Cases - Business

Want to know the secret for keeping your clients forever? And what if you could keep your revenue growing by 25 percent every year, because your clients loved the way you appreciated them? In th

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

is article, you will learn how easy it is to develop a powerful client appreciation program. Once in place, an appreciation program will forever change the way you operate and manage your busines

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

Examples of combination products may in

s.

Developing a monthly appreciation plan: At the beginning of each month, develop some fun ideas to “thrill” your customers. Start by planning a short brainstorming session with your sales man

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

ger, your marketing director, customer service and your sales team, so you can hear their unique insight about ways to make the program a giant success. Their input is critical as each company ha

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

s its own special client profile, so customize your appreciation plan accordingly. Once your appreciation plan is finalized, provide a written recap for your team so everyone will know exactly wh

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

Combination pro

t their role will be. Clear communication makes for perfect implementation.

Tip From The Coach: Consider building your client appreciation plan for six to twelve months in advance. This makes f

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

or better financial budgeting, a more thoroughly developed appreciation plan, and your team will have the time to evaluate several competitive proposals for each month’s theme.

Building appreciat

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

on themes: As you consider the theme for each month’s appreciation program, start by looking for specific holidays or seasonal times of the year. For example, summer time is perfect for bringing

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

an ice-cold drink to all your clients, as appreciation for their business. Your clients will not care how much you spend on them each month, but they will be very impressed by the way your team

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

hows how much they care. Another appreciation theme, depending on the profile of your clients, might be more educational. For example, have a local computer store give a live demonstration for yo

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

ur clients at your office, focusing on how the Internet can improve their business. Your clients will be thrilled to hear more about this cutting edge technology and the computer store gets to mee

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

Following aspects would a

t lots of potential new customers… a win-win for all. Lastly, hundreds of companies provide all kinds of promotional items you can order in small quantities with your company name imprinted on th

dd to the challenges in developing combination products:

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

m, and these items will fit perfectly into your client appreciation program.

Tip From The Coach: Certainly your clients will love the appreciation you show them each month and so will your prospe

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

cts. If appropriate, include every prospect in your appreciation program. Take this small step and watch your closing ratios double!

Evaluating the success of client appreciation: Start by aski

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

g your team to make written notes of any nice comments shared by your clients or prospective new clients. Next, evaluate the number of clients or prospects who attend your educational seminars, as

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

this helps for planning future programs. Of course, monitor your client retention percentages, as this is the critical measurement of how well your appreciation program is working.

Tip From The

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

Professional from academic institutions, pharmaceutical industries, health care indust

Coach: Remember, your clients will feel important when they know they are a top priority. Implementing a client retention program will not cost much. But the return on your investment will be si

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

gnificant based on less turnover, happier clients which means more referrals, and more fun for your team. Why? Because The Coach says so! Plus, good news travels fast and so will the sterling r

.

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

putation you earn with your clients.

Want to hear more about this important topic or ask some additional questions? Fax a note on your letterhead to 435-615-8670 or send an E-mail to ernest@power

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

Companies that provide selfless information through particip

hour.com and The Coach will fax/E-mail back to you a free invitation to be a participant on a TeleForum conference call. On this call we will discuss 25 appreciation themes your clients will love

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 art of Networking is a key ability for any type of entrepreneur. Networking can bring you important information as well as give others important information about you.

Custom packaging is a special packaging based strictly according to the product. Sometimes it is done by hand, and sometimes it is done according to a vendor's specs. The product’s fragility, perishability, volume and weight are considered in custom packaging.

Now Government wants to eliminate LIFO. LIFO stands for Last In, First Out. It is an inventory costing methodology. The last in, first out, or LIFO method, selects the most recent purchases whose quantities add up to the total number of items sold during the year. The last in, or most recent purchases, are the first charged out to expense. The primary theory of the LIFO method is that products sold have to be replaced to continue in business and that the most recent (i.e., the last in) costs are the closest to the costs of replacing the products sold. From a tax standpoint, LIFO minimizes tax consequences by using the highest cost of inventory which reduces reported profit.

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