Advice You - Business

How good are you at telling a story? Not so hot? Well then it's time to brush up and hone that skill because your business, every business, is basically a story. And how well you

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

tell that story will determine if people (i.e. your customers) will continue to listen or politely walk away.

How do you tell a good story?

You start with a captivating, intri

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

Examples of combination products may in

guing hook. In the business equivalent, that would ideally be your company name. That's why evocative, and even provocative, names work so well. So in the elevator at the tra

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

e show it goes something like this... "Who are you here with ?" You then share your company name. If it's interesting, you'll probably get asked for more. If it's purely desc

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

riptive, (i.e. Superior Sprockets) they will assume they get the whole picture and move on. But if you say...

"I'm with Virgin."

...You just might get some interesting looks.

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

Combination pro

Someone might say, "I'm sorry, did you say 'Virgin'?" And then you would segue into how you represent the airline or record company by that name. If the conversation moved d

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

wn the hall, you might explain that Virgin represents certain attributes of the company, such as new approaches and fresh ideas to old technologies. That's just one of many e

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

xamples of telling a story.

So just what are the key components of this great story? First there's the name. We covered that. Then there's the descriptor phrase. That's not

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

the same as the tag line. The descriptor phrase tells, in a handful of words, exactly what it is you do. The tag line might be seen as too promotional to add in at this point

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

So imagine again being asked what company you are with and you say "Nike". "Really?" comes the response. (Pretend for demonstration's sake there's still someone who hasn't h

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

eard of Nike.) "What do they do?" At this point you would not say, "Just do it!" but instead say something like, "We're a world class provider of athletic gear."

The next st

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

Following aspects would a

ep, if you've kept your audience engaged, is to go onto the :15 elevator speech. Keep it short and simple and focused. Load it up with benefits that will keep listeners liste

dd to the challenges in developing combination products:

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

ing. So here's an example based on some of the work we've done.

Elevator door closes.

"Hi! Boring conference eh? Who are you here with?"

"I'm with TKO Surgical."

"TKO? Like t

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

he boxing term TKO?" (Quizzical look)

"Exactly!"

"What do you guys do?"

"We're a high end distributor of spinal implants in the northwest."

"So why the TKO?"

"It sort of mir

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

rors our philosophy of being fighters. We work to help the doctors get what their patients really need. And a lot of times that means fighting all the red tape and insurance

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

ompanies."

"Hey, that's really cool. Do you have a card?"

"Sure." (Hands over card)

"Well take it easy... and 'knock yourself out!'" (Laughs)

Now imagine if those elevator do

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

Professional from academic institutions, pharmaceutical industries, health care indust

ors had first closed and the answer to the initial question was "I'm with United Medical Management Associates." There's a good chance the conversation would have gone no fur

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

ther. There's no story starter there. In fact, you might just put them to sleep on their feet.

So take a few minutes and review your story. How does it start? Is it engaging?

.

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

Compelling? Even mildly interesting? And it doesn't have to depend on being named Monster or Amazon. One of our clients is simply named SupplyAmerica, but it begs the questi

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

Companies that provide selfless information through particip

on "Supply what?"

So build around the name, then the descriptor phrase, then the short elevator speech and you'll have built a great story and the foundation for a great brand

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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