Main Subject - Business

Your customers directly impact your business each time they decide to spend money with you or not. Your customers affect your livelihood, the success of your business, and the future of its existence. Are you aware that there

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

could be others influencing your business indirectly? There are those in your community or those somehow related to your line of work that have the capability to influence your potential customers and their buying power. For

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

Examples of combination products may in

example, ponder the pharmaceutical drug industry. Are the drug companies themselves solely responsible for the choices that the general public makes when filling prescriptions? Of course not. The physicians writing the presc

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

iptions are the ones recommending certain medications over others. There may exist two or more medications very similar in nature, maybe some even generic. Pharmaceutical representatives know this and take the issue of influe

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

ce very seriously. They spend lots of time, energy, and money, giving doctors promotional products, gifts, and meals.

You too can make an effort to target these influential entities. This is important for several reasons. M

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

Combination pro

ke sure that these people or companies indirectly impacting your company are aware of the benefits of your products and services. Those who influence your business have the potential to sway prospective consumers in the public

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

If you establish rapport with them, the likelihood is that they will continue to help increase your business.

For a restaurant in a mountain resort town, local inns, spas, and bed and breakfasts could influence business sign

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

ficantly. When tourists inquire about dinner, the concierge has his or her own opinions for recommendations. It would be wise for a restaurant in such a town to establish pleasant connections to draw more business. The same

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

ituation could apply to massage therapists, ski rental shops, boutiques, or art galleries in the town.

Work to identify categories of those who influence your company. Then, target these individuals or their businesses. Rem

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

mber that they have the power to refer new clients to you. How can you convey to them that you will be treating potential clients exceptionally well? Remember, their reputation and good word are on the line. Use a personal a

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

proach. Invite these influential people to dinner. Give them free products or services. Treat them well and prove to them that their referrals will receive the same.

Be careful in your approach to connecting with these key

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

Following aspects would a

influential people. Your first impressions will be powerful and lasting. You do not want to set the tone for a personal or selfish agenda. Offer an invitation to buy the person’s lunch with the intention of getting to more a

dd to the challenges in developing combination products:

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

out their own line of work. Explain that you, yourself, have referred others to their company and want to be sure that you are thoroughly familiar with their company. This means that the other party will obviously have the ch

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

nce to reciprocate and learn the same information about you.

When you have made initial contact with such individuals, offer them a free or discounted product or service. If you are a barber, give them a coupon for a free hai

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

cut. If you own a tire store, offer them a discount on their next set of new tires. If your business is a furniture store, let them know that you have a special price for them on their next purchase. More importantly, be sur

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

to send some clients their way- and let them know it. You can call their business and mention, “I am sending a few people over to your store. They’re looking for an Oriental rug, and I told them you would take good care of t

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

Professional from academic institutions, pharmaceutical industries, health care indust

em.” These key people will appreciate your efforts and will return the favor- as long as your products and services are of good quality.

Finally, always take time to thank those who influence your business and help it expand.

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

The end of the year, or possibly the winter holidays, is a great time to reflect upon the new referrals that have come your way and to show gratitude to those who supported your business. Send fruit baskets, wine, cookie bouq

.

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

ets, flowers, gift certificates, or cards to honor those that impact your business and to encourage them to continue.

Remember, just because someone isn’t regularly spending a lot of money with your company doesn’t mean that t

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

Companies that provide selfless information through particip

ey are not indirectly impacting your livelihood. Take some time to think about who is- or who is not- sending customers your way. Use a positive networking approach and build those connections to generate continuous referrals

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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