Main Subject - Business

An award-winning contractor in Savannah, Georgia (who also happens to be my award-winning brother) wrote:

‘In my business (home construction and remodeling), I have many acc

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

ounts with different suppliers supporting the construction industry. Sometimes I use their services and then will not see them again for 8 to 12 months or whenever my next pr

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

Examples of combination products may in

oject requires. When I do return to order new supplies, some companies have let my account “run out”, and I have to apply for a new account with them all over again.

‘I ask

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

hy they don’t send a card letting me know that my account has become dormant, and is about to be closed? Perhaps they could offer me an incentive to return and make a purchas

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

e instead of just “letting me go”. After all, they already have me as a good customer, just not very frequent. I just thought this might be happening in other industries as w

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

Combination pro

ell.’

***

This is a great question, and a terrific point for anyone seeking to grow their business. Once a company has the benefit of receiving a customer’s business, it ma

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

es no sense to close the account simply because the customer has not ordered from you in a while...even a long while. Unless there is substantial cost to keeping an account o

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

pen, you should allow the customer to return at anytime, and welcome them back with enthusiasm.

Remember, once a customer has purchased from you, they will have become famil

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

iar with your products, your location, your ordering system and the way you do business. If they have opened an account, then additional time has been invested in completing

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

aperwork and going through the new-account approval process. This person has now in vested time, energy and money in becoming your customer. Why in the world would you be in

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

a hurry to close their account?

Instead of closing the account, take my brother’s advice and move in a positive direction. Send dormant accounts a letter asking, ‘How are yo

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

Following aspects would a

u? We haven’t heard from you in a while and we miss you!’ Provide an incentive, a discount or other special offer to get these customers back into your business. Put a reason

dd to the challenges in developing combination products:

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

ble expiration date on the offer to encourage prompt response. Let them know you want them back, and that you will appreciate and value their business.

Note: If you must, te

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

ll customers their account will go on dormant status by a certain date. But also tell them that reactivating the account will be easy to do whenever they are ready.

You will

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

be amazed at the profitability of your efforts. Customers will be delighted by your show of concern, generosity and attention. Don’t assume your customers are ‘dead’. Stir t

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

em back to life!

Key Learning Point
--------------------------------------------------------------------------------
When accounts go quiet, don’t assume the cust

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

Professional from academic institutions, pharmaceutical industries, health care indust

omer is going away. They may be waiting, occupied with something else, or have simply forgotten where you are or how to reach you! One effort at reactivation can make the dif

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

ference between a customer who comes once and disappears forever, and a customer who comes once, is invited back and stays with you forever.

Action Steps
-------------

.

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

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Identify customers you have not heard from in a while, long enough to be considered dormant, decidedly

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

Companies that provide selfless information through particip

dull or dead. Now create a simple process to contact these customers and tell them you want them back. Give them an incentive to do business with you in the very near future

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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There are three simple things that you can do to combat time leaching activities.

Customers have many choices. When they meet you, do they remember you? Read this article to learn the importance of differentiating yourself from your competition!

We have all heard a lot about change management and it seems to be a buzzword that is being kicked around in management schools at top universities. Change management interruptions can cause chaos in a Corporation and it is this reason that Change Management is discussed in case studies at MBA schools.

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