Advice You - Business

Small businesses owners today are aware of the importance of carving an image in the minds of their prospective clients. They realize the effect of a catchy business nam

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

e, a distinctive logo and the perfect slogan as well as the effective execution of their brand through appropriate marketing material and advertising.

For a small busin

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

Examples of combination products may in

ess to stand out in the minds of their prospective clients, it is not enough to just look the part, they have to be the part. Thanks to developments in technology and 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.

propagation of information, prospects today are just as savvy as business owners. Put yourself in the shoes of your clients; would you rather go with a firm that looks

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

the part and makes huge promises or one with a record of keeping their promises? Far greater than a good image is a good reputation, for an image is who you say you are

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

Combination pro

ut your reputation is who others say you are based on their encounter with you or that of another.

It is essential that your reputation lines up with your image; your r

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

eputation is mostly influenced by the customer experience you provide. Here are a few tips to help you build a solid reputation and reinforce your image:

Keep y

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

ur promises. Don’t promise your clients the moon and the stars if you cannot deliver. Breaking a promise affects you integrity and the disappointment your clien

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

t experiences may result in the severance of the relationship depending on the severity of the situation. Offer what you are capable of delivering.

Be original<

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

strong>. Trying hard to fit in, or mimic the image of other more successful companies may be to your detriment; be you. As an example I chose the name The SoHo Cheerlead

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

er for my business because it represents what I want to accomplish, which is providing motivation and support to solopreneurs, it also represents my fun and witty streak

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

Following aspects would a

. Like you, your business is unique so dare to be original. Ensure that your image truly represents you.

Provide excellent customer service. Create a p

dd to the challenges in developing combination products:

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

sitive customer experience for each client from the time they contact you right until the completion of their project.

Exceed their expectations. Every

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

time you deliver service above what is required you are adding value and giving client cause to remember you.

Become an expert in your field by:

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

Staying on top of developments in your field.

Investing in training opportunities.

Writing articles and/or books.

Taking on speak

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

ing opportunities.
Educating your clients.

Focus on a niche. It is difficult to stand out when you lack focus. Stop being a Jack

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

Professional from academic institutions, pharmaceutical industries, health care indust

of all trades and get recognition amongst the group you have decided to target. You’ll gain popularity quicker and get more referrals.

Survey your clients
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ng>. Find out how you can be of better service to them and what other business needs you might be able to meet within your specialty.

Research your competition<
.

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
strong>. Learn from their mistakes and triumphs.

Begin with the end in mind. What do you want people to tell others about your company? Once you have
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
made up your list, integrate it into your mission statement and look for opportunities to accomplish the things on your list with every single client that comes your way

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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