Useful Advices - Business

One frequent question that I receive as an executive business coach is "How do I get more business

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

?" With the economy growing, businesses are seeking a greater piece of the American pie and rightf

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

Examples of combination products may in

lly so.

My first response is "Can you share with me how many customers are you receiving from you

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

r current marketing actions?" And for the most part, the responses I have received are an almost

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

pologetic "No." Possibly, part of the reason for these consistent responses is that many business

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

Combination pro

owners and executives are so busy working IN the business that they fail to work ON the business.

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

The second question I ask is "Do you have a strategic plan?" One of the stories I tell is about

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

the simple trip to the grocery store. Have you ever left the written grocery list at home and wha

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

happened? Responses are always the same from spent more time and money to purchased unneeded foo

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

d. And how did you feel when you came home and realized you forgot a key food item. Again, the r

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

sponse is essentially "not good."

When we do not have a written plan, then we are on someone else

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

Following aspects would a

s plan. In the case of the grocery store, the one person who has the biggest smile is the grocery

dd to the challenges in developing combination products:

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

storeowner when shoppers forget their lists and make all those additional purchases. For he know

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

that you are on his strategic plan and not yours.

My final third question is "Do you have a prov

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

en sales process?" Without a process, determining where the specific selling skills miss steps ha

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

e taken place is difficult at best. Those miss steps are missed opportunities that prevent you fr

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

Professional from academic institutions, pharmaceutical industries, health care indust

om increasing business.

TAKE ACTION through these business tips by determining how many cl

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

ents your current marketing activities are delivering. Review your strategic planning process or a

.

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

dopt one if needed. Embrace a proven sales process. These actions will definitely increase sales a

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

Companies that provide selfless information through particip

d potentially multiply your business in warp time. P.S. You may wish to even hire a business coach

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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