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Advice You - Your Social Network is a Powerful Marketing Tool
Now more than ever “who you know” is as important as “what you know”. Small businesses can realize huge results by leverag
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
ing the power of the owner’s social network. Most people don’t realize how many people they are actually connected to and
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
how valuable those connections can be. Here are some thoughts on leveraging your social network for success as a small bus
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
iness.
Let your friends know you are open for business. Many small businesses owners miss out on opportunities bec
Let your friends know you are open for business. Many small businesses owners miss out on opportunities bec
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
use they don’t want to “impose upon their friends” and ask them to patronize their business. While I agree that doing busi
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ness with friends can sometimes be a little sensitive, you probably have a large network of friends and “friends of friends
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
” who could potentially be using your services and telling others how great you are. Think of it this way: You are provid
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
ing great value. You have put your heart and soul into your business. You are proud of what you do. Your friends deserve
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
to benefit from all of those things. Let them know what you do and how you can help them.
Ask for referrals. Peop
Ask for referrals. Peop
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
le need to know how valuable referrals are to your business. My doctor, dentist, accountant and real estate agent all came
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
to me through referrals. Let everyone know that your business grows because people endorse your services.
Hand out bu
Hand out bu
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
siness cards. Don’t be afraid to give out your business card to anyone and everyone. That’s why you have them. Your
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
usiness contact information should not be a secret. Give your cards to friends and acquaintance. When you do, say something
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
like “give me a call if there is ever something I can help you with”. This makes a personal connection and people are mor
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
e likely to remember you.
Get on the Internet. If you don’t have a web site (or if your web site stinks) you are m
Get on the Internet. If you don’t have a web site (or if your web site stinks) you are m
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
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
issing out on an opportunity. Many people will want to “check you out” before they do business with you. Give them the op
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ortunity to do so. Develop a site with some good information on your business and the services you provide. This will enh
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ance your credibility and it will also reinforce your brand in the minds of potential customers.
Friendships are valuable.
Friendships are valuable.
.
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
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
The people you know should be your greatest asset as you develop your business. Give them every opportunity to help you.
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
As long as you are providing great value, don’t be afraid to leverage your social network for the benefits it can provide
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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