Useful Advices - Business

Do you ever wonder how some businesses always seem to be doing so much business? And how they seem to do all that business without really trying that hard? Most of us would like to have business come to us, rather

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

than chasing it. Think of a magnet – pulling business towards your company, effortlessly and naturally. Sounds good, right? But how do you actually become a company like that? Here are some ways.

1. Have a cle

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

Examples of combination products may in

ar vision. What do you want your company to be? Lasting companies have a large vision that can be true now or 100 years from now. While the vision always remains the same, these companies can adapt their prod

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

ucts and services to fit what is profitable in the current market. That’s why these companies are more successful than their competition that focuses on a specific product or service. If your company has a clear v

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

ision, it will stand out, since very few companies have one. Good examples of successful companies with a clear vision are: Walt Disney (to make people happy) and Merck (to preserve and improve human life).

2. Mak

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

Combination pro

sure everyone in your company buys into that vision. Every person in your company should agree with and be able to articulate that vision. Each person should also understand his/her role in that vision.

3. Be sp

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

ecial. Your company should have a niche that lets you stand out from the crowd. Again, everyone in your company should be able to articulate it, whether at work or in casual conversation with family and friends.

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

4. Treat your employees well. Great employees make a business. Offer great benefits, training, recognition and feedback. Not only do happy employees help your profits increase, but they also help you develop a gr

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

eat reputation as an employer, so that more great employees want to work for you.

5. Help out your community. Every employee should take part in this in some way, even if it is during work hours. Volunteering fo

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

r worthy causes, getting involved in business organizations and mentoring programs are all great ways to give back to your community. At the same time, you and your employees become ambassadors for your business,

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

eveloping goodwill and potential business, through word of mouth and even free publicity.

6. Become an “of course”. By being well-known and the best in your line of business, when people are in need of services th

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

Following aspects would a

at your company provides, it will always at least be on their short list. Part of that is being everywhere. When someone is in need of services that your company provides, your name should always be on their mind

dd to the challenges in developing combination products:

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

. The way to do that could be through local and national media, at meetings, through community service, newsletters, or word of mouth.

7. Present a positive image. Every contact with your business should be posi

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

tive, from the way people dress to the cleanliness of the counters in a retail location. It also means that all of your written materials, including business cards, letterhead and brochures look professional. Fina

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

lly, it means that any front line customer contact is handled professionally, especially people who answer the phone at your office or greet people at the door.

8. Build and protect your reputation. You can do thi

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

by not gossiping and not lying. Don’t forget that even one negative experience with a customer can do irrevocable damage to your business.

9. Treat your customers like you would like to be treated, and then go 100

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

Professional from academic institutions, pharmaceutical industries, health care indust

% beyond that. It makes financial sense. Did you know that it costs five times more to gain a new customer than to keep one? Consider implementing a secret shopper system to evaluate service, and reward employ

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

ees for great service, too.

10. Talk with your customers. Speak with your customers regularly, through surveys, Advisory Boards, complaint hotlines. Thank them for their business, regularly. Keep them updated th

.

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

rough regular mailings. Your current customers will help keep you in business, help you become aware of problems, and will refer business to you.

When these steps come together, your company becomes a magnet. Yo

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

Companies that provide selfless information through particip

ur customers and potential customers will know that you are special and will want to do business with you. So, get ready to pull more customers and profits your way!

Copyright 2006 Margie Fisher All Rights Reserve

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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Marketing gifts are an excellent way to spread the word about important issues and ideas in your community. While many promotional gifts companies focus on the business world, there's a very definite place for marketing gifts in the arena of social awareness and public service.

Dead Wood and Helpless or Hopeless employees have gone so far into the burnout process that they present a special challenge for management. These situations dramatize the need for proper stress management in the workplace as well. Executives and policy makers need to think about this seriously. Small business owners and professionals in their own practice would also do well to take heed.

Have you ever come across a piece of mail that you almost threw away, but something made you open it up and read it? Then there it was - sandwiched between the blah blah blah and the bigger- than-life promises - a piece of information that was the very answer you had been searching for.

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