Useful Advices - Business

A mentor of mine recently commented that “coaches keep complaining business is too slow.” In response, I reported that things are the opposite for me, and that I am rarely slow. He

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

asked me to present him with “The Top 10 Reasons Why My Coaching Business is Not Slow,” and here they are:

10. I place great emphasis on business development.

I get bored easily.

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

Examples of combination products may in

(Typical ADD!) If I’m not continually challenging myself with developing new products, new services, new marketing techniques, and new speaking engagements, I get bored. I have a m

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

enu of products and services and I continually add to it, based on what my clients and prospects have told me they want and will buy.

9. I make the most of my newsletter, which has

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

bout 2200 subscribers and grows daily.

I give my subscribers valuable information, whether or not they choose to take advantage of my pay services. But I also don’t hesitate to mak

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

Combination pro

them aware of what I have to offer. If they buy, great. If they don’t, I don’t take it personally. At least I know I am putting out some good into the world and reaching a ton of

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

people.

8. I keep my professional network & strategic alliance partners in the loop.

Many of my clients come from referrals. I feel that it’s very important to maintain regular c

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

ntact with people who are referring clients to me, or who may refer clients to me in the future. I always acknowledge referrals and offer my thanks and appreciation.

7. I write dow

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

n all my ideas.

I wish the government would pay me to sit in a room all day and generate ideas! I’d truly succeed. I am constantly dreaming up new and exciting workshops, programs

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

and products. I can’t implement them all at once, but I do write them down so that I can access the ideas when the time is right.

6. I’m happy making my living helping.

I continu

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

lly remind myself of why I am coaching and what it means to me. I keep a “Happy Folder” where all the good feedback goes and I review it when I feel down. I work for the money. I

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

Following aspects would a

coach because I love it. I coach ADDers because they're fabulous people.

5. I focus on marketing, not BS work.

While it’s impossible to stay clear of what I call "BS work," I cont

dd to the challenges in developing combination products:

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

nually remind myself that things like web updates should only occupy my time when absolutely necessary. I’d rather spend my non-coaching time getting new clients.

4. I’m authentic

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

and rarely attract an incompatible client.

If I know that I won’t work well with a potential client or that the relationship will not be satisfying to one or both of us, I refer the

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

client to another coach who is better suited for the job. I would rather spend my time with – and make my money from – clients whom I know I can make a difference with.

3. I have a

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

excellent team in place.

It took a while, but I finally embraced the idea that I can not, and should not, be doing everything. Delivering the coaching and developing the business

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

Professional from academic institutions, pharmaceutical industries, health care indust

are my strengths. I prefer to let others utilize their strengths in all other areas.

2. I have decided to make this coaching business work, and damn it, I will make it work!

I use

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

to think that the word “failure” didn’t belong in my vocabulary. I came to realize that failure is inevitable. It will happen. And when it does, I am just one step closer to find

.

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

ing a solution that works.

1. I welcome the occasional “slow down” of business.

When things are slow, I use it as an opportunity to create more opportunities. “Slow” periods give

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

Companies that provide selfless information through particip

e the time I need to focus on and follow through with marketing, client recruitment, and product development.

Which of these can you do, right now, to move your own business forward

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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