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What is the most valuable asset your company owns? Inventory? Equipment? Employees? If you’ve got customers, your number one asset is your customer list.

You’ve heard the ol

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

d adage, “It’s 5 times easier to sell an existing customer than to find a new one.” Selling an existing customer is easy because you’ve got the right message at the right time

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

Examples of combination products may in

going to the right customer. There are two proven ways to do this. First, you position yourself as the obvious expert and ask for your deserved referrals and for the next sal

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

e. Second, you practice solid customer relationship management and mine your database for all that it’s worth. The first way is passive and takes a really long time.

The sec

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

nd way actively places you on your customer’s radar and keeps you top of mind for his next buying decision. But if your customer information resides in 10 different places, li

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

Combination pro

e your accounting software, Excel spreadsheets, little Post-It notes on your monitor and a PDA, you’ve greatly diminished or erased your ability to “be there” for your number

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

one asset when he’s ready to buy again.

Take this 12-point true/false quiz to see if you’re prepared to profit from your database. Give yourself 1 point for each “true” answe

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

:

1. I collect complete contact information (name, address, phone numbers and email address) on every customer who buys from me

2. I collect complete contact information (

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

name, address, phone numbers and email address) on everyone who inquires about my services

3. I keep all my contacts in a single database

4. I keep track of how each custo

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

er or prospect found me so I can duplicate my successes and thank my referral sources

5. I have an easy-to-use automated response tool to follow up with prospects before, du

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

ing and after the sale so I never lose an opportunity because it fell through the cracks

6. I have an easy-to-use system to cross sell my customers on my other services beca

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

Following aspects would a

use I track what they bought previously

7. I have a system to track opt-outs to my email campaigns so I can stay in CAN-SPAM compliance with my e-marketing

8. I can foreca

dd to the challenges in developing combination products:

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

t my sales for the next week, month or quarter based on opportunities in my sales pipeline

9. I have a customer database clean-up plan to update my contact information at le

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

ast once per year

10. I have an effective system for tracking open and closed customer service issues

11. I can download leads from my website and schedule a call back for m

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

self in 1 hour or less—everyday!

12. It takes me one hour or less to launch an important email campaign to my customers.

What Your Score Means

If you scored a 7 or less, yo

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

’re working way too hard for business and leaving money on the table. Most likely, you’re developing one account at a time instead of creating a sales process that can run on

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

Professional from academic institutions, pharmaceutical industries, health care indust

auto-pilot until someone is ready to buy from you. While that’s certainly the way most of us were taught to get more business, and it’s been done like that for decades, it’s

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

not a very efficient use of your time, or a very profitable way to spend your day, or much fun.

If you scored an 8 or above, you’re doing a great job of marketing to and rese

.

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

lling your existing customers. You should look for new sales opportunities with a targeted prospect list or try online advertising. Redouble your efforts with existing custome

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

Companies that provide selfless information through particip

s. Customers think of you as a trusted friend and treat your communications as information, not advertising. A good customer contact program includes 12-18 “touches” per year

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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Now a need is felt for fibre finishing technologies, which are indispensable to manufacture as well to grow rapidly. An upsurge in textile production has given fibre finish suppliers a reason to continuously seek new and enhanced technologies that provide value and cost efficiency to their customers. Fibre finishes have two uses in the industry: to process Fibre (e.g. spin finishes) and to give advantageous end properties to an accomplished article (e.g. effect finishes), such as wicking for a diaper cover stock.

Accounts Receivable Factoring is a means to meet the requirements of companies that are in urgent need of cash. Highly useful to the companies, this process of Accounts Receivable Funding refers to the process of selling of invoices and other Receivables by the company to a funding company. The funding company purchases these Receivables at a discount from the seller company. The seller company then gets the required cash that is required to run the business. Added advantages are that the seller company can then focus on the business without bothering with collecting the cash, because this becomes the responsibility of the financing company.

Sailing involves passion! You have to be impelled to do it. It's not even like riding a bicycle, which may be fun but will also enable you to get from A to B. Dinghy sailing is not a practical pursuit. You'll only do it if you really love it. Just like starting a business. Dinghy sailing may not immediately seem to have lessons for starting a business. However, my experience with both convinces me that it offers some valuable learning for entrepreneurs. Read why I think this is so.

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