Useful Advices - Business

Returning home from a party late on New Year’s Eve, my good friend, Bruce Perry, found himself sucked into a Richard Simmons infomercial at 3:00 in the morning.

Despite Bruce’s de

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

sire to lose some weight, he didn’t seem like a likely candidate for this material. Bruce could easily be described as the poster child for masculinity – a true alpha male. Yet,

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

Examples of combination products may in

there he was watching his polar opposite, Richard Simmons, in the middle of the night, on the first day of the year, completely sober-minded. Bruce wasn’t sure why he did what he

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

id, but it certainly seemed like the right thing to do. Something came over him as he reached for the phone with one hand, and his credit card with the other. That’s right, guys,

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

a man we are proud to call one of our own bought the Richard Simmons weight-loss tapes.

When the tapes arrived, Bruce looked at them with pure wonderment. The corner of his mouth

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

Combination pro

perked up when he noticed the shrink wrap protecting his self-admitted peculiar purchase. He knew full well that he would never hear the end of it if he actually opened, let alon

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

used, these tapes. A light bulb went off in Bruce’s head. His reputation and self-pride would remain intact only if he left the shrink-wrap on the tapes. This would be his only

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

proof that he had never used them. To this day, the shrink-wrapped tapes remain as unblemished as the day he received them.

These days, there are consumer-based articles everywhe

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

re that would claim that purchases like Bruce’s are due solely to clever marketing. There are advocates that try to expose the “tricks retailers use to get you to buy their stuff.

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

These tricks can include flashy displays, setting impulse items by the checkout, or placing certain items at the back of the store so customers must walk by other products to rea

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

ch them. The simple fact is that whether you are watching a Richard Simmons infomercial or shopping at your favorite big-box retailer, you are doing so because there is something

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

Following aspects would a

you want or feel you need. The pull you feel is your desire to buy stuff; this is your free will to purchase and pursue the things you want.

In fact, this desire is a prerequisit

dd to the challenges in developing combination products:

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

to all sales. As a consumer, you are not being tricked into purchasing something you don’t want. Salespeople are not putting foreign thoughts into your head; they are simply tryi

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

ng to be in your path when the timing is right for you to buy. At some point, you, as a consumer, are going to have the impulse to buy something. It is a testament to capitalism t

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

o have that product waiting for you at the exact moment you desire it. Understanding these buying motives and the importance of being at the right place at the right time makes al

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

the difference. Customers are going to buy what they want and when they want, using the methods and means convenient to them. What would happen if a customer called your offic

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

Professional from academic institutions, pharmaceutical industries, health care indust

e at 5:01 p.m. to place an order? Would they reach you or your voicemail? Chances are they would have to wait until their buying is convenient for you, or find someone else who i

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

s available when they are. To make more sales, you simply need to tap into the frequency of the customer. Forget about sales tricks; focus on developing a buying process that is

.

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

ustomer-friendly. Whether this means having Richard Simmons sweating to the oldies on Bruce Perry’s television at 3:00 a.m. on New Year’s, or by having a book of horoscopes at the

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

Companies that provide selfless information through particip

checkout counter of a grocery store; make sure that you, your products, and your company are where they need to be at the right time. If you’re not there, your competition may be

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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From a business perspective, rejection is the best of teachers. Look over your documents. Do you see flaws in your resume you failed to see earlier? If so, fix them. The great thing about the electronic age is that resumes can be cranked out, and out, and out. Tailor the next resume you send out to fit the position to a T. Did your cover letter fail to sell you? Did your follow-up letter do its job?

Outsourcing can make a huge impact on your business in a positive way. Do not be complacent and raise the bar!

Financial planners can use their expertise to garner free publicity that builds their practice and accelerates their growth. Publicity guru Ned Steele explains that independent financial planners don't need the heft of a large firm behind them to get media attention.

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