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Useful Advices - Small Mistakes Cost You Big Money
My wife and I were shopping for a new lighting fixture to hang above our dining room table. We wanted something relatively contemporary, and in our quest, we visited over a dozen stores in search of the perfect light. Th
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
is experience uncovered a wide variety of mistakes that are costing retailers big money in the form of lost sales. Here's an example of some of the situations we have encountered.
1. We walked into one store early in th
1. We walked into one store early in th
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
evening and were greeted with a heavy rock station blasting over the speakers. Although I like rock music, it is definitely NOT appropriate for a retail environment unless you are selling music, extreme sporting goods,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
or cater directly to a demographic that appreciates this type of music. Based on the selection of product on display, I suspect this lighting store's target market is someone between the ages of 35-70. This means their m
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
sic choice was a huge blunder, one that could easily have been avoided.
2. Another store promised the region's largest selection of lighting fixtures which definitely intrigued us. We dropped by the store, and indeed, t
2. Another store promised the region's largest selection of lighting fixtures which definitely intrigued us. We dropped by the store, and indeed, t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ey did have a fantastic selection of lights, including several that appealed to our individual taste. However, very few of the lights were operable which meant we couldn't see what they looked like when lit. Call me sill
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
y but when I buy a lighting fixture I expect to be able to turn it on so I can see exactly how it looks when it is lit. Plus, the apparent owner of the store didn’t bother to leave the comfort of the counter and make any
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
attempt to help us.
3. We ventured into another store that had a very good selection of lighting fixtures. We were looking at one in particular and there was an employee standing nearby as we considered it. She mumbled
3. We ventured into another store that had a very good selection of lighting fixtures. We were looking at one in particular and there was an employee standing nearby as we considered it. She mumbled
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
omething to us about the light—I guess to help us—but what she said was incomprehensible and she didn’t stick around long enough for us to clarify what she had said. Instead, after making her comment she left us to retre
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
at behind the sales counter.
In the same store, they had a designated sales person roaming the floor but at no time did he approach us even though he had overheard us tell another employee what we were looking for.
4.
In the same store, they had a designated sales person roaming the floor but at no time did he approach us even though he had overheard us tell another employee what we were looking for.
4.
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
he website of store number four appealed to my wife for a variety of reasons and it sounded like this might be the place we might find our ideal fixture. Unfortunately, as we opened the door we were assaulted by the smel
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
of stale cigarette smoke. In fact, the entire store smelled like an old gentlemen’s club, and as non-smokers, this definitely turned us off. This store had given us the impression on their website that they had an extre
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
mely large selection of contemporary fixtures but their actual selection did not match their advertising. Although there were a few wall hangings and paintings that were attractive, we did not want to bring home the smel
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
of stale smoke, so we left. Oh, did I mention that we were greeted by a small dog who barked at us the entire time we were in the store.
5. We went into another store and noticed several employees standing behind the s
5. We went into another store and noticed several employees standing behind the s
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
les counter, chatting with each other. We wandered around the store and looked at lighting fixtures for approximately seven to ten minutes but at no time did any of these employees make an attempt to assist us. I guess t
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
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
hey figured that if we needed help we would ask for it. I can picture their boss questioning them the next day about the lack of sales and can hear them saying, “Oh, it was really quiet last night; we didn’t have anyone
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
n the store.”
I could keep going but I think you get the picture. Each of these retailers made some type of blunder that cost them potential sales and profits. What is extremely unfortunate; is the fact that they probab
I could keep going but I think you get the picture. Each of these retailers made some type of blunder that cost them potential sales and profits. What is extremely unfortunate; is the fact that they probab
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
y don't even realize they made these mistakes or how money it cost them.
Many of these mistakes also apply to people who sell products and services to businesses. What impression are you making with your customers? Are
Many of these mistakes also apply to people who sell products and services to businesses. What impression are you making with your customers? Are
.
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
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
you fully prepared for your sales calls and presentations? Are other people on your team costing you sales? Are you being proactive in helping your customers make an educated buying decision? Are you using terminology th
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
t your customer understands?
Everything you say and do influences your customer’s decision to buy from you or one of your competitors. Small mistakes can cost you big money.
© 2007 Kelley Robertson, All rights reserved
Everything you say and do influences your customer’s decision to buy from you or one of your competitors. Small mistakes can cost you big money.
© 2007 Kelley Robertson, All rights reserved
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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