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An endorsement can be an extremely powerful business booster, particularly when the person doing the endorsing is well known and respected by the people who read or hear what he or she has to say. Your endorser doesn’t have to be a famous sportsperson, a fil

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

m star, or a university president to command respect; someone who is ‘visible’ in your community’s business life will just do fine!

Also the endorsement’s wording doesn’t have to be (in fact shouldn’t be) run-of-the-mill. It can say a lot more than “Louise

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

Examples of combination products may in

runs a fabulous hairdressing and beauty salon, please drop by there and see for yourself.” An endorsement can be creative and compelling – truly novel.

Endorsements can be presented through direct mail, TV, telemarketing or a simple personal letter. We use

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

endorsements from satisfied clients all of the time. In fact it is part of the agreement we establish with a new client from the outset. What we say to our clients is, “If you find any of our services or business development products the best value - for -

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

money investment you have ever made in your business, will you endorse them to your clients or customers and business associates.”

Let’s have a an example: When a solicitor friend of one of our daughters wanted to increase the size of her firm I suggested

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

Combination pro

that she approached her accountant - who was also one of her clients – and asked him to send a letter of endorsement to his best clients.

Her accountant readily agreed to do this. This is what the letter said:

“It’s rare for me to write, much less to write

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

about someone in another field. But I’m writing to tell you about my solicitor, Jane Sharpe, and to tell you of some of the great work Jane has done for me.” (At this point the accountant mentioned several ways in which Jane’s advice had saved him time and m

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

oney. Then came the creative touch) –

“Because I appreciate your loyalty to our accountancy firm over so many years, I was thinking of sending you flowers for your office or a gift box, but I decided that the noblest thing I could do for you is to buy you a

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

n hour of Jane’s time. I’ve arranged to do that, and there’s no charge or obligation to ever use Jane again.

The session will not cost you one penny, and you can use it to talk about any subject you want to discuss, whether it’s a business or personal issue

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

– or whatever. I can’t recommend Jane enough. Here’s her number. Just tell Jane that you’re someone for whom I’ve purchased an hour of her time.”

That’s what you call an endorsement. One that was highly successful with just over two-thirds of those peop

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

le receiving it actually taking up the offer, and 57% visited Jane not just once, but on several occasions. Jane’s business increased dramatically, and the accountant’s business also benefited through a referral percentage.

Referrals provided by your custom

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

Following aspects would a

ers/clients and suppliers can be another potent profit-builder and one we frequently use to add significant additional profits to our clients bottom line.

Keep this in mind too: Competitors can actually help you grow your business and profits. Here’s how:

dd to the challenges in developing combination products:

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

Go to a competitor and show them that if they’ve lost a customer or client that, for all practicality, it’s a sunken cost that they’ve written off. Tell them that if the customer or client doesn’t want to buy from them, they can still make a profit by introd

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

ucing the customer or client to you. Both sides win.

Go to your competitor and say, “Let me have a chance to access your inactive clients, not your new, active ones. Or tell them, “let me have one of your salespeople to call on your old customers to say, ‘

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

You didn’t buy from us, we understand. We’ve done something to loose your goodwill, but we want to introduce you to somebody we respect. We think that we’re superior and superb, but if you don’t want to do business with us, let us introduce you to the next

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

best thing. We really respect these people.”

If you do just that, the law of averages says that you’re going to get 30% to 50% of those ‘old clients’ to buy from you. Pay the referring competitor as much as 100% of the first transaction. Show them that yo

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

Professional from academic institutions, pharmaceutical industries, health care indust

u could write them a cheque for tens of thousands of pounds, which they could use to pay off debt, to run advertisements, to build new clients, to add to their facilities or, to hire additional sales personnel.

After they get over the shock of a competitor w

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

anting to do business with them, many will agree to your plan. If they say no and tell you to take a wild leap, don’t let that upset you say to them, “I’d say the same thing if someone came to me with this proposition. But let me make a point: You’ve got a

.

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

lot of lost assets. You spend thousands of pounds to build them.

These old customer or clients are not buying from you now and probably they never will again. Every week, every month, every year that you do nothing with them, it’s a lost asset worth less a

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

Companies that provide selfless information through particip

nd less.

If you can convert a thousand of those five thousand customers or clients to me – and I am willing to pay you 35%, 50%, 75% or, 100% of their first transaction with me – I can write you a cheque for ?20,000 or ?50,000 or ?200,000. How bad is that?”

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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In business, a manager needs to be on the ground - talk and interact with the various people: staff, suppliers, customers, business partners and even competitors. Through these various channels, the manager is able to acquire more knowledge of the industry and have better feel of the market.

Meeting planners are increasing their event popularity by huge margins because of the power of integrated and automated email marketing. With a system you can schedule and automate all of your correspondence with prospects and registrants in advance... increasing event attendance with more timely, more frequent, and easier-to-take-action-on communication.

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