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Would you like to increase your business? In Jay Abraham’s book, Getting Everything You Can Out of All You’ve Got, he says there are onl

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

y three ways (or a combination thereof) to increase your business and make more money. They are:

1. Increase the number of your clients

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

Examples of combination products may in

2. Increase the average size of sale per client
3. Increase the number of times clients return and buy again

Before we take 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.

closer look at each of these methods, it is important to be sure that the prices you are charging are in line with the value that you del

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

iver. Meaning, if you are undercharging please consider increasing the investment for your products and services.

Now, let’s take a loo

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

Combination pro

at each of the ways to increase business and get you brainstorming about how you can apply them to your business.

INCREASE THE NUMBER O

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

F YOUR CLIENTS
Look at your client data to see where and how the majority of clients find you. If you haven’t been tracking this st

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

art now and in the meantime just go by memory.

Add up the number of clients from each source, see which marketing strategies are working

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 and start spending more time doing them. It’s all about doing more of what works. This may sound simple, and it is. It’s just

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

a matter of doing it!

If none of your marketing strategies are working very well, take time to reevaluate and then begin with something

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

new.

INCREASE THE AVERAGE SIZE OF THE SALE PER CLIENT
Take a look at all of the products and services you offer and do two things.

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

Following aspects would a

First, think about new valuable products or services you could add to the existing ones to create more interesting packages for your cli

dd to the challenges in developing combination products:

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

ents.

Next, consider all of the ways you could bundle existing products and services in various combinations to create new packages. Lo

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

k for logical themes or groups that will appeal to your clients. You could even sell all of your products as one giant package at a disc

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

ounted price.

INCREASE THE NUMBER OF TIMES CLIENTS RETURN AND BUY AGAIN
A well known fact is that it costs around seven times the a

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

ount of money to acquire a new client as it does to sell something to an existing client. Take a look at your existing clients, as well

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

Professional from academic institutions, pharmaceutical industries, health care indust

as your previous clients, and think about what kinds of products and services they would like.

Consider creating ‘follow-up’ or ‘next st

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

ep’ products and services. A great way to find out what they really want is to actually ask them what they need. You can ask via: the p

.

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

one, e-mail, or a web based survey.

Are you starting to see how you can use these three ways, or a mixture of them all, to increase your

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

Companies that provide selfless information through particip

business? Take the time to analyze your business, create a plan, and get into action on increasing your business.

© Stephanie Ward 200

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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