Useful Advices - Business

For some reason, the term “elevator speech” makes me feel sleepy. These self-introductions tend to be dreary

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

and boring. They follow a predictable fill-in-the-blanks pattern.

The first time someone explained the con

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

Examples of combination products may in

cept to me, he used Option 1: “You know how stressed-out people get when they’re moving? Well, I have a thre

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

e-step easy-move system...”

Yawn.

Option 2 starts off more marketing oriented. “I work with solo-preneurs

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

ho are struggling to sell themselves without sounding sales-y.”

True. But I’ve discovered a better way to t

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

Combination pro

ell my story...by telling a story.

Recently I met a financial consultant who opened with, “I help clients m

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

anage money. For example, one client was a recently divorced woman who just suffered a devastating financial

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

loss. She was afraid she’d have to declare bankruptcy. Two years later, she’s living in her own home and buy

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

ing investment property...”

Well, I may have gotten a few details wrong, but that was the gist of her story

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

. Everyone in hearing distance leaned over to ask, “Can I have your card?”

So I went home and, just for fun

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

created some examples from my own experience.

“For example, one client had a beautiful calling card websit

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

Following aspects would a

e but all the revenue came from face-to-face networking events. We overhauled the website, added an e-course

dd to the challenges in developing combination products:

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

and created a section to showcase her services. Now the website brings in serious inquiries – and occasiona

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

lly a sale after a single phone call.”

“For example, I wrote a press release for an arts group’s annual sem

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

nar. The story got picked up by the big city papers and a couple of suburban weeklies. We tripled attendance

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

rates from the year before and the group had to go out and find a new meeting room.”

No success stories? T

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

Professional from academic institutions, pharmaceutical industries, health care indust

oo new?

“For example, a client might come to me with a brilliant information product on a hot topic – and a

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

track record of zero. I would help the client discover hidden benefits, develop some bonuses and write a dir

.

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

ect response sales letter that would bring in revenue almost immediately.”

Isn’t this a lot more fun than,

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

Companies that provide selfless information through particip

“I help people who...”

After all, an elevator speech is copy, just like your web site and your sales letter

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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I understand the allure of trading these wild news events. I used to dream of it myself. It sounds like easy money. Just trade for short periods of time. Make a great return on your investment. It sounds so good!

If you want that dream job, you may need more than an expertly written resume or flawless interview. In fact, you may be asked to pass a test.

Here are my answers -- sometimes - never - maybe - it all depends. You may think that's an indecisive response, but few things have concrete, no diversion, answers, especially when it's your future and financial security.

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Useful Advices - For Powerful Business Networking, Elevate Your Elevator Speech

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