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Useful Advices - Service VS. Location - Which One Wins?
So it comes down to the location of your business, which does not look that promising. You are at the end of the mall, the wrong end. You have major competitors nearby, ones with deep pockets. Do you sta
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
y in this location, how can you compete, profitably. In 2005, we assisted a company with this problem, while increasing sales 25% two years in a row over each previous year. How did we do it?
1. Product
1. Product
; 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
Selection
One of the most important items in service sales business today is product selection. You must be able to move your product as fast as possibly to increase volume but also be able to increase
One of the most important items in service sales business today is product selection. You must be able to move your product as fast as possibly to increase volume but also be able to increase
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
our square foot margin by moving old product as quickly as possible. Why is this? Well in today's market, there are a lot of providers of similar products and similar service and if you get caught in not
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
responding to product changes quick enough or not having staff to sell the benefits of exact products you can get caught with excess stock. This not only frustrates your staff, your company, profits but
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
lso hinders further customer preference in selection or when they are looking for the next item they saw advertised they want and go to their favorite store only to find they don't carry it. Trust me, if
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
this continues the customer will soon forget about why they went to your store and come less frequently or not at all.
So remember product on-hand was outdated and had to be moved.
2. The second
So remember product on-hand was outdated and had to be moved.
2. The second
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
if maybe not first to having actual stock is having knowledgeable staff. Who cares, people just choose and get their information on the Internet and just go to make a transaction. Not so, people still s
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
lect where they are going to buy that product or service due to a number of factors, and sometimes people do not want to stand in long line-ups. Sometimes people prefer no hassle over saving a few dollar
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
more. Think about it, if you could go to your local store that was closer saving time and transportation costs and avoiding people conflicts wouldn't you pay a little more. Perhaps they have something b
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
tter to due with their time, whether busy professional or a couple, with or without kids. Just think about it really, what is more valuable then time.
Service/Staffing Knowledge not up to customer's
Service/Staffing Knowledge not up to customer's
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
nowledge levels.
3. If your staff knowledge is high and you can expedite a transaction avoiding hassle and time and reinforcing benefits and assuring of their purchase success people will prefer yo
3. If your staff knowledge is high and you can expedite a transaction avoiding hassle and time and reinforcing benefits and assuring of their purchase success people will prefer yo
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
. Just think about it, do you really want to go to BIG BOX. It is about the savings, but in the end if your not going to load up your purchases and even if you do, is it really worth it. Not to mentioned
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
wandering around, the less service responsive BIG BOX to find out where it is located, if there is any stock. Those wonderful low prices might mean they are out of stock and you just wasted a trip. TRY c
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
lling in to BIG BOX, Good luck! Incentive to call little store with great service and no long line ups that appreciate your business and understand your needs.
Benefits of Products not explained prop
Benefits of Products not explained prop
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
rly to customers.
4. Oh, it's hard to find staff and make a profit with these high wages with these young unmotivated people you say. Why not give them a reason to be there instead of just serving c
4. Oh, it's hard to find staff and make a profit with these high wages with these young unmotivated people you say. Why not give them a reason to be there instead of just serving c
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
stomers or stocking shelves. But that is their job you say. Why don't you get them to actually determine levels of service, levels of selection. Novel idea you say, but can I trust the stats and what the
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
really do. There are ways to monitor performance and build staff personality types that are interested in expanding your business, you would be surprised. However, every generation has a different style
.
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
or response. See Boom, Bust and Echo by David Foot.
Staff not motivated to sell a higher sales $ of products.
In essence, we aligned the staff, customers and owners with a similar vision of uniq
Staff not motivated to sell a higher sales $ of products.
In essence, we aligned the staff, customers and owners with a similar vision of uniq
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
e products, available at a value with extra service that customers appreciated and told others. In certain product categories we outsold Wal-Mart, we even had their manager shop at our store for products
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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