Useful Advices - Business

I spent my formative years in ballet class. While other kids went out to play, I went to ballet class. In high school while others attended aft

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

er-school activities or hung out together, I went to ballet class. By my mid-teens I was taking class five or six times a week or maybe even m

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

Examples of combination products may in

re. This was a habit that continued till injuries sidelined my professional dancing career.

This habit of taking a ballet class every day was

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

ot mine alone. Every dancer, professional or those seeking to become professional, takes class every day. It’s a habit, it’s a reality, it goes

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

with the job. It is impossible to dance professionally without taking class. Even the stars, Barishnykov, for example, take class every day.

I

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

Combination pro

my late teens I had some personal crises that stopped me from going to class everyday. At one of my rare appearances in class, my teacher aske

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

where I had been. I told her what was going on in my life. She said to me, “That’s no reason not to take class. You have to take class everyda

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

, no matter what.”

Sounds harsh doesn’t it? But she was right. Not taking class only gave me something else to feel bad about.

When I started

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

my sales training business, I used that same “no matter what” approach to prospecting. I prospected every day. I started out with absolutely no

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

corporate connections. I was a ballet dancer, I only knew other ballet dancers. I did, however, know how to prospect. On and off for years my “

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

ay job” had been telemarketing. I began to prospect the same way I learned to take class, every day, no matter what. Five years later I have a

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

Following aspects would a

hriving business. Even today I continue to prospect every day, while perhaps not for as many hours. Every day brings some prospecting activity,

dd to the challenges in developing combination products:

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

no matter what.

So how does the busy entrepreneur, busy owner or sales professional find the time to prospect every day no matter what? The an

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

wer is simple, put it in your calendar. Schedule time in your calendar every day for prospecting activity. At the scheduled time put aside what

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

you are doing and prospect. Do not take other calls, do not work on other projects, do not allow interruptions. Simply prospect. When the time

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

ou have scheduled is over, stop prospecting and go on with your other tasks.

Schedule appointments with yourself to prospect and keep those ap

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

Professional from academic institutions, pharmaceutical industries, health care indust

ointments. We get angry and upset when prospects miss appointments. Ask yourself: Why is it all right to miss an appointment with yourself?

Pr

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

specting success (just like learning to dance) comes over time. In order to keep your sales funnel full you must constantly be on the lookout f

.

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

r leads and prospects. By keeping your funnel full you avoid the boom and bust cycles that so many entrepreneurs and sales professionals experi

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

Companies that provide selfless information through particip

nce. To be successful you must engage in some prospecting activity everyday, no matter what. It’s a habit, it’s a reality, it goes with the job

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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