Main Subject - Business

The “elevator speech” has become the essential tool for savvy business owners, entrepreneurs, and other professionals who use networking and building relationships as key st

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

rategies in their marketing efforts. You have only one chance to make a good first impression. A great elevator speech is the key to starting the conversation.

When someone

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

Examples of combination products may in

asks you the introductory question “What do you do?” you have approximately 15-20 seconds – or the length of a non-stop elevator ride in a 40-story high rise building – to sa

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

something that will generate interest in the other person, so they ask you follow up questions about what you do.

It sounds simple enough. You just have to create a short

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

ithy statement that compels people to ask more about you or your business.

So how do you do this? You start by asking a few key questions and your elevator speech begins to

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

Combination pro

merge within the answers to these key questions.

The first question is “Who is your audience?” Identify your target audience and what is important to them. Your target aud

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

ence is the same as your target market or ideal customers. Who do you want to work with or who would want to buy from you? Dig beneath the surface and be specific about your

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

arget market. If you are not clear on whom you are trying to reach, your message will be muddled.

Is there an ideal industry, business type, group, socioeconomic status, lo

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

ation, hobby, or other factor that describes your best customers? If your target market is a business, what is the company’s profile, number of employees, annual revenue? W

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

ere is the business in its growth cycle?

The next question to answer is “What do they care about?” What are the day-to-day concerns or issues faced by your target market? W

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

at is their point of pain that you can address? By the way, the question is NOT “What do YOU think they should care about?” Put yourself in their shoes and think about it f

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

Following aspects would a

rom their point of view. The more you understand the situation from their perspective, the more likely you are to hit the mark with your elevator speech.

Once you have iden

dd to the challenges in developing combination products:

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

ified your target audience and their concerns, you can turn your attention to your product or service. Answer this question: “What value/results/benefits do you provide?” Be

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

ore you answer, look at the question again. I am asking what do you do, NOT how do you do it? And that small distinction changes your approach to an elevator speech.

More

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

ften than not, people launch into a detailed explanation about how they work or how their product is put together. They are confusing the process with the results. When peo

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

le ask “what do you do?” what they are really asking is “what can you do for me?” So tell them about the results or benefits they can expect from your product or service.

A

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

Professional from academic institutions, pharmaceutical industries, health care indust

d finally, answer this question: “What spins your jets about what you do?” People like to work with professionals who demonstrate passion and enthusiasm for their work. Con

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

ider this your “secret sauce.” It’s the zest and energy that will immediately attract people and move them to ask more questions.

The answers to these four questions provid

.

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

the foundation to a memorable elevator speech. I have created a proven process of delving into these questions in more detail, plus six more relevant questions that help yo

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

Companies that provide selfless information through particip

uncover a powerful elevator speech in my new book Give Your Elevator Speech a Lift! The book is available now at www.amazon.com or on my site at www.mediaskillstraining.com

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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More and more companies in every industry are adding self defense training to their employees' benefit packages. Long-gone are the days when only the law enforcement and security industries where concerned with self-defense. Hospitals, business travelers, sales professionals, executives, and others are making sure that they and their valuable team members are learning important life-saving skills in today's often unsafe world.

This has become a way of life in business and our home lives. In the early days, people would get a giddy high off of seeing what they could get away with. Today, it has grown into an arrogant cockiness that has crossed the lines, infuriated our coworkers and weakened the trust our loved ones have in us.

Before you prepare a business plan and start you own business, make sure you have enough money or will be able to raise whatever you need when you need it. However, the money needs for your business is variable and there are many ways you can reduce it.

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