Digg It - Business

Looking for the magic formula or the whiz-bang approach that will unlock your business success? Are you willing to pay hundreds for it? How about thousands?

Guess what, you are not alone. Just as people, for ages, have searched for the fountain of youth, entrepreneurs a

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

nd small business owners around the world are looking for the silver bullet for success: that one sure-fire way to achieve the success that they want without doing a thing. This demand for this magic "success" pill has grown even more desperate and confusing. This need, espe

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

Examples of combination products may in

cially for entrepreneurs, is understandable; time is limited, budgets are not yet created and... lives are at stake... yours.

Well you can rest easy. Your search is over. Are you ready for the answer? There is no silver bullet.... or is there?

While speaking at seminars

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

around the country with dozens of other experts in their field, I'm amazed at the amount products that can... and will...help business owners create more successful businesses. I mean we're one of them. The plethora of information available today is astounding and often..

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

overwhelming.

This hit home a few weeks ago while I was speaking at a multi-day seminar for small business owners. I was honored to be among a select few outstanding experts speaking about marketing for small business owners. I watched the confusion grow in the audience

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

Combination pro

as program after program (mine included) was rolled out throughout the three days, as the business owners tried to determine which product best served their need at that particular moment.

I watched them. No, I studied them. And, my heart went out to them... mostly beca

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

use I'm just like them. I'm just like you-- a small business owner with a vision for my business and looking for help to accomplish it. While some people at this seminar invested in a product that met their biggest problem at that specific time, some didn't at all. Often

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

these purchased products are listened to for a short period of time; some are even applied... for a short period of time. These tools are often relegated to a closet or bookshelf-- abandoned for another new tool at another seminar at another time. Thus begins a vicious cy

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

le that leaves the purchaser feeling empty, without the business power they were looking for in the first place. I refer to this to as "shelf-help"--serving only the shelf that these products sit on. Watching and talking to these business owners... no wonder they wanted t

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

he silver bullet.

And even though my business success tool, BrandU, breaks down the powerful brand development process into a easy to follow step-by-step system, once in a very blue moon one of my students finds themselves sitting with the power they got from creating t

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

heir brand asking "Is this it?" "Am I done?" "Where's my success?" While they carefully chose, and found value in, BrandU what they really wanted was... yep that's right... that darn silver bullet.

The bottom line is no matter how much external work you do, learning and

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

Following aspects would a

application, emulating and testing, there is no single silver bullet to assist you reaching your success goals. Success is more like silver buckshot-- a shower of focused impact full hits. These focused efforts can be distilled down to four major "pellets" or keys of succ

dd to the challenges in developing combination products:

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

ss:

• Deliver Value.

This may sound overtly obvious for most of you, however you must always think of your customer first and be sure that you are delivering the most helpful and valuable content.

• Consistency. Consistency. Consistency.

You just can't get away from this

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

key-- and you shouldn't. Everything you say, write, show and do must support your vision and your... brand. In your presentations, your e-mails, your web site, your content, your marketing materials. The ability for your customer to completely experience your brand depe

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

nds on consistent communication from you. Only then, will they value you.

• Finish What You Start.

Once you commit to yourself, a partner, your staff, a client or customer always follow-through-- to a fault. The corollary of follow-through is under-promise and over-deliv

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

er. Set and keep expectations where they belong-- calm, reliable and consistently in-favor of the other party. You will be rewarded. And finally,

• Own Your Power.

Now for the most misunderstood key. You've heard it stated in a number of ways. To us it means know yo

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

Professional from academic institutions, pharmaceutical industries, health care indust

r power and own the path you travel on and the results you get from it. If your "inner house" is built on a solid foundation, it is imperative that your own the power you know you have. No confusion, no avoidance, no 'victimhood' and no excuses. Be a voracious learning s

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

ponge. Stand strong, watch for helpers, take bold steps, lovingly adjust and stand ready to reap the rewards!

With these pellets in your shell, your silver buckshot is sure to hit your target.

Come to think about it, the four keys do have one thing in common: they are all

.

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

completely in your control. Could that mean there really is a silver bullet for success after all? There is one true, fail-proof thing that you can depend upon for all your business success and that thing is... you. Weld yourself wisely; your success depends on it! M

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

Companies that provide selfless information through particip

ake a plan that is supported by your vision, surround yourself with the right people and tools that specifically support that plan and put the silver bullet that is you in action. You will experience all the success than you can imagine. See, it all comes down to... you

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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Finding your way around medical billing software can be like looking for a needle in a haystack. Fortunately, with some standardization, the navigation job is made a little easier.

Companies have been branding their collateral materials such as letterhead, envelopes, business cards, etc. for years. In fact, we often identify a company by its familiar logo or special color scheme. Branding works!! At the same time, many companies send customers and vendors large files, proposals and presentations on CD-Rs. Since CD-Rs have become the “new and more efficient” way of exchanging important information, it would seem that more companies would find it valuable to brand their CD-Rs also.

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