Useful Advices - Business

I have to admit, I just don't get it. I don't understand why anyone would be willing to pass up the opportunity for real success. Yet they do it everyday. And not just a few but the vas

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

t majority. Think about it. How many people do you know who are truly successful? I don't mean earning $50,000 a year, being able to pay the bills and then have a little left over at 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

end of the month. How many people do you know who are making 5 or even 10 times that? My guess is very few, because there are not alot of them. And I know why. Let me tell you a story

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

that is repeated all too often that will illustrate my point.

Over the weekend, I ran into an old colleague of mine. I used to work with him several years ago when I was in the corporate

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

sales world. He was always moderately successful financially. But he always worked his behind off. Much harder than me, I must admit. My discussion with him on Saturday told me that no

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

Combination pro

much had changed.

Knowing that I am now a sales coach, he asked me if I had any advice. Well, hopefully everyone reading this knows you have to start with questions before you can give

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

any answers! So, I asked him, "What specifically are your problems as you see them?" "Well," he said, "I'm working 70 hours a week, I have more to do than I feel I can get accomplished a

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

d I just can't seem to get past the income level I've been on for the past few years." So, I asked another question, "Exactly what are your financial goals?" He answered, " I don't know,

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

maybe $75,000." Wow. this kind of an answer always puzzles me. So I asked another question, "Why only $75,000?" Why would you not want to make twice that?" "That would be wonderful!

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

ut I would really satisfied if I could just get to $75,000. I just think $150,000 would be too hard." As I began to talk with him about how he could actually get there and work less than

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

he is now, he lost interest. He had already made up his mind that he wasn't prepared to do what it took to get to that level regardless of what I said. I actually ended the conversation

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

Following aspects would a

by saying, "Look, I would really like to help you. I have always thought that you had potential. But I have to tell you, I'm not interested in working with someone who strives only for m

dd to the challenges in developing combination products:

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

diocrity. I work with winners. Those who have a passion for more. And not just a little more. If you ever decide that you really want success, to excel, to reach your true potential th

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

n give me a call." I gave him my card and with that I ended the conversation.

Now, that may sound harsh to you but I am an unreasonable friend. I expect more and generally I get it. Ma

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

be it was a bit harsh, but my goal was to get him to reconsider his less than lofty goals. Maybe he will, maybe he won't. But one thing I know for sure...if I had given him a few tips fo

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

improvement, a few tips that would have put an extra $5000 or $10,000 in his pocket over the next year, that would have been as far as he would ever go. At least this way, he has a chanc

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

Professional from academic institutions, pharmaceutical industries, health care indust

e to wake up and realize that he is not only short changing himself, but everyone around him, including his family.

Everyone has greatness within them. Everyone. Yet so few nurture it a

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

d bring it forth. You must be willing to set your goals high, to push yourself, to work at greatness. It rarely falls in your lap. But, one thing I have found is that it is actually muc

.

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

easier to achieve true success than it is to spend your life mired in mediocrity, or worse yet struggling just to pay the bills. And there's one more thin you should know, success is a l

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

Companies that provide selfless information through particip

t more FUN!

It can be yours, but you must take action. You must examine your true goals, then take whatever steps are necessary to learn how to reach them. It's really as simple as that

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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