Cases - Business

Ever wonder why some shoe-string start-up businesses succeed wildly, while some well-funded ventures tank big time? Contrary to what you might believe, spectacular success does not require a huge advertising budget, celebrity endorsements, or an MBA

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

. Here are the ten simple steps that will lead your business to spectacular marketing success:

1. Create a clear picture of your goals and what you're going to do to achieve them. You can't figure out how to get someplace without kn

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

Examples of combination products may in

owing where you're going, so you need to document your plans by quantifying your goals (how much revenue you want to generate), outlining your strategies and tactics (what you plan to do to attract, acquire and retain your clients), and finally, sch

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

duling your activities (when you're going to do all these great things).

2. Understand why you are in business. You have your own business not because you want to work for yourself, but because you have something of value (a produc

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

t, service or information) that someone is willing to pay you to get. Period. You may have a personal agenda (or three), such as making a huge profit or tithing 20% or pursuing your artistic passion, but those reasons are not why people pay you, so

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

Combination pro

they are not reasons why you are in business.

3. Identify your best or ideal client. There is no product, service or piece of information on Earth that "everybody" wants, including yours. Heck, we can't even agree on the same soda

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

op, for goodness sake, so why would you think that everybody in the world would want what you're selling? Chances are there are people out there who really want and need what you've got to offer, and once you figure out who those people are and wher

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

e you can find them, you're in the money.

4. Identify your solution. Another tricky step, because most people try to sell the process, not the outcome. If you think you know what your clients really want, ask yourself this: Why does my clie

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

nt want that? The answer to this question is probably the solution you offer.

5. Articulate your solution. Distilling your value to a particular client base in seven to nine words is a great way to articulate your solution (many of

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

us call this an "elevator" speech). For example, an image consultant I know used to say she dresses women who want to look their best. Nice, but so what? What do her clients really want? Here's a hint: Her new "elevator" speech is that she helps wom

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

en look 10 pounds thinner and 10 years younger.

6. Spread the word. People have to know that you exist and that you can solve a particular problem for them in order to take advantage of your services. Tell everyone you know (and p

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

Following aspects would a

lenty of people you don't know) about your business. Too modest to talk about your own great self? Let your clients do it for you, by quoting them on your web site or in your marketing materials, or having a notebook of letters from satisfied custom

dd to the challenges in developing combination products:

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

rs.

7. Ask for business. Kids working the counters at fast food restaurants have no problem asking if we want fries with our orders, but many small business owners (particularly service providers) are hesitant to ask for business.

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

Remember two things: People like to be invited (so invite them to work with you), and you're offering a viable solution to someone who would benefit from your product or service, not trying to pick his pocket. So ask.

8. Provide great

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

service. Think "service" isn't part of your business? It's part of every business, but the type and quality vary wildly. Maybe your restaurant doesn't allow substitutions, but your servers are helpful and friendly, your restrooms are spotless,

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

nd your products are delivered to the table piping hot (or ice cold, as the case may be). That's good service.

9. Appreciate your clients. Nobody likes being taken for granted, especially your clients. There are many ways to demo

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

Professional from academic institutions, pharmaceutical industries, health care indust

nstrate your appreciation, including personal notes, loyalty programs (buy 10, get one free), longevity discounts (after a certain number of purchases, the client can purchase at a lower rate), and even verbal expressions ("Thank you!"). Make sure y

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

our clients know that YOU know they have a choice of vendors, and that you're happy they chose you.

10. Take personal responsibility for your success. Whether or not your business succeeds or fails depends on you, not market condit

.

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

ons, competition, or other outside forces. Obviously, you want to confirm that there is a market for your product or service before sinking your last dime into the business, but know that once that market is identified, the only thing standing betwe

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

Companies that provide selfless information through particip

en you and success is you. Thinking otherwise gives you an excuse to fail, and that's not the way to spectacular success.

Spectacular success is less a matter of chance than choice. If you choose to follow these steps, success will follow

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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Becoming a landscape architect can develop into a highly lucrative career. Learn more.

Some folks have likened the buying of a franchise to buying a job. In some cases this is true such as with the 7-11 franchises and the way they work. Inventory is automatically ordered and paid for out of deposits made and a check for the difference between the costs is paid two times per month.

Mary complained to HR and she was sent to a different office for 'better' training. She was unable to learn anything there, also. Her career in the travel industry was short, but expensive. Basically, she should never have been hired. Mary was very personable and she was probably hired on a 'gut feeling' that she would do well.

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