Main Subject - Business

There are people who believe that a great elevator speech needs to be delivered with enthusiasm. They would like everybody on the elevator to hear it and be moved. That is why many rehearse their elevator speech to d

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

eliver with passion an exciting answer to the question, “What do you do?”

In truth, the stirring performance that you rehearse for a traditional elevator speech might impress your spouse, and it might earn a ribbon

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

Examples of combination products may in

t a Toastmasters meeting; yet, a compelling elevator speech – one that compels strangers to ask for your business card – is best whispered.

The traditional elevator speech

Here are good examples of the tradi

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

tional elevator speech:

• Jeff says, “I work with people who want to accumulate wealth by investing in undervalued stocks.”

• Brenda says, “I help couples to furnish and decorate their new homes in a style that’s a

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

l their own.”

• Jeanette says, “I work with growing companies that need to find talented people so that they can continue growing and become more successful.”

Each of these elevator speech examples calls for impass

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

Combination pro

oned delivery – with a smile, with zest. Because of that, Brenda could go on with examples of the exciting work she does as an interior designer and decorator.

The enthusiasm that makes a traditional elevator speech

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

effective also requires self control to keep it brief. This is not the only challenge with a traditional elevator speech.

The question-answer trap

There are several basic problems with the traditional eleva

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

or speech. The first is to answer the question “What do you do?” succinctly. Like Brenda, many would like much longer than 30 seconds to describe themselves and their work.

The main problem, though, is that most peo

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

ple just don’t want to hear others talk about themselves – especially if it sounds rehearsed. That is why most people seldom ask, “What do you do?” That’s also why many who develop a stimulating elevator speech seldo

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

get to use it. There is a simple solution to these problems.

Don’t talk about yourself.

A Compelling Elevator Speech differs from a traditional elevator speech in one critical way: It’s not about you at all

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

Formula for a compelling elevator speech

A compelling elevator speech communicates:

• Who you are (name with or without title or organization).
• Three problems you solve described emotionally (e.g. f

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

Following aspects would a

ear, frustration, aggravation, worry).
• That you solve such problems (positioning you as a rescuer).
• A hook question (e.g. “Is that important to you?”)

Example of a compelling elevator speech

Je

dd to the challenges in developing combination products:

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

nnette would be wiser to say something like this: “You know, a lot of companies in this area are having quite a tough time finding good people to hire. Then, it can be frustrating to keep a good team together. Of cou

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

rse, letting people go can cause lost sleep, too. As a certified Human Resources Consultant, I help to make life easier for senior managers. Can you relate to that?” For greater impact, she should lower her voice as

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

f she’s sharing something confidential.

Why whisper

A compelling elevator speech is best delivered in hushed tones for two reasons:

1. You should whisper because a truly compelling elevator speech focuses o

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

the problems you solve for people – described empathetically in emotional terns. It’s not polite to talk out loud about your clients’ head scratching or nail biting. Emotional empathy positions you as respectful and

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

Professional from academic institutions, pharmaceutical industries, health care indust

credible. Whispering shows that.

2. People pay more attention when you whisper – especially in contrast, when they expect you to announce grandly what you do and talk about yourself.

Sample elevator speech

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

There are thousands of people toiling away on their elevator speech right now. They’re trying hard to describe their work briefly so that people will understand what sets them apart. They’re earnestly rehearsing in f

.

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

ront of mirrors. They’re anxiously waiting for somebody to ask that trigger question, “What do you do?” As an elevator speech coach, I take away that pressure. Would that be meaningful to you?

If you want strangers

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

Companies that provide selfless information through particip

o ask for your business card after 30 seconds, and you can accept that a compelling elevator speech is not about you, then use this formula – and say it with a whisper.

- Glenn Harrington, Articulate Consultants Inc

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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