Useful Advices - Business

One of the best books you will ever discover to help you grow your business is Doug Hall's 'Jump Start Your Business Brain'. It is an underground classic that is absolutely wonderful advice - it is the book that hel

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

ped me break free of mediocrity into a life I absolutely love.

One of his biggest points in the book is how you can create a company that is *dramatically different* than any, and every, competitor in your marketpla

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

Examples of combination products may in

e.

It doesn't sound easy at first.

Honestly, how many hairdressers or dry cleaners or grocery stores are there in your city that are DRAMATICALLY different?

Few and far between.

In fact, it appears to me that mos

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

t business owners lose all sense of creativity when they start their business.

The typical process they go through?

Look at what all their competitors do, where they advertise, the types of advertisements they run,

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

the marketing materials they use, the web sites they have... and then they COPY everyone else.

Open your yellow pages for proof... in house painting or carpet cleaning... what is DRAMATICALLY different? Or any sect

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

Combination pro

on for that matter.

How do you create a dramatic difference in your business? And why should this be considered important?

First, having a dramatic difference gives you a 353% better chance of succeeding (based on

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

thousands of business success stories being ran through a computer model Doug Hall invented). That alone should be enough.

So - tripling your odds of making your business the leader in your industry is all you need

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

o know at this point.

NOTE: 80% of copycats end up failing in their business - so this is very important.

Now, let's get into how to create your own dramatic difference.

1) List out all your biggest benefits you p

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

rovide right now. If you struggle with this - list out all your features on the left side of the page then the benefit of that on the right.

2) List out your competitors biggest benefits as well - same method.

3) C

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

oss out the benefits on your list that are the same as your competitors.

(great service is not a benefit - everyone says that - unless you do something different with your service offerings)

4) Is there anything le

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

t over? If so, you have the start of a dramatic difference. If no, you need to get real serious about this. If your customers can't tell the difference between you and your competitors you are in trouble (and they j

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

Following aspects would a

udge this by this same process - who appears to be different or better?)

5) Can you create a dramatic difference from this so far?

6) Can you answer - ' is the first to offer _________ in this in

dd to the challenges in developing combination products:

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

ustry' or 'What makes different is that we are the only company out there that offers _________'?

Write out 6 answers to each of those.

Does it SHINE? Or does it suck?

If your statement doesn't leap

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

off the page as a big breakthrough - keep working on it. What difference could make your business 10 TIMES greater than all your competitors?

With so many daily distractions in front of your potential customers -

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

ou have to create a MASSIVE difference in their eyes.

What would make them stop everything they are doing to visit your store, read your ad, or answer your letter to them?

Find a way to become dramatically differen

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

and you will succeed. Probably the best way to find your own dramatic difference is to look at what your competitors are doing - and do the opposite! And the easiest way to do the opposite is to look at OTHER indust

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

Professional from academic institutions, pharmaceutical industries, health care indust

ries to see what they do differently than you do - THEN find a way to use their difference in your own business.

If you paint houses - copy the service ideas behind cleaning companies, window cleaners, tree trimmers

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

If you run an accounting firm - copy the service ideas behind printing companies, marketing consultants, house painters, car detailers.

If you run an information product business - copy the service ideas behind lu

.

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

xury property rentals, artists, paving companies, fence builders, moving companies or pizza delivery companies.

YES - these are completely off-the-wall, unbelievably abstract ideas. That's the point!

Find out what

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

Companies that provide selfless information through particip

works best in other industries (stands out as the most bizarre way to do business in your own industry) - and copy that idea. Try it out for a few months and see how people respond.

You will be pleasantly surprised

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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A manufacturing company with 120 staff historically bought their company vehicles from the local dealer who offered excellent service, choice and most importantly a large discount. The quantity of cars required at this stage was six and two vans, which they purchased from ex-demonstration stock. The next step was to contact hire, lease or finance their vehicles to save cash flow.

You and your coach are a partnership focused on you and your success. Coaching isn't a magic wand; it is a lot of hard work. You need to be committed to the process. Change, especially the kind evoked through coaching does not take place overnight. You will make subtle and powerful shifts if you are willing and able to commit to your success. Coaching is about your being in the present and focused on the future.

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