Useful Advices - Business

I listen to talk radio, particularly sports talk. One of the hottest topics, if not the hottest is whether the San Francisco Giants should bring back Barry Bonds. For the two people on the planet that don’t know, he will be a free agent once the World Serie

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

s is over. One morning last week, the host was emphasizing the impact that Bonds has on revenue by his presence in a Giants uniform.

This particular discussion wasn’t the usual swirl of banter over making the best decision to produce a winner, his diminish

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

Examples of combination products may in

ing skills, the negativity that surrounds the alleged steroid issue, or the importance of him breaking the home run record in a Giants uniform. More specifically the discussion was about his influence on the numbers. Keep him or lose him, how does it affect

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

company revenue? I think one of the quotes was something like, “At the end of the day, how many rear ends will he put in the seats of AT&T Park and what does that mean to revenue? I guarantee you that’s what upper management is thinking about.”

I found th

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

hosts opinion to be honest, refreshing, and cuttingly truthful. It got me thinking about industries outside of the standard “sales driven” ones that use armies of salespeople (big or small) to proactively bring revenue through the door.

Smart companies

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

Combination pro

(excluding non-profits) in nearly any industry make their key decisions based on their impact on revenue.

If they aren’t, I believe you’ll find that the company is either struggling or existing well below their potential.

There are a tremendous amou

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

nt of organizations living well below their potential because they are not focused on being revenue driven. Trust me, I’ve seen it throughout my 25+ years of experience in selling, managing, building and leading sales organizations regionally and internatio

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

ally.

Most people, when they think of the words sales, customer, revenue, they tend to think of those companies that have prototype salespeople whose sole purpose is to proactively bring revenue in the door.

But what about those industries that do

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

n’t get their revenue through a sales force model. Aren’t Legal, Accounting, Dentistry, Medical, Architectural firms also an example of revenue driven companies? I mean, call their customers clients or patients, but aren’t they really customers? And, don’t

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

they want to attract more of them so that revenue will grow? Won’t that make for a healthier company?

I must admit, that in my work, industries like Real Estate, Mortgage, Broadcasting, Telecom, and Technology where the practice of proactively marketing th

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

ir respective products and services is the primary strategy is my sweet spot.

Many of my articles can be found on dozens of websites under various topics of executive management, sales management, and leadership. They are usually on sales and marketing sit

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

Following aspects would a

es or those specific to the obvious revenue driven industries that use salespeople to bring the dollars through the door.

But something interesting has begun occurring.

I got an email from an accountant who said, “I read one of your articles on Th

dd to the challenges in developing combination products:

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

e Four Kinds of Sales People and I have to tell you, it’s not just about sales people. We need to break through to the next level too.”

Then I got an email from a website dedicated to lawyers requesting to put one of my articles on “Understanding your sale

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

s team” on their website. They wanted to change the word “salespeople” to “business developers. I said OK. I mean call it a patient or a client it’s still a customer. Call it a business developer or an account executive it’s still a sales rep.

So I got cur

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

ous and sent the article that the law site customized to a couple attorney friends of mine and asked them about the importance of revenue.

Here’s what I discovered:

In industries such as legal and accounting, to actually proactively “sell” is consi

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

dered distasteful. To directly pursue revenue in this manner doesn’t work. The key is to “attract” your customers (I mean clients). Attract through being visible, attract through meeting new people, attract through participating in functions, attract throug

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

Professional from academic institutions, pharmaceutical industries, health care indust

h doing a great job for your customers (I mean clients) so that they will become your advocate and refer you to their friends.

Next week I have to go to the dentist for my six-month cleaning. I’m one of his customers (I mean patients). As I’m leaving, they

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

will ask me if I need any more whitener and they will certainly schedule my next six month visit. I like them. They put out a great service, become involved in the community, get themselves known and take advantage of the opportunities that come their way.

.

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

Since I’m not directly involved in any of these industries, I’m going to make an educated guess. They have meetings on revenue and how to bring it in. They struggle with partners and associates who do not “indirectly” hunt for new business. Those that brin

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

Companies that provide selfless information through particip

g in the clients are the kings and queens. And, for those that don’t, they have mediocre careers.

This is my message for all industries. You have a choice, whether it’s direct or indirect, get to bringing in the revenue, or just be mediocre in your careers

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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I'd rather risk my ideas and try to build a partnership with someone that can potentially lead to the creation of something so great and amazing than to play-it-safe and keep the idea to myself and not do anything with it at all — there's no fun in that.

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