ta

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

lking with business owners, both clients and non-clients, I've found that more than any other reason, business hire graphic designers to grow their business, make them more successful and MAKE THEM MORE MONEY

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

That's not what art does, that’s not what Picasso does – so as a business owner, maybe you shouldn’t hire Picasso for your graphic and web design. And if you’re an artist, I would suggest you spend more time

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

working on the function of your craft rather than form.

So what does this mean? Well, it means that smart business owners are not going to look for Picasso sitting in the park or Starbucks to design a logo, col

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

ateral materials or a web site for their business, instead they're going to hire someone who can help them make more money. Graphic designers (artists) are only a good investment if they can help you grow your busines

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

Following aspects would a

s, attract the customers you want and help you make money.

Let’s say for example that you hire a graphic designer to create a full-color advertisement in a local magazine. You have what you feel is the

dd to the challenges in developing combination products:

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

absolute best ad in the whole publication, you run the ad for 6 months and the ad doesn’t generate inquiry even though your ads in the past have. Do you feel you’ve wasted your money?

The Bottom Line for

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

Smart Business Owners:
Smart business owners are less concerned about the price of a designer and more focused on the return they’re going to get on their investment. Instead of shopping and ultimately selectin

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

g a designer on cost, they should be asking themselves, “If I invest XX dollars in this person, will I be able to recapture my investment?” If you’re a smart business owner, you want to get past just looking at cost.

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

Now this doesn’t mean give Picasso $5000 freely, but look at investment, ask yourself, will it make you more money in the end than what it is initially going to cost? If the answer is yes, make the investment. If $5000 is goi

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

Professional from academic institutions, pharmaceutical industries, health care indust

ng to get you a piece of art that’s not going to help you make more money, don’t make the investment unless you like collecting art.

There are 3 main ways to make more money:

Get mor

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

e customers

Charge a higher rate to your customers

Sell more to the customers you have (frequency of purchase)

If your designer doesn’t help you achieve one, two or all three of these ways to

.

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

ake more money for your business – you need to look into working with another designer - period. That's why it only makes sense to hire business-savvy designers who do more than design, they can help you grow your bus

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

Companies that provide selfless information through particip

iness, and they guarantee their results. Between a business savvy designer and Pablo Picasso, whom would I personally give $5000 to design for my business? The one who could make my business more money – sorry Picasso

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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Are you thinking about starting your own business? Or are you really new in your business? Are you confident you have what you need to succeed? Check out this article to see if you have the right formula.

What if the market for your product or service could be increased? The payment options you offer your clients may limit your market size. If we all had to pay cash for our cars, we might be driving slightly different models! Would the market for a product or service in your business be enhanced if you were to offer additional methods of payment?

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