Useful Advices - Business

I got a phone call today from a gentleman in Arizona. He wanted to talk to me about a report I downloaded from him about network marketing. I wasn’t interested in network marketing, and

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

I told him that.

But consider this.

I live in Chilliwack, British Columbia, Canada. So that call was an international call for him. I’m guessing at least 10 cents per minute. Even 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

ough we only talked for about 30 seconds, that call still cost him 10 cents.

Imagine, for a moment, that this gentleman had 1000 people download his report, and give their telephone nu

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

mber. The telephone call costs 10 cents per minute. If he calls everyone who downloaded his report, can you guess how much that would cost?

Yes, $100. One hundred dollars to make maybe

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

3 or 4 sales of $20 each. Will he break even? No. But will he keep doing it? Of course!

What this fellow marketer did is highly effective. Calling up prospects and talking to them can

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

Combination pro

get a much higher response than just sending an email – because you can determine on-the-fly what they really need!

The problem though – at $100 per thousand leads, this marketer is p

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

robably spending $500+ each month for his telephone bill. I sure hope the sales he makes covers that…

Now I want you to put this story into your own life. Imagine you had 5000 phone nu

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

mbers of people interested in your products. You would be ecstatic! But… You don’t have $500.

Now consider all of the invitations you get into your inbox every week for free teleconfer

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

ences. Some of the world’s best marketing minds hold free teleconferences and give away some of their best ideas. Problem? At 10 cents per minute, on an hour long call, each call actual

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

ly costs you $6. Doesn’t sound like much, but like everything else – it adds up. 10 free teleconferences each month and suddenly you owe your phone company $60 you don’t have.

Do you s

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

ee it? $560 in telephone bills just to call your prospects and learn from marketing mentors. Not to mention calls to friends, family, co-workers, JV partners and others.

Even making $2

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

Following aspects would a

0,000 each month, $600 is still a pretty big chunk of change to spend on regular business essentials. And it can actually prevent your business from growing!

I’ve done it. I’ve gotten

dd to the challenges in developing combination products:

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

an invitation to a conference call that I wanted to attend so badly I would have given my first born child. But I didn’t have the money for the long distance call.

I’ve had prospects e

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

mail me, telling me they were willing to pay me $3000 for an hour long consultation with me about their businesses. And I had to turn it down, because I couldn’t afford the long distanc

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

e call. Can you see how this hurts business?

Telephone companies have been running this monopoly for years. Up until recently, there has been no alternative. And even with the advent

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

of VoIP (voice over internet protocol) companies like Vonage, you’re still limited in minutes, and they don’t serve your business needs at ALL.

I remember one month, back in my early i

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

Professional from academic institutions, pharmaceutical industries, health care indust

nternet days, where I was calling up prospects in the U.S. Remember, I’m in Canada. I was calling up 10, 20, even 30 people each day. Each call lasted about 10 minutes.

I wanted to sav

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

e money, so I used a 10-10-1234 type number, at 99 cents per call under 20 minutes. I was paying $1 each call. For 30 calls. That’s $30 a day to call prospects. My phone bill that month

.

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

- $856.43.

I personally think that is crazy. I wanted a company who could provide me with what MY business needed – but none of them did. There wasn’t a single company in all of Canad

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

Companies that provide selfless information through particip

a and the U.S. who cared about people like you and I, except when we grudgingly paid our $900 phone bill.

Just remember - those contacts are some of the most valuable you can ever have

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.usefuladvices.org.ua/article/39228/usefuladvices-High-Phone-Bills-Can-Affect-More-Than-Your-Expenses.html">High Phone Bills Can Affect More Than Your Expenses</a>

BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/39228/usefuladvices-High-Phone-Bills-Can-Affect-More-Than-Your-Expenses.html]High Phone Bills Can Affect More Than Your Expenses[/url]

In the sixties, professor sir Michael Marmot analyzed the information about health conditions of the government workers that are living in London. He discovered an interesting fact:

Life as a contractor can often be difficult and many skilled professionals often wonder why they missed out on yet another contract. Just a few useful pointers could help you secure more contracts and earn more on each contract.

A common reason salespeople are not spending more time meeting people is because they don’t understand some of the basic principles of networking. Networking is more than just getting in front of those who can say yes to buying your product.

Tags

Links

Useful Advices - High Phone Bills Can Affect More Than Your Expenses

Related Articles: