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Main Subject - Givers Gain?! Not in Today's ME World
When I first decided to leave the corporate world behind and kick off my own business advisory firm, I spread the word through current networking channels: old colleagues,
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
former customers, friends, family, those on my favourite list, and even those on the less travelled list. Phone calls, breakfast chats, coffees (even though I don’t drink
; 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
the stuff)lunches, e-mails …… you name it, I blitzed it.
I developed a marketing and sales communication strategy, branding not only my business, but also the approach I
I developed a marketing and sales communication strategy, branding not only my business, but also the approach I
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ad always utilized in my former life in business planning and growth (aka Business Architecture).
What I quickly realized is that my former role at Sunbeam had left me wit
What I quickly realized is that my former role at Sunbeam had left me wit
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
very little time to maintain a serviceable and usable network of business folks that I could now turn to. It also reminded me of what it was like to be on the other side
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
of the received emails, phone calls, etc. When I was in fact that person in demand, I never had the time to speak to individuals, let alone make time to meet with them. T
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
lk about cluing in to what it’s like to try the shoe on the other foot …
So, I decided to toss my net further, attending local chambers of commerce breakfast and lunch ses
So, I decided to toss my net further, attending local chambers of commerce breakfast and lunch ses
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
ions, trade shows, and professional networking groups such as BNI.
I worked on a 15 second pitch because everyone here in Toronto knows that by the 10th second, any person
I worked on a 15 second pitch because everyone here in Toronto knows that by the 10th second, any person
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
you have met for the first time has started scoping the room, is mentally searching for any excuse to exit the conversation or will interrupt you to tell you what they do.
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
BNI particularly offered its members an opportunity to expand their business prospects, by promoting every chapter member as an extension of your sales team. Each chapter
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
member was responsible for bringing in referrals for the other members, as “givers gain.” (BNI’s mantra)
Well the only gaining I saw was by BNI itself. Did I mention that
Well the only gaining I saw was by BNI itself. Did I mention that
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
it cost, including weekly lunches, approx $1500 annually to become a member, and that the only other business advisor that was a member of the chapter I visited had one lea
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
that took 12 months to close! Is that the best use of your time and resources? Not mine, I decided.
Chamber of Commerce meetings were somewhat better, but it appeared t
Chamber of Commerce meetings were somewhat better, but it appeared t
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
hat every other contact I made was a real estate person, financial services advisor or broker, HR consultant, or printer. And most did not exactly espouse the givers’ gain
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
philosophy.
So what have I learned from my own experience in trying to promote my business:
Keep it simple stupid. Say it over and over again.
Don’t over-brand your pit
So what have I learned from my own experience in trying to promote my business:
Keep it simple stupid. Say it over and over again.
Don’t over-brand your pit
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
h. Or make it sound too rehearsed. Tag lines are best kept for billboards or print ads.
Elevator speeches are best heard inside your own head. Or tossed in the G-bin.
Elevator speeches are best heard inside your own head. Or tossed in the G-bin.
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
ttend events, functions and trade shows where you can gain access to the decision-maker, and not some sales person trying to get leads for their own benefit.
This is very
This is very
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
much a ME world not a WE world. Explain to the decision maker tangible ways you can help them. Don’t be afraid to put it in writing. Believe me it helps.
Timing is ever
Timing is ever
.
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
thing.
Needless to say, the learning continues on my part. Each new prospecting conversation affords me an opportunity to test certain ideas, learn from others’ successes
Needless to say, the learning continues on my part. Each new prospecting conversation affords me an opportunity to test certain ideas, learn from others’ successes
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
and failures, and most of all to meet the many passionate and talented entrepreneurs that are at the core of our economy, and leading the way on novel products and services
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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