Main Subject - Business

If you were sure of your desired outcome, would you take a chance on something new? Of course you would. What does this have to do with business? Everything. You see, taking the risk out of a new opportunity always makes the proposition seem much more attractive. It's a concept called Risk Removal. This concep

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

t has been used with the incredible success by some very well known businesses. And it can be used by you to make more sales, and get more business from the customers that are inquiring about your product or service. You probably will have also heard of this concept when offered as "a guarantee".

Risk removal

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

Examples of combination products may in

means simply this: In a normal buyer/seller relationship, it's usually the customer that takes the risk that the product or service works or suits their needs. They must make a purchasing decision based on a whole range of issues, and, if the product or service does not meet their expectations, they lose out.

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

So what I'm suggesting to you is that you can greatly increase the amount of business you do, and the amount of customers you win, or enquiries you turn into sales, when it is you, the seller, that takes on the risk and not the buyer. In other words, there is no risk of disappointment to the customer.

You se

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

, if you have nothing to lose in an action, any action, then you are much more likely to take a chance on trying something new. The same applies with business. If customers think they can't lose by dealing with you, then more often than not, they will deal with you.

I'm sure you know of businesses to guarante

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

Combination pro

e, either totally or partially, their product or services, but do you realize the effect that it has for them?

I'm sure that you can think of many examples that might be familiar to you. Federal Express, the international freight company guarantees delivery of your parcels ----- "absolutely, positively overni

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

ht". The local postal authority in most countries in which they operate offers the same service. In the U.S. it will cost around $35 to send a parcel from Denver to San Francisco with Federal Express overnight for morning delivery, and around $15 through the U.S. mail. In the U.K. a similar situation exists. I

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

n Australia it will cost you about $35 to send a small envelope from Sydney to Melbourne overnight. The same parcel will cost about $6 overnight through Australia Post with a next day delivery.

What makes customers choose Federal Express over the local postal service in the vast majority of cases, when a comp

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

titor offers the same service at a cheaper price? You guessed it, the guarantee ------ the removal of the risk and, more importantly, the way it's promoted. Their name rests on it.

"Absolutely, positively overnight" belongs to Federal Express and, Comet. It's their Unique Business Difference. And they have ma

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

de it the core of their business.

A guarantee not only reiterates a businesses commitment to their product or service, it also gives the customer a great reason to choose whom to give their business to.

And it's a concept that can have a marked effect on your business and its growth, in that by removing the

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

isk associated with your product or service, you can actually get more customers. I've seen businesses implement this concept with staggering results. But I've seen many more who won't even try it because they fear that the customers will take advantage of them.

It's important, at this stage, to go over two t

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

Following aspects would a

hings. Firstly, you, as the seller, have the power to set the terms of the risk removal. That is, you don't have to have an unconditional guarantee. By that I mean you don't have to offer something like, "if you're not 100% satisfied with everything about the product or service, will give you your money back".

dd to the challenges in developing combination products:

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

(This is discussed in much greater detail in other articles and in my audio CDs.)

The second point is that whatever your Risk Removal, make it blatant and extraordinary. You see, you can have a significant advantage over your competitors by offering a Risk Removal, because, in many cases, they won't be offeri

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

ng anything! Business is all about competitive advantage. And you need to ensure that you do things in ways that your competitors haven't even considered, and say things that they've never thought of saying.

The point here it is that the risk removal, or a guarantee, must be blatant. That's right ----- BLATAN

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

!

I do not want any of my clients to take a risk spending money on my products when they may never have had anything to do with me previously. Why should it be a risk? It shouldn't. They need to know that they are either going to gain lots of benefits, from which they can make lots of money, or they get their

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

money back. The alternative is they risk something. I have no right to ask people to do that. Similarly, with my services, they pay money, and have a certain expectation of the benefits of that outlay. While working with my clients I always stop and confirm that they are totally satisfied with our progress

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

Professional from academic institutions, pharmaceutical industries, health care indust

nd me personally. If not they get a full refund immediately. This has never had to happen, but I always stop and discuss this...I never take it for granted.

Similarly, your clients or customers should be totally comfortable with you and your product. It does not matter what you do or what you sell. I discuss

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

this in further detail in subsequent articles.

It is not hard to implement, and manage, a Risk Reversal program that can make gigantic differences to a business overnight. I have never seen a business that would not benefit from it.

One of the best guarantees I have seen is from Dr. David Glickman, Managing

.

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

irector of Lambert International Co., Ltd, an extraordinarily successful jeweler in Bangkok, Thailand. They will accept returned purchases for a full refund, WITH NO TIME LIMIT, if a customer is not happy with a purchase. No conditions. Their customers are not only loyal; they are "Raving Fans". Their unique g

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

Companies that provide selfless information through particip

uarantee has helped this long established business continually grow every year for over 30 years now.

What is the risk of doing business with you??

You can greatly increase the amount of business you do, and the amount of customers you win, or quotes you turn into sales, when you, the seller, take on the ris

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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