Main Subject - Business

Everyone loses customers: ownership changes, changing business plans, personnel changes and many more! In any

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

given year if you are planning for growth you may grow, or have zero growth, or even shrink but one thing is c

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

Examples of combination products may in

rtain - if you didn't go after new business you will be in a less advantageous position. New customers are you

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

life blood and can be expensive to get. Cold Calling, Advertising Campaigns, and Mailings are expensive and r

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

quire not only money but many sales hours and the return on investment is not usually very high. What can we d

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

Combination pro

to find and get these new customers?

"What About Networking?" Networking is a cost effective way to obtain n

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

w clients and growing your business. The first thing you need to do is schedule at least two networking events

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

a week. Next is getting out of your comfort zone. When attending a networking event, always sit with individu

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

ls you have never met before. It forces you to mingle, meet someone new and a possible potential new clients.

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

Here are some tips:

1. Bring plenty of business cards - keep them handy - wear a blazer or pants with pockets

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

Put your cards in your right pocket. When you obtain the other person's card put it in your left pocket. It

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

Following aspects would a

is very distracting digging in your purse for your cards. You look "unorganized". Follow up about a week late

dd to the challenges in developing combination products:

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

with a postcard or an E Mail to keep your name in front of the new contact.

2. Eye contact is critical. You

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

know how you feel when someone is talking to you and looking around. Don't look past the person. And don't fo

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

get the 3-minute rule (don't be too long winded). After that you lose the other person's attention!

3. Your

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

ame tag is your best friend; it introduces you to everyone. We usually shake with our right hand. Put your na

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

Professional from academic institutions, pharmaceutical industries, health care indust

e tag on the left so it is visible.

4. Last but not least - and certainly very important - Dress for Success.

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

Image is everything! You are on stage with networking. The first 30 seconds someone sees you are very import

.

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

nt and you want to make a great impression.

Networking does work! You can meet 90% of your clients this way!

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

Companies that provide selfless information through particip

Now, get out there and network!! It is essential to your business!! Your business success could depend on it!

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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The market for private businesses has shown some distinctly hot and cold spots over recent months. At the larger end, businesses with a turnover in excess of $20 million, interest from private equity firms is pushing prices higher. However in the middle market, businesses with a turnover of $5 million to $15 million, prices have eased as buyer sentiment has softened.

How many times would you mail out a $1500 marketing campaign if each time you ran it, it returned you $13,000? Well if you aren't doing it now, you need to be. If this proven technique works for people in this hot headed profession, there's absolutely no reason why it wouldn't work for you.

Lifelong learning is crucial to ensuring that you and your children are able to thrive in a rapidly changing economic market. Don’t be put off if you have unpleasant memories of school – education is changing too and new techniques make learning more user-friendly.

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