E-Folder - Business

In the past, business was about selling products and services to make a profit.

From my personal observation in the mid 1980’s, while working as an advertising photographer in Chicag

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

o, I watched the advertising business turn from creative focus to focusing on bottom line results. The industry never really recovered from that change.

Here’s the problem with botto

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

Examples of combination products may in

m line focus. There are hundreds of thousands of people vying for each others “business attention.” Conservative estimates put the number of advertising messages each person sees at a

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

bout 1,008,000 and climbing every year.

No one cares about your bottom line. As a result, if your message is focused on generating revenue, it will fail a majority of the time.

S

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

o, how are sales made? How do we convert interruption into money?

1. By telling authentic stories about your talent and passion in business to people who care.

2. By having well

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

Combination pro

defined systems to deliver your story consistently and continuing the process of Edutising to keep interest and value high right up to the time of need.

3. By touching each prospect

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

you have permission to talk to at least 27 times before dropping them.

4. By developing a “mission mindset.” Your mission is something you MUST accomplish with your business. When 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

ou have a mission you will give people value no one else can offer them. You will be using your true and authentic talent in business to stand out from the crowd.

Where do you sta

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

rt?

Start by discovering your greatest talent and passion in business. Ask yourself the question “My greatest talent and passion in business is_________?” and fill in the

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

blank.

Then look at your existing client list.

* Who do you most enjoy working with?

* What industry are they in?

* How do you help them?

* What do they receive as a res

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

ult of working with you?

We will call this group your ideal client list. Now you have the basis for your “story” and you know what your ideal client looks like.

Next, what do you te

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

Following aspects would a

ll them? Start by educating them about your expertise. Create an article, e-book, audio product or other information that you can give away.

Then call up people who share the traits

dd to the challenges in developing combination products:

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

of your ideal clients and ask them if you can share your findings on _________ (the topic of your information).

Follow that up with a telephone call. Talk about their business in rel

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

ationship to the report you sent. Find out if they would like to take another step toward you. Set a clear follow up time and date.

Follow the phone call up with a thank you or good

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

to meet you card. Please do NOT send email at this step. Send something on paper that conveys warmth and a sense that you went out of your way.

See 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

.developyourvision.com/Methods.htm"> See Marketing Made Easy; Step 1: Creating an I Care Campaign for exact ideas on how to accomplish this step.

Document your process an

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

Professional from academic institutions, pharmaceutical industries, health care indust

d follow it consistently.

1. Gain permission to educate

2. Give something of value to the reader

3. Ask how that information was helpful

4. Find out how you can add more value

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

5. Keep your promises

6. Deliver service that is worth talking about

7. Exceed expectations

8. Give your new client a way they can share you with people they know

I know what yo

.

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

u’re thinking. This is way too hard to do, right?

Compare these ideas to the way you are currently working? Are you happy with your results in 2005?

If not, consider new thinking. 2

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

Companies that provide selfless information through particip

006 is a week away. The New Year starts in earnest next Tuesday.

Whatever you do, use the power of your true and authentic talent in business to be unique in a commodity driven world

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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