Useful Advices - Business

One of the easiest ways to increase business quickly is through referrals. Unfortunately for most business owners and salespeople, this is somethin

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

g they struggle with everyday. What if it was made easy? How much would your business increase if you were provided one referral from every existin

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

Examples of combination products may in

g client? Even better, what if they made a quality introduction for you to a new potential client?

The difference between a referral and a quality

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

introduction is simple. A referral is a lead passed on from a client that he thinks you should meet, typically including the individual’s name and

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

number. However, this ends up being a glorified “cold call” most of the time. A quality introduction, on the other hand, is a completely different

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

Combination pro

situation. This is an introduction by your client where he provides information about how you met, why he uses your products or services, and most

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

importantly how you helped him solve a problem or get results.

Now that the difference between a referral and a quality introduction has been est

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

ablished, we need to eliminate the “head trash” we all live with everyday. I define “head trash” as the reservations, fears and past experiences th

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

at keep us from thinking and acting clearly to achieve the results we desire. For example, if you aren’t currently comfortable being asked for a re

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

ferral from an associate, chances are you won’t feel comfortable asking for one yourself. Another important factor in removing “head trash” is your

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

belief. You must truly believe that you are the best and most qualified individual in your industry and that everyone is better off working with y

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

Following aspects would a

ou more than anyone else.

Now all you need to do is put the two parts together. Get rid of your head trash by believing that you are helping other

dd to the challenges in developing combination products:

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

s by asking for the referral and then upgrading the introduction by preparing the client on how to introduce you. For example, after asking a clien

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

t for an introduction, he might say “I have a great lead for you. Here’s his name and number.” I now have to move the referral to a quality introdu

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

ction by asking some background questions about the lead and replying, “Thank you, would you do me a personal favor? Would you call your friend and

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

give him a little background on how we met, why we started working together, and the results you’ve achieved working with me? Also, at the end of

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

Professional from academic institutions, pharmaceutical industries, health care indust

your conversation, would you make sure that he will accept my call?” In some cases I will actually role-play the conversation with my client to ins

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

ure he knows how to handle the introduction properly.

Try to eliminate the “head trash” and try out this approach with your happiest clients. You’

.

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

ll see the difference in the introductions you receive, how receptive the leads are to meet with you and most importantly, their interest in doing

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

Companies that provide selfless information through particip

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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