Cases - Business

Relax. I’m not advocating any illegal activity or compromising behavior. However, consider this. Whether you’re a sales professional positioning a product, a corporate executive proposing an idea or you’re networking fo

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

r your organization...are you not also selling yourself? If you’re not for sale or horrified at the notion, keep reading. You may find some compelling reasons to consider a shift in thinking.

Recently I participated in

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

Examples of combination products may in

local networking event. I spent the morning with insurance agents, telecom sales representatives, and other individuals representing a wide variety of business interests. As one would expect, each participant took a t

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

urn sharing a well rehearsed “pitch” about their company’s unique offerings and target audience. It was interesting and in most cases, obvious that time had been spent perfecting these mini-presentations. However, I’m n

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 personally in the market for these specific services, so at best, I was modestly engaged.

That is until something unexpected grabbed my attention and stirred my curiosity. A bank executive shifted gears and began shar

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

Combination pro

ng his personal experience in the field. I heard examples of how he leveraged this experience to help clients find solutions to their financial challenges. The boutique nature of his bank in conjunction with his experie

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

nce provided potential clients with creative options that most other banks could not provide. As he spoke his energy and enthusiasm drew me in. I was no longer listening to a bank executive; I was listening to Dave, th

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

bank executive who successfully convinced me that should I need banking assistance –- he’s the person to speak to.

Effective selling is much more than having the right product with the best features and benefits, having

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

the best idea or the lowest fees. If this was not the case, how would you make a sale when your product is not the best, your fees are higher or the idea you’re proposing is riskier than some others? Often what tips th

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

scale in your favor and differentiates you from the throngs of others competing for what you want is something as simple as “you”. You are one of the key features and benefits associated with the product, the service or

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

the idea someone is signing on for.

Consider your experience. Grab a sheet of paper to take an inventory of your experience. You might even ask a friend or colleague to help you.

What knowledge do you possess?

What’s

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

Following aspects would a

your personal track record in this area?

How do these things translate into meaningful benefits and end results for your prospective buyer?

Mortgage rates, value-added services or specific facts backing up an idea are

dd to the challenges in developing combination products:

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

lways going to be important considerations for a prospective buyer. Yet, a buyer can’t develop a relationship with these intangibles. Buyers establish these things with you, not your services or ideas. The problem aris

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

es when they don’t know who you are or don’t meet the real you. How can they know what their buying?

Pam was planning for a high stakes meeting to sell her new marketing strategies. She was full of nervous excitement a

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

d asked for help to ensure she was “calm and collected” for the big meeting. Pam is anything but a calm and collected person. She’s high energy with boundless enthusiasm, a fast thinker and a fast talker. These are the

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

powerful parts of her personality that are engaging, demonstrate her passion, and showcase the out-of the box thinking she brings to the table. This is the real Pam. People are swept up in her confidence, her conviction

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

Professional from academic institutions, pharmaceutical industries, health care indust

, and value the relationship that will become part of the package when buying her brilliant ideas. When she allows her true self to come out of hiding she’s effective in selling the relationship.

When the “real” you sho

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

s up in a meeting, a social event, or a job interview what personal qualities are evident?

Next time you’re preparing for any type of important presentation consider putting yourself up for sale.

Share something about y

.

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

ourself. How did you get involved with this field and what do you love about it? How did you arrive at this idea and why is it important to you?

Share examples of your personal impact. How did you use this experience

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

Companies that provide selfless information through particip

o help a client? What were the end results of your efforts?

Allow your “true self” to show up. When we communicate with authenticity, our own energy, passion and conviction become infectious and a relationship blossoms

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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Fax marketing is an alternative means of effectively communicating to customers any last-minute company offerings. It is also one of the relatively underutilized means of business advertising and marketing. Business companies can never have enough of advertising and marketing alternatives.

Why is that who you know is so much more important than what you know? Networking can be your best method of improving your “who you know” quotient in the shortest amount of time, but only if you know the rules of success.

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