Useful Advices - Business

While some new business owners face the issue of not enough customers, others face the issue of too many customers/clients. Both are serious issues and must be d

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

ealt with carefully. There are many lists on how to find new customers/clients. Here is a list of 10 ways to deal with a rapid influx of new customers. The goa

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

Examples of combination products may in

l is a steady flow of just the right customers/clients.

1. Know the customer/client that is right for your business.

Get really clear about your ideal client or

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

customer so you can be selective when there are too many business opportunities and you do not have time to accept them all.

2. Have a specialty that you are kn

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

wn for.

Specialize so that you get really good at what you are doing. You can then service more customers/clients quickly.

3. Eliminate clients who drain you.

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

Combination pro

If a client/customer takes too much of your time, that client/customer is costing you money. Look for ways to predict who will be a time-consuming customer/ cli

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

ent and avoid them. Find ways to eliminate those customers/clients.

4. Create systems to support you.

Examples are: a good business development system* that pr

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

vides you with the customers or clients you need, a good bookkeeping system to keep track of expenses and revenue, a customer/client tracking system with a databa

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

se of customers/clients names, addresses, and other useful information. *Even though it may seem like you have too many customers at the moment, that flow will

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

stop unless you keep marketing.

5. Off load routine tasks to others.

What are the repetitive tasks you hate to do but which you know are necessary to run your b

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

siness? Many administrative tasks are easily taught to a support person and by doing so you make more time in your day to see customers/clients.

6. Leave time i

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

Following aspects would a

n your day for reflection and self-care.

Doing the tasks of the business is of course necessary. Many get so focused on their task lists that they never have ti

dd to the challenges in developing combination products:

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

me to take a strategic look at the business. Putting aside time every week helps you to find more ways to work with the customers/clients you want to. Leave som

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

e time too for taking care of you. This means making time for doctor’s appointments, hair care, massage therapy, exercise, meditation and anything else that prov

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

des for your health and well being.

7. Set firm boundaries.

Don’t allow a client/customer to play on your sympathies and convince you to do something you know y

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 should refuse (i.e. too time consuming, not your specialty and/or for free). Doing favors for others is not a favor to you!

8. Raise fees.

If all the clients

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

Professional from academic institutions, pharmaceutical industries, health care indust

/customers coming to you are your ideal clients/customers then it is time to raise fees/prices. This will sort the clients/customer that are willing to pay more

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

or your services and those who are not. Revisit your fee/price structure at least once a year.

9. Refer to others.

When clients/customers are not your ideal cl

.

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

ients/customers or when your ideal clients/customers cannot afford your fee, have a list of other business owners to whom you can refer.

10. Hire someone to help

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

Companies that provide selfless information through particip

you do the work.

Once you have off loaded all the repetitive tasks it may become necessary to hire another worker who does the work that you do to work with you

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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