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E-Folder - Words of Value, Words of Truth
When was the last time you thought about the words your business uses to describe itself and what it does? In the rush of market pressures and getting things done, it's easy to forget that we establish ou
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
r unique value (and values) in relationship with those who happen upon our web sites, brochures, articles, papers, and sales literature.
We aren't using words merely to make nice sounds. We're establishi
We aren't using words merely to make nice sounds. We're establishi
; 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
ng dialogue with the people we are best equipped to serve. Once we've identified those people and understand how to express our unique value from their perspective, we have to consider the value words we
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
want to use to create openings for engagement. What words will we use to convey our unique value to our ideal customers and clients?
What Are Value Words?
Value words are action words, verbs or verb phr
Value words are action words, verbs or verb phr
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ases, that reflect:
- What we claim to do.
- What we claim to believe.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
analyzing the value words it uses to describe what it claims to do. When a company claims to "offer innovative solutions," what is it really saying? It is professing to be an innovator, but is that a qual
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
ity in which its ideal customers are interested? And does the company in fact deliver innovative solutions to its customers?
It isn't that the words themselves are good or bad. It's that the value words
It isn't that the words themselves are good or bad. It's that the value words
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
e use must match what we actually do in our relationships with customers and clients.
The Value Word Exercise
My friend Richard Scott of Paragon Coaching once reminded me that what a company beli
The Value Word Exercise
My friend Richard Scott of Paragon Coaching once reminded me that what a company beli
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
eves about itself and its customers can be ascertained in a five-minute study of its web site. And he's right.
Furthermore, it's an interesting exercise to ask a company's customers if the value they rec
Furthermore, it's an interesting exercise to ask a company's customers if the value they rec
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
eived was what they expected given the language used in the marketing material they received (or on what the sales person told them).
When the words a business uses reflect the beliefs and goals of the c
When the words a business uses reflect the beliefs and goals of the c
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ompany as a whole, customers get it. But when the words used are at odds with what's delivered, customers get out.
When I assess the One Straight Line web site, I see we use words like "help," "clarify,"
When I assess the One Straight Line web site, I see we use words like "help," "clarify,"
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
"articulate," and "connect." We believe in creativity and in the necessity of "understanding unique value" from the customer's perspective. That's exactly what we help our clients do -- connect with thei
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
r customers and other stakeholders. We frequently reassess our material to be sure it's clear about exactly what we do for our clients, based on the feedback we receive from them.
We recently analyzed th
We recently analyzed th
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
e web site of an imaging software and services company. In less than five minutes we knew why potential customers had a hard time figuring out what the company does: It uses words and phrases like "organi
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
es," "streamlines communications," "a unique breed." The buzz words are conveying one message of value, yet the value actually delivered to customers is quite different. The value words being used do not
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
align with what the company actually delivers.
Customers want to know what's in it for them. When you want to engage a customer, use value words that reflect your understanding of their needs. It's a sim
Customers want to know what's in it for them. When you want to engage a customer, use value words that reflect your understanding of their needs. It's a sim
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
ple idea that requires a lot of work on our part. The results are always worth the effort.
Practice, Then Take the Value Word Test Yourself
Examine at the web sites for several different companie
Practice, Then Take the Value Word Test Yourself
Examine at the web sites for several different companie
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
s and practice finding the value words they use. Is it easy to figure out what they can do for their potential customers, or is their unique value obscured by the words they use? There is a direct correla
.
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
tion between a company's ability to connect with its ideal customers and its financial results.
That's right: Successful companies use value words that reflect what they do in ways their potential custom
That's right: Successful companies use value words that reflect what they do in ways their potential custom
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
ers immediately understand.
Now...what about your own material? What do your value words tell your ideal customers about what you do?
Here's hoping you deliver on the promise carried by your value words
Now...what about your own material? What do your value words tell your ideal customers about what you do?
Here's hoping you deliver on the promise carried by your value words
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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