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How would you like to have great customers lining up to do business with you? Consistently, day in day out?

Does this sound like a dream for you?

I hope not.

For a g

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

ood profitable growing business – it’s a reality. And as a business coach – it’s what I speacilise in.

I have found that a majority of business owners are good at mana

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

Examples of combination products may in

ing businesses. Yet few are good at growing a business.

Growing a business is a rare skill.

Think of all the business owners that you know, and how many of them are 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.

le to grow their business at will… when they choose… because they know what they are doing… rather than it happening to them by accident.

Growing a business is a rare

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

kill. But it can be learnt… and it’s what I teach.

When you want to grow your business… the focus switches a lot to marketing. There are a number of areas that you hav

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

Combination pro

to work on, but for this topic let’s consider marketing.

Marketing is what will allow you to control the growth of your business… so I suggest you do as much as you c

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

n to learn about marketing your business.

It’s the goose that lays the golden eggs.

With many of my clients, adding a million or more to their business is now a matte

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

of planning and executing the marketing strategies and systems we have put into their business.

Marketing your business effectively means defining your target market,

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

and reaching them through a series of methods to let them know you exist, and getting them buy from you when they need your type of product/service. Then once they have

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

bought, getting them to return to you, and to refer more business to you in the future.

Over a period of time, your effective marketing can literally sky rocket your b

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

siness growth.

One business I worked with grew from scratch to $6 million dollars in just 18 months.

When you do it right – it pays dividends.

With an effective mark

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

Following aspects would a

eting plan in place you’ll literally be flooded with new customers, and of course existing customers – wanting to buy from you.

For some lucky businesses this can happ

dd to the challenges in developing combination products:

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

n over night… for some it takes months… it all depends on the lead time.

You’ll begin to experience a sudden growth in sales. And if you have the right trading terms i

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

place, your cash flow will improve dramatically. Conversely if you have poor trading terms for your customers – you’ll feel the pinch of poor cash flow. And if you get

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

it wrong it can really sting you.

So make sure your payment terms are favorable for strong growth…

With effective marketing drawing in lots of customers willing to bu

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

you’re in a position where you can ‘pick-and-choose’ your customers…

Thus you can choose what you’re going to put up your prices and only deal with the ‘better’ level

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

Professional from academic institutions, pharmaceutical industries, health care indust

of clients, thus taking advantage of higher margins and a reduced workload… or do you keep the same pricing levels and choose to expand your structure in terms of more

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

eople and equipment to service the booming workload.

The choice is yours.

And it’s a good position to be in.

There really are several things you can do… but the resu

.

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

t should generally be the same.

The result I focus on with my clients is moving them towards working less and earning more.

You can have this too – when you market ef

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

Companies that provide selfless information through particip

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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How you sell your business and at what price are critical considerations to be aware of BEFORE the sales transaction is ever contemplated. This article presents strategies for sale that consider virtually every kind of potential buyer.

In most industries in the United States of America we find that there are competitors who were willing to cheat and they are very careful to cover their tracks. In fact, there are companies that specialize in corporate espionage.

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