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Every insurance company in the world is concerned about ‘persistency’, keeping policies in force by making sure clients pay their premiums year after

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

year.

A small increase in persistency can yield a very large boost in company profits.

I have policies with several insurance companies. Every year

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

Examples of combination products may in

am stunned by the incredibly impersonal notices I receive stating: ‘Premium Due’.

These communications seem to regard me as nothing more than an acc

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

unt number, a payment amount and a due date. As a prospect, I was engaged as a real person with needs and concerns, hopes and dreams. I was treated as

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

a valued partner in the necessary world of personal financial planning.

Now that the policy is in force, I am just an invoice.

Here’s what I would m

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

Combination pro

ch prefer. (If you have an insurance policy, you might appreciate it, too.)

Ten months into the year, two months before the premium is due, a smart i

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

surance company should send me a simple customized letter. Something like this:

Dear Mr. Kaufman,

In two months the annual premium for your insuranc

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

policy number 123456 will be due.

I want to take a moment now to congratulate you on your decision to keep this policy in force, and to remind you o

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

the many benefits you have been receiving, and will continue to receive, throughout the year.

In addition to basic financial protection for you and

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

our family members, your insurance policy has provided you with (include all of the following that apply):

• a guaranteed savings program

• effectiv

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

retirement planning

• education planning for your children

• risk coverage against death or disability, and

• precious peace of mind.

Each year a

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

Following aspects would a

this time, we ask valued clients like you if any major changes have occurred during the past ten months.

Have you added a new family member? Have yo

dd to the challenges in developing combination products:

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

received a promotion or otherwise increased your income? Have you purchased a new home or automobile? Have any of your family members or friends rece

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

tly married?

If any of these changes have occurred, we encourage you to speak with your insurance agent (name here), who can be easily contacted at (

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

ontact details here).

Once again, we congratulate you for maintaining the benefits of your valuable insurance program. If you have any questions, ple

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

se feel free to contact your agent, or our office directly at (contact details here).

With best regards,

(Fill in the blank with the name of a smart

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

Professional from academic institutions, pharmaceutical industries, health care indust

positive, pro-active and profitable insurance company.)

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

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Whether you are in education, marketing, retail, logistics, government service, entertainment or insurance, communicating posi

.

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

ively and proactively with your clients makes sense.

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

Companies that provide selfless information through particip

--------
Don't wait until the last minute. Make an effort to stay in touch with your customers and clients with positive news and proactive views

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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It’s not what you know, it’s who you know. How many times have you heard this phrase? In my experience this phrase is usually one that is uttered by a specific group of people for a specific purpose.

It seems obvious that you should strive to always satisfy your customers; however, many businesses ignore this very simple principle. Your existing customers are your most valuable asset, you must take care of them.

Do you spend enough time thinking about how you can improve the level of customer service your business is providing? Read this article and then answer this question again.

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