Useful Advices - Business

I know how hard it is to develop new business if you don't have an original sounding hook.

That

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 why I love what I call THE CONGRATULATIONS APPROACH. It can instantly heat-up the chilliest c

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

Examples of combination products may in

ld calls.

Whenever I read a newspaper or a business or trade publication, I keep my eyes peeled

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

for names of “comers,” heads of small to middle sized firms that are making a splash in their re

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

pective ponds, large or small.

For instance I happened upon an article in FORTUNE that mentione

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

Combination pro

the owner of a Midwestern distribution company. With a few clicks, I was at the firm’s web site

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

doing a quick study of its products and positioning.

Then, I called, opted for the company dir

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

ectory, entered the President’s name, and within seconds THE MAN, HIMSELF answered the line.

I

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

ntroduced myself as president of my own firm, and quite enthusiastically I said:

“Congratulati

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

ns on the FORTUNE article!”

“Which article?” my contact wondered.

“The one that talks about eq

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

ipment leasing.”

“Oh, right, that one. I haven’t seen it yet.”

And not one to miss an opportun

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

Following aspects would a

ty, I asked, “Would you like me to fax you a copy?”

“Uh, yes, sure, that would be great!” my on

dd to the challenges in developing combination products:

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

e reluctant but now suddenly grateful and enthusiastic prospect replied.

Before leaving the lin

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

, my new friend clicked onto my web site and affably agreed to engaging in a more detailed conve

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

rsation in a day or two about my consulting programs.

I think there are at least a few lessons

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

rom this type of cold-calling:

(1) When people become “public figures” they tend to appreciate

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

Professional from academic institutions, pharmaceutical industries, health care indust

hat they’re going to elicit attention;

(2) When you can genuinely compliment someone on an achi

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

vement of THEIRS they’ll tend to be all ears, and

(3) They’ll respect your approach to them, an

.

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

generally be much more patient in hearing your initial pitch.

So, cold-calling can be warmed-u

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

Companies that provide selfless information through particip

considerably, if you’re willing to manufacture your own hot prospects through a little research

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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Useful Advices - Warm-Up Your Chilliest Cold Calls With The Congratulations Approach

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