Main Subject - Business

You probably know what an “elevator pitch” does, but do you own one that describes your business, yet? If not, let’s create one, right now.

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

It’s easy if you know how.

Crafting an elevator pitch requires planning. Not only do you need to know your business, but also more import

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

Examples of combination products may in

ntly, you need to know your target market.

Who Is Your Target Market and What Should You Say to Them?

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

– First you need to identify your target market. Who are they and where do they exist? The clearer you can identify, the more effective yo
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
r service or product can serve that population.

Be as specific as possible and find a niche that you can dominate. If you are a doctor, yo
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro
will most definitely make more money being a heart surgeon than a family practitioner.

Although you can serve larger audience by being a
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
family practitioner in your city, if you happen to be the only doctor who can handle heart surgery, you can collect premium fee for your se
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
vice.

It’s better to be "number one" in a small niche than "number five" in a saturated market. Think about Xerox; they dominate the copy
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
achine niche but not so in the printer niche.

When crafting an effective elevator pitch, think big but serve small. Don’t try to sell your
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
product or service to everyone because you only then become a generalist and not specialist.

Crafting Your Message — This part expl
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ins why people should hire you. Focus your message on your customers instead of yourself.

How do you do this? You do this by identi
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
fying what problem your products and services can solve.

For example, if you sell cars, don’t advertise that you are the “the lead
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
r and number one dealership in … “.

This means nothing to your customers because your message focuses on yourself instead of their needs.
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Instead, you can say that your dealership “helps people with credit challenge qualify for cars.”

You see the difference? Focus on your cus
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
omers’ needs instead of your self-serving interest.

If someone wants to know what my business does, I tell the person “my consulting provi
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
es small business owners ideas to advertise, market and create identity.”

Typically, this elevator pitch gives my potential customer the o
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
pportunity to further investigate my credibility by asking me to demonstrate specific examples.

The more specific I can articulate, demons
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
rate, explain, compare, persuade why I should do what I do, the greater that my message educates my customers about the advantage I bring.
.

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
An elevator pitch … is really your unique selling proposition. A 30 second message that focuses on the needs of your niche that will not on
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
y identify your business and but also recognize your expertise.

Spend time crafting an effective elevator pitch and outdo your competition

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 - Crafting Your Elevator Pitch

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