Useful Advices - Business

So what do you do? For more than a year and a half, after having attended dozens of Business Chamber Mixers, professional workshops and social networking events and failing to get good quality leads, I finally figured out the problem…I was literally answering the question. Who knew

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

that what they asked, what they implied and what they meant would result in three completely different answers intended for three entirely different people? And being that I am a dominant right-brained, artistic and visionary being, I really didn’t need that much room for “creative

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

Examples of combination products may in

nterpretation.” The question implied was “So what do you do…for your customers?” But what they meant was what specific value-add do you provide for your specific target profile customer? Indeed, how you create your 30 second elevator speech is both a science and an art. It is a sc

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

ence in that you need to know the proper elements to formulate it so that it doesn’t blow up in your face, and it is an art as far as the when, where and how you present it. In order to create an effective elevator speech that quickly pre-qualifies your target customer, there are th

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

ee things that you have to clearly define and incorporate:

1. What is your great idea and, more importantly, what specific problem does it solve?

People tend to talk a lot about the importance of benefits, saving time, money and doing business more efficiently and what hav

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

Combination pro

you. But how can you make that tie back to you without sounding like everybody in your industry? The answer is you have to think back to why you started your business. The reason that so many of us started a small business is because we worked for another company; and after doing t

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

ings the same old boring way for year after year, one day we thought of a new and better or faster or creative way to do things. These niche concepts are essentially what build the backbone of America’s thriving small business community. So think back to why you started your busines

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

. Whether you sell a product or a service, what specific problem was your business created to solve?

2. What specific customer is your specific solution geared toward?

Sometimes you will hear this customer profile type referred to as your “target customer.” Yeah, exactly,

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

hat does that mean? Your target customer is a person or group of people that have to fit in a very narrowly defined profile. The target customer should be defined all the way down to their job title, geographic area, extracurricular interests, the kinds of publications they read and

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

the kinds of places they most likely hang out. And why is this important? Because if you go to a general “small business” networking event where there are lots of other business professionals, networking can be like a shot in the dark. You may have to work a little harder to find a

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

ommon thread and figure out how it is possible you can leverage each other’s pre-existing customer relationships. And, of course, everyone at the event is trying to do the same darn thing. After a few hours, you might get all disenchanted and weirded out because you are starting to

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

Following aspects would a

feel like you are on a first date. The next thing you know, you are really reaching and getting creative to find that common thread. That is your right brain kicking in, LOL.

3. Seek out places where your specific target customer would most likely spend their time.

Use tra

dd to the challenges in developing combination products:

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

e journals and industry specific websites to search their calendar of events. Think of places like conferences, trade shows, social networking events or workshops. I am not suggesting that you become a sponsor or try to get a booth, as both of those are not usually viable options es

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

ecially for small businesses. But instead consider alternatives like being an event attendee, writing an article for the trade publication or organization that is hosting the function, offering to moderate a roundtable, host a workshop or be a speaker. Imagine if you defined your ta

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

get customer as office managers at doctors’ offices that have 20 employees or less in blankety blank geographic area. I am sure you could probably easily think of three places right now where you could go and find those people. It would also be far less challenging than trying to de

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

ide which professional networking events you will go to in hopes of making those most promising contacts. Even if ultimately you may be attending a lot fewer events like medical conferences or seminars that have “sales people” there, your chances increase significantly of getting ap

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

Professional from academic institutions, pharmaceutical industries, health care indust

ointments because you would always be surrounded by tons of pre-qualified prospects.

Also, people would get to know you because they would see your face over and over again at all the different events and would start to leverage you as an industry resource. People buy from people t

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

ey know and trust. You have to get your face or name in front of people six or more times for them to remember who you are. So bottom line, you need to find places where your specific target customers congregate and tell them directly what you specifically do for them.

When buildin

.

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

the perfect elevator speech to use with your target audience at your industry specific event, you would introduce your name and the name of your company. Then you would say who you help to do what. Here is a 30 second elevator speech example: My name is Mary Jones of Medical Moneys

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

Companies that provide selfless information through particip

vers and I help office managers at small medical offices (like yours) to cut their manual billing process in half by automating their system.

Your elevator speech tells them the what. Your first appointment tells them the why. And after the contract is signed, you show them the how

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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One professional? How could one professional handle all my printing and marketing needs?

Are you frustrated with your employees and wonder what you can do to improve their efficiency and reduce your stress? Would you like to be more successful as a boss, manager, etc.? Are you an employee and you want to enjoy working with your superiors, reduce your stress, and be more effective? If you answered yes to any of the above, then read on and learn some important insights and solutions to assist you to reach your goal.

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Useful Advices - Ding! Are You Going Up With Your Elevator Speech?

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