Main Subject - Business

JV to the Affluent – If you can partner with a business that sells a high-ticket item to the affluent, here’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

a blueprint worth testing:

- Choose the most popular high-ticket item they sell.
- Send a letter via Fed

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

Examples of combination products may in

ex to their “A” list, those 20% of customers that are responsible for 80% of their profits. Tell them about a

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

special one-day closed door private by invite-only “showing” for that one specific product/service. Hire a pro

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

essional copywriter to write a specific sales letter for that one product or service.
- Serve coffee, tea

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

Combination pro

, muffins, or whatever is appropriate for that target market on the day of the showing. Make it an event, more

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

than just the product or service itself. Look for ways to gain media exposure. Yes, it’s a private showing, b

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

ut if their “A’ list hears about it from the media, they’ll want to be there.
- Make sure they have their

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

most knowledgeable staff on hand for the showing. You’re selling to the affluent here, so you don’t want to cu

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

t any corners. Find out what they want and give it, to them.
- Collect your profits, but be sure to follo

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

w-up with a thank you letter, ideally also Fedex’d to them. And unadvertised bonuses always help!

Lead Ge

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

Following aspects would a

neration JVs – Find out what other businesses your target market visits. For example, I sell to entrepreneurs,

dd to the challenges in developing combination products:

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

and a lot of them frequent the UPS Store and other such places. Fedex/Kinkos and other “copy shops” are also i

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

deal places where I live. Many of these places don’t capture their customer’s name, address, email address, et

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

c. So I made an arrangement with them. I setup “take ones,” where they can take a brochure for free, go online

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 my website, fax me, or mail me their contact info, then I send them a free report relevant to them. I give

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

Professional from academic institutions, pharmaceutical industries, health care indust

their contact info to the store I JV with (and I notify the prospects of this fact…it hasn’t seem to hurt my l

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

eads significantly so far). For those businesses (a Staples store, being one of them) that are stubborn, I off

.

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

er to give them the contact info I collect from all the stores I JV with in their area. Again, you need to inc

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

Companies that provide selfless information through particip

lude a disclaimer when doing that, but in my tests, the benefit has outweighed the losses.

to be continued...

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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Main Subject - Joint Ventures - Part VI

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