Main Subject - Business

Stories sell. Stories reach us in a deep and memorable way that sales pitches do not.

What is the story of your business? Sometimes, part of the story is about you, the business owner. Sometimes, the s

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

tory is built around the owner’s passion to right a wrong. If you don’t think your business has a story to tell, here are five ways to uncover your Real Story:

#1: The owner’s story: Some types

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

Examples of combination products may in

f stories reach very deep into the American consciousness. Stories about second chances, self-made successes, hard-working newcomers who realize the “American dream” and reinvention speak to very deeply

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

held beliefs about who we are. I have one client who came as an exchange student from China, received her education here and met her husband. Because of the gift of a pearl necklace from an aunt, this

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

lient and her husband now own a pearl importing and jewelry design business. Her story of reinvention and adaptation while retaining her roots has gotten her media coverage and positive exposure for her

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

Combination pro

business.

#2: The product’s story: What need does your product meet? I have a Laundromat client who doesn’t just give people clean clothes—he helps them show their love for their families and su

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

cceed in the workplace by having a neat and clean appearance. In his city neighborhood of recent immigrants who are climbing the ladder of prosperity, family and self-respect are very deeply held values

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

Do your services or products offer people security, good health or a chance to succeed? What is the need that prompts your customer to buy?

#3: The business’s story: Has your business overcome

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

adversity? We cheer for the businesses that found a way to come back after 9/11 in the TriBeCa neighborhood of New York City or after Hurricane Katrina in New Orleans. Has your company weathered bad tim

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

s, lopsided competition, succession crises or problems and come back stronger than ever? People love a come-back story (notice that Rocky Balboa has six movies!).

#4: Your customers’ stories: Go

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

beyond testimonials. A case study tells the story of the problem and how your company solved it—but it’s really a story about a hero, a dragon and a damsel in distress. The dragon is the business proble

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

Following aspects would a

m—for example, a project badly behind schedule and over budget. Your company is the hero. The client is the damsel in distress. Every good adventure has a few plot twists to keep our interest—what chall

dd to the challenges in developing combination products:

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

nges happened on the way to slaying the dragon? Did you lose key project personnel when you needed them most? Did a piece of crucial equipment break or get delayed in shipping? Details like this make yo

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

ur story compelling. And then there’s the happy ending—how your company solved the problem and what it meant for the customer—significant dollar savings, productivity enhancement, the ability to compete

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

in new markets. Help listeners feel the real benefit.

#5: The story of your mission: Is your company part of your mission in life? Do you want to make the world a better place through the produc

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

or service you provide? Perhaps you became a lawyer because someone in your family was taken advantage of, and you want to make sure that others receive justice. Maybe you learned martial arts because

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

Professional from academic institutions, pharmaceutical industries, health care indust

you were robbed and ended up opening a studio to teach others to be safe. Your mission goes beyond your personal story to have a broader impact and make a difference in the world around you. Even the mo

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

t mundane business can have a mission. Maybe you repair cars, but your commitment is to keep people from being endangered by breakdowns or from losing their jobs because of unreliable transportation. Ho

.

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

w do you make a difference?

Telling the Real Story of your business makes a powerful connection with potential customers. It can be the springboard to compelling media coverage. It can differentiate yo

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

Companies that provide selfless information through particip

from competitors in ways they can’t copy. Once you uncover your Real Story, it affects the way you communicate about your business and the way you think about yourself, your products and your customers

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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CRM cannot do what it was designed to do, CRM is actually an oxymoron, businesses do not manage their clients relationships.....

This article shows that lifelong employment is fading and that self-employment is growing robustly in the 21st Century. What part do women, minorities, Generation X'ers, the Internet, failing employers, the rise of India and China play? How can you win with self-employment?

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