Useful Advices - Business

If you run a small professional business like I do, the question of “How To Win New Business” is always at the top of your mind.

You ca

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

nnot grow and prosper as an Accountant, an Attorney, a Dentist, Consultant, Designer, Trainer or a Coach unless you consistently win new

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

Examples of combination products may in

clients.

This got me thinking about how you tempt prospective clients. How you get them interested in your services.

When I was a sma

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

ll boy I lived in a house beside a river. It was quite natural that I took an interest in fishing.

It didn’t take long to work out that

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 naked hook never caught a fish. So I developed a keen interest in baits.

There was a damp patch in a nearby apple orchard which was

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

Combination pro

good for worms. And maggots liked the compost heap. Stale bread never got thrown out in our house. I would moisten it in cold water and

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

sprinkle it over the surface of my fishing ground to attract the fish.

But it was a waste of time throwing bait into the fast flowing s

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

tream. That was where the salmon ran and I couldn’t afford the lures for such big fish. I had to cast my line into the quiet backwaters

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

where the mighty salmon’s poorer relatives fed.

My favourite spot was a small bay just below a bend in the river. A large willow tree o

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

verhung the bay making it pleasantly shady but difficult to cast my line. The smaller fish liked this quiet backwater and I caught many

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

oach and perch there.

One day a sudden, violent tug on my line set my heart racing. My plump maggot had tempted a much larger fish. My

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

Following aspects would a

rod bent almost double. I was on my feet in a flash. “Don’t strain too hard and snap the line; no jerky movements.” I cautioned myself.

dd to the challenges in developing combination products:

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

My line was light for such a weighty fish. I must play her gently, and if she ran for the fast stream outside the bay it was too short

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

to follow. I had to keep her in the bay.

The fish and I slugged it out toe to toe. Her silver body flashed occasionally in the sunlight

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

as she danced around the bay desperately seeking an escape route. My whole being was focussed on keeping the line tight but not stresse

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

d.

After a tremendous battle I gentled her to the bank and slipped her into my net.

Much later, when I was taking my first tentative s

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

Professional from academic institutions, pharmaceutical industries, health care indust

teps in business, I was cautioned not to go after the big fish. But I remembered my first salmon and ignored the advice.

Today I number

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

9 of the world’s largest corporations among my clients. I have learned to bait my hooks with tempting morsels and play the fish without

.

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

straining the line.

So, what bait do you use to win new business? Is it tempting? Will passing fish see your bait and think, “yummy, I

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

Companies that provide selfless information through particip

MUST have some of that!”

And even when you’ve snared them, you still need to reel them gently to the bank and scoop them into your net

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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Research shows that an organization can create a success-oriented, cooperative and caring work environment that draws intellectual strength and produces innovative solutions from the synergy of its people. However, a diverse workforce means that the managers within your organization must be capable of capitalizing on the mixture of genders, cultural backgrounds, ages, and lifestyles present in your staff to respond to business opportunities more rapidly and creatively. This article illustrates how decisions made by large companies can have unintended morale consequences at the local level.

Smaller but more focused marketing efforts are frequenly better for the small business owner.

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