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Main Subject - How Well Do You Know Your Clients?
How Well do You Know Your Clients? Many people new to business often make the classic mistake of creating a product or service out of the
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
ir personal passion (or talent) then try to sell their product or service into the marketplace without fully understanding the intended customers needs an
; 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
desires.
In other words - they make ‘guesstimate' assumptions and then jump into business. Their belief being (more often than not) ‘I like it so you wi
In other words - they make ‘guesstimate' assumptions and then jump into business. Their belief being (more often than not) ‘I like it so you wi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ll like it as well'. This then leaves them confused when the business they are running is just not working at all after repeated different attempts to get
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
it to fly (or there simply isn't enough business coming through the door to support their dream).
The danger then is to fall into the trap of working har
The danger then is to fall into the trap of working har
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
der and harder (longer and longer hours) whilst also finding fault with everything that doesn't work. This ultimately leads to a serious work / life imbal
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
nce, and ultimately stress and illness.
So what's a solution? Focus your thoughts on becoming a hyper-critical thinker. Allow time out e
So what's a solution? Focus your thoughts on becoming a hyper-critical thinker. Allow time out e
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
very day to ask yourself what you are doing, how you are doing it, who you are doing it for and also (probably most importantly), why they will care.
Man
Man
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
people think of the ‘How' before they think ‘Who', ‘Why', ‘Where' and ‘What'...
If you are not seeing consistent growth within your business, then take
If you are not seeing consistent growth within your business, then take
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
a look at the level of attention you are paying to one (or all) of the following:
- Gaining increased sales from your existing clients and database
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
/li>Maximising the profitability from your existing sales (upselling) Getting new clients through the door Understanding precisely 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
your customers are is critical to building any business. Try asking yourself the following questions... If you don't know the answers ye
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
t, make a commitment with yourself to find the resources to get them - maybe via a library, through other business owners (even researching what your comp
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
tition does well - you may be surprised what you'll learn), or employ a professional business coach. Ask yourself these questions: Get Critical!
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
strong>
- Who are my clients? What's their age? Where do they shop? Learn as much as you can about them
- Why do they need my product / servi
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
e?How will they know when they need it? How will they find out where to obtain it? What experience will they have when they disco
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
ver it?What will the experience be like when they purchase? To Your Success, Mike Yates
Business Coa
Business Coa
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
hing gives you: Training-Inspiration–Motivation–Educ
.
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
ation 121 Business Ltd, Unit 33 Stephenson Road, St Ives, Cambs, PE27 3WJ T: 0870 16 24 121 F: 0870 16 24 122 E:
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
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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