Advice You - Business

Even though this is the last issue in our series on mindset, the topic itself is always there because every action we take is born from a thought we had first. What we think

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

comes from how we think. For example, becoming successful starts with thinking you’re going to be successful, which was born from the idea that you can be successful. No 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

goes into business thinking they’re going to fail.

An interesting twist on this is that in order to be successful, we have to project an image that says we already are succes

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

ful. This is because each of us wants to do business with someone who’s an expert at what they do. When we’re looking in the yellow pages for a plumber, we’re not thinking “

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

ow which one of these is the cheapest?” We’re trying to figure out which one is the best.

Our brains are constantly scanning our environment and attempting to make sense of

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

Combination pro

hat they see and come into contact with. To do that, the brain compares the new experience to past experiences and makes a judgment call about the new experience. It labels

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

hat new experience based on how it compares to the old experience.

Let’s say you go into a store or office and see outdated colors or styles, peeling wallpaper, and nicks in

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

he counter top. Your brain then compares these current images with images it has stored under headings like “successful business,” “professional,” “competent,” and so on. Th

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

s current experience / environment doesn’t fit under any of those. The brain says to itself, “This environment falls under ‘cheap,’ ‘rundown,’ ‘small time,’ and other negativ

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

words and phrases.

Now, as a business owner or leader, you may be thinking “I don’t want to waste money on cosmetic appearances. I spend the revenue I get on training, equi

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

ment, and pay for my staff.”

That’s all well and good, but your prospects don’t know that and they’re looking at the image you present to them – through your physical busines

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

Following aspects would a

/ office space, your promotional / marketing materials, and even your personal image – and making value judgments about what they see.

Each of us wants to hire an “expert” i

dd to the challenges in developing combination products:

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

his or her specialty. Therefore, as business people, we’ve got to present ourselves as experts all the time. We have to look the part of someone who’s at the top of our pro

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

ession; our marketing materials have to look like they represent someone who’s at the top of his or her profession; and our office has to look like that too.

The best way to

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

et feedback on how you, your business environment, and your staff come across is to survey your existing customers, customers who haven’t dealt with you in a while, and potent

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

al customers who fit the profile of your target market. You can also contract with a company who will send “mystery shoppers” to visit your facility or contact you. They’ll

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

Professional from academic institutions, pharmaceutical industries, health care indust

ive you feedback on how you, the business, and your staff come across.

This can be scary but it’s better to get the information and make the changes needed rather than wonder

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

why you’re not as successful as you should be.

This leads us to our next three-part series which will talk about the importance of research in brand building and marketing.

.

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

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

Companies that provide selfless information through particip

n building a brand that resonates with your target market and to view their portfolio." Also, visit our BrandReturn blog

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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All larger companies and all those who have been in the market for several business cycles are prone to an (identity) crisis. Corporate identity and the product of the company are related. This is quite important when dealing with change.

IT consulting should be focused around selling services; not products. You should consider aligning yourself with vendors if you are going to providing specialized IT consulting.

Many complain that CEO make too much money, as the average is some 300% more than the rank and file. If the companies were doing well that is no problem, yet if the company is rolling in the profits it would make sense and the shareholders might agree that this is a good policy, as it is a reward for success.

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