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Main Subject - Take Your Firm to the Next Level
So you did such a good job in 2003 at bringing in new clients to your firm that you’re swamped with business, your firm is large and growing, and all parts of your marketing system are in place and running smoothly? Congratulations - you're off to a great start for 2004!
If you can confidently answer "yes
If you can confidently answer "yes
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
!" to the following metrics, then you’re ready to take your practice to the next level (and if your answer is "no," get back to basics at http://www.turningpointemarketing.com)
* Is your firm’s mission perfectly aligned with your market?
* Do your marketing efforts create exactly the relationship your cu
* Is your firm’s mission perfectly aligned with your market?
* Do your marketing efforts create exactly the relationship your cu
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
stomers most want and need?
* Are your services well packaged, presented with a What’s In It For Me? punch, and priced at various levels?
* Do you know exactly where and how to promote your firm’s services?
* Does your marketing system routinely and predictably create the kinds of new customers your bus
* Are your services well packaged, presented with a What’s In It For Me? punch, and priced at various levels?
* Do you know exactly where and how to promote your firm’s services?
* Does your marketing system routinely and predictably create the kinds of new customers your bus
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
iness requires?
Even if these things are true for your firm, what happens next in many successful firms, however, is not good news. Instead of sticking with what’s created success in the first place, the focus shifts away from a marketing mindset. Instead of being an essential lens through which people in
Even if these things are true for your firm, what happens next in many successful firms, however, is not good news. Instead of sticking with what’s created success in the first place, the focus shifts away from a marketing mindset. Instead of being an essential lens through which people in
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
your firm view their role, marketing as an every-day focus fades from importance. After all, why continue to invest the time and resources on marketing when you’ve got more business than you can handle now anyway? And shouldn’t you spend time on what’s now important, like internal operations, serving curr
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ent clients, and other more urgent priorities?
The answer is an emphatic NO! Not only will you erode all the hard work you’ve invested to get to where you are, but it will be much harder (and expensive!) to turn your now larger and more complex ship around, once you lose that marketing mindset.
The truth
The answer is an emphatic NO! Not only will you erode all the hard work you’ve invested to get to where you are, but it will be much harder (and expensive!) to turn your now larger and more complex ship around, once you lose that marketing mindset.
The truth
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
is, that once your firm gets more successful and, by definition, more complex, your energy and focus turn naturally more inward. As your business grows, it takes on a life of its own in the form of meetings, policies, training, politics, and reports. The larger your firm gets, the more energy is directed
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
inward – it simply takes more planning, management, and systems to keep things running smoothly.
So how do you keep your firm from being consumed with internally focused activities? By developing and executing a strategy that takes your firm to the next level.
For specific tips on what to consider in tak
So how do you keep your firm from being consumed with internally focused activities? By developing and executing a strategy that takes your firm to the next level.
For specific tips on what to consider in tak
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ing your firm to the next level, keep reading...
What are you and your management team doing to...
1) Keep your firm’s mission alive, real, and relevant in the marketplace. Think of your firm’s mission as the "magnetic north" in your compass. For everything you do, constantly ask, "what difference does t
What are you and your management team doing to...
1) Keep your firm’s mission alive, real, and relevant in the marketplace. Think of your firm’s mission as the "magnetic north" in your compass. For everything you do, constantly ask, "what difference does t
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
his make in the lives of our customers?" If it makes no difference (or the wrong one), then why are you putting resources into it? Build this line of questioning into decisions you make and resources you allocate.
2) Create and maintain laser-like internal alignment with your external mission in the marke
2) Create and maintain laser-like internal alignment with your external mission in the marke
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
tplace. Everyone’s job should have a direct connection to serving the customer. That means tying rewards and consequences to how everyone at your firm contributes to building client relationships. Even if someone has no direct client contact, they’re supporting someone who does. Connect the dots between wh
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
at they do and what it means to the client.
3) Create new customers for old packages. Chances are, you haven’t saturated your current target market. Don’t let the basics that got you to your current level of success fade away. And what about new target markets? What successful services do you have that yo
3) Create new customers for old packages. Chances are, you haven’t saturated your current target market. Don’t let the basics that got you to your current level of success fade away. And what about new target markets? What successful services do you have that yo
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
u could offer to another segment?
4) Create new services for old customers. Do a little research…ask people on your "front line" what they think your customers need. Ask your customers directly or hire an outside firm to ask for you. Find out why you won and lost business. You’ll be surprised, inspired, a
4) Create new services for old customers. Do a little research…ask people on your "front line" what they think your customers need. Ask your customers directly or hire an outside firm to ask for you. Find out why you won and lost business. You’ll be surprised, inspired, a
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
nd motivated by what you learn.
5) Create new packages for old services. Take what you know or do and put it into a new format or offering. You can create workshops, CDs, e-books, mini-books, on-line content, workbooks, checklists, and more out of just about any professional content you know or work with.
5) Create new packages for old services. Take what you know or do and put it into a new format or offering. You can create workshops, CDs, e-books, mini-books, on-line content, workbooks, checklists, and more out of just about any professional content you know or work with.
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
Think beyond just charging an hourly fee for your services. Turn what you know into a product by offering people helpful tools they can use.
6) Ensure you and your leadership team are role models for the rest of your firm on how to create lasting relationships. What behaviors, words, standards, and appro
6) Ensure you and your leadership team are role models for the rest of your firm on how to create lasting relationships. What behaviors, words, standards, and appro
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
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
aches create lasting relationships with both clients and employees? Make sure your senior team walks the talk and, if they don’t, fix the problem! If you can’t model how to create lasting relationships at the top, others are less inclined to do it well.
7) Deliver on your firm’s brand promise through soli
7) Deliver on your firm’s brand promise through soli
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
d practice management. The mark of a true professional is when your firm’s own act is together. It’s not enough to be experts in your field, backed by the credentials and experience that are important to your target clients. You must also engage in continuous learning about your profession, your clients’ i
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ndustries, and how to professionally manage your firm. Your firm’s leadership must act as a role model for how you want to be perceived in the marketplace.
Are these high standards to set for your firm? Absolutely. But then again, you’ve already proven you do the basics well. Resting on your laurels will
Are these high standards to set for your firm? Absolutely. But then again, you’ve already proven you do the basics well. Resting on your laurels will
.
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
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
only go so far. Sooner than you think, loosing your focus on marketing will put you back to square one, scrambling for clients and worried about cash flow.
Except this time, the stakes are higher, your profile in the marketplace is higher, and you have a lot more to lose. So why go there? Take your firm t
Except this time, the stakes are higher, your profile in the marketplace is higher, and you have a lot more to lose. So why go there? Take your firm t
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
o the next level, and be confident you won’t have to look back!
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We encourage sharing and publication of Your Monthly TurningPointe in whole or in part if copyright and attribution, including live web site link and email link, are always included. Please let us know where and when it will appear. Thank 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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