Main Subject - Business

“ Patience, persistence, and perspiration make an unbeatable combination for success.”

Napoleon Hill

Persistence is a key factor in achieving results. Let's go on a jo

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

urney into your business. Let’s have fun and pretend we're in a hot air balloon. Visualize being up there, the crisp air of summer, the blue sky, wind blowing in your ha

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

Examples of combination products may in

ir. When you look over the edge, viewing your business from above, you may see the following:

• Business is slowing down. You think, "I need to network" as everyone kee

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

ps telling me building relationships is the way to go. Well how do you go about doing that? Joining a formal networking organization, such as BNI or LBN, is one way. Let

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

's try that.
• You attend the networking group and after a few months don't see any results. Now you are exhausted and have a stack of business cards that you've co

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

Combination pro

llected. You look through the cards, trying to remember who needed your services and begin feeling overwhelmed.
• With no clear plan in sight, you stick the cards i

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

n your desk and decide to deal with them later.

I think it is fairly easy to see your Return on Investment (ROI) of time is not paying any dividend. A typical service c

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

ompany owner spends 80% of their marketing and sales resources on acquiring new customers. What if we could adjust the formula and become efficiency experts of our time.

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

What can be done to have the greatest ROI - whether the investment is time, money or energy?

Successful marketing requires that you are persistent in seeing activities

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

through to the finish line. In the above example, congrats on taking the first step of getting involved in a networking group. These groups allow you to meet other prof

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

essionals who may need your services or know others that will. But meeting people is not enough!

Having a plan in place to follow up with those you've met will allow yo

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

Following aspects would a

u to achieve the results you desire. Is meeting someone enough for you to give them your own business? Or are you more likely to respond when you receive a follow up ema

dd to the challenges in developing combination products:

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

il the next day telling you how great it was to meet you with an offer to attend a free seminar that person is having?

Your follow up should demonstrate professionalism

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

and create an incentive for another contact. Being friendly will help you make contacts but is not enough to get business from them.

The secret to wealth creation in b

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

uilding a business comes from systematizing all of your operational procedures and increasing revenue by way of “automating” the marketing and sales process.

New York 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

imes Best Selling books speak directly of the importance and value of nurturing your existing customers. In his books,"What Your Clients Won’t Tell You" and "Why Good Co

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

Professional from academic institutions, pharmaceutical industries, health care indust

mpanies Fire Great Companies", John Gamble demonstrates the power of customer relationship in his discovery of Revelation X. Seth Godin, in "All Marketers Are Liars!",

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

stresses the importance of a compelling story to share with prospects and the invaluable relationship with existing customers.

There are countless ways to market yours

.

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

elf and your business. Any marketing strategy without a clear plan for seeing it through from beginning to completion is equivalent to "throw it against the wall and see

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

Companies that provide selfless information through particip

what sticks." By having a plan in place before you begin, you can keep your desk from becoming a card collector and make sure the marketing you do will achieve results

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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Career assessment provides a road map for college and high school students in charting their careers. The different skills set provides guidance on strengths and skills. It is a way to discover one's career niche.

Explains honesty and its value in making long term relationships with costumers so they keep coming back. Discusses the importance of trust and credibility when marketing.

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