Main Subject - Business

Most entrepreneurs and senior executives completely miss out on one of the most powerful branding strategies available in today’s market…The creation of their own personal brand. Most people in business understand the need to build br

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

and equity at the corporate level or for products, services, intellectual property, etc., but very few understand the substantial benefits that are created from increasing their personal brand equity.

When reading newspapers and peri

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

Examples of combination products may in

odicals, listening to media interviews on the radio, watching guest appearances on the TV and seeing who gets the speaking invitations you’ll notice that it is usually those professionals who have positioned themselves as innovators 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.

d thought leaders through a carefully managed personal branding campaign. These individuals may, or may not, have anything more to offer than their peers other than the fact that they knew how to brand themselves as subject matter exp

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

erts.

Picture a very successful high profile company in your mind and you will likely find that their executives have not only established themselves as leaders inside their firms, but they are also perceived as industry heavy weight

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

Combination pro

and power brokers to the external world. When a company’s senior executives are viewed as subject matter experts and leaders outside of the company it makes them more valuable to the company. It is a true win-win scenario in that the

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

executive who knows how to manage his/her brand equity in turn increases the brand equity of the enterprise. Because the corporation benefits from the executives ability to brand themselves, they are willing to pay more for their ser

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

vices and work harder to retain their talent.

Regardless of how you feel about the following list of individuals you must agree that they have done a remarkable job of building a personal brand which has often times resulted in the c

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

eation of modern day empires. Think of Warren Buffet, Oprah Winfrey, Donald Trump, Bill Gates, Michael Dell, Sam Walton, Ted Turner, Richard Branson, Steve Jobs and a whole host of others and you’ll quickly see just how powerful a str

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

ong personal brand can be. In fact spend some time browsing through the Forbes 400 and you find that you recognize far more names than not…View a list of the Fortune 500 CEO’s and you’ll be surprised how many of their names have been

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

onverted into strong personal brands. Look at the Inc. 500 or Entrepreneur Hot 100 lists and you’ll see a number of strong personal brands in the making.

The reality is that most of us will probably never achieve the status of icons,

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

Following aspects would a

nor do most of us really aspire to that end. However increasing your personal brand equity is good for adding value to your company’s brand, leveraging your earning power and improving your job security and/or marketability. Personal

dd to the challenges in developing combination products:

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

branding is far more than an ego-play; it is smart business. If you don’t know how to create a strong personal brand the following tips will start you in the right direction:

1. Make those around you successful. While some personal

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

rands are built at the expense of others, or on the backs of others, the most highly regarded personal brands are built on the success they have created for others. Think “selfless” as opposed to “selfish.”

2. Hire a coach or mentor.

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

This is something that many successful people struggle with as their pride can be barrier to seeking the wisdom and counsel of others. However this is one of the single best investments you can make in building a powerful, sustainabl

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

and respectable personal brand.

3. Invest in continuing education: OK, so you already make a mid six-figure income, run your own (or someone else’s) business and you’re busy…The sad fact is that it is far easier to reach the C-suite

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

Professional from academic institutions, pharmaceutical industries, health care indust

than to remain there. You will only stay in the corner office if you continue to refine and advance your skill sets and competencies. Never sacrifice or forego learning because you think you don’t have time or worse because you think

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

you already know it all.

4. Learn to work the media, or hire someone to do it for you. When it comes to the media you only have three choices: a.) you can try and remain invisible, but anonymity won’t help you build a brand; b.) you

.

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

can be a target for the media and while controversy is not always a bad thing it causes more unnecessary brain damage than you will likely want to incur, or; c.) you can be a friend of the media and serve as a subject matter expert wh

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

Companies that provide selfless information through particip

o is available as a resource for the media…While the choice is yours, I’d personally recommend option C.

My advice is simple…find a good coach or mentor and start building your personal brand strategy yesterday…you’ll be glad you did

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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Starting up your own business can be an extremely daunting task. Getting it up and running is a huge gamble as if the business fails the loss to you is often high in terms of lost investment of your time and money. Twenty per cent of businesses fail in their first year, and an additional thirty per cent will fold before they reach three years old. Make sure you know what the biggest pit falls are so you can avoid your own business becoming part of this statistic.

In an ever-expanding corporate environment, the need to have an individual identity is a must to stand out from the crowd and get noticed. There are several ways of making this statement such as brand advertising, promotion campaigns and a personalized logo. However, a very subtle yet effective method used to highlight a person or organization’s individuality is the use of personalized rubber stamps.

The best brand strategies are successful not because they are unique. Rather, they succeed because they show the customer that they have been heard and understood. And that requires a process of listening differently...

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