Digg It - Business

Today we want to talk about how you get started – how you formally launch your business - how you sell your first order.

Taking action
Ta

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

king action – actually getting started – to launch your business is probably the hardest action you will take. This is where most people who set out to become financial

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

Examples of combination products may in

y independent lose the plot.

Think back to the last seminar you attended. When you were talking with others during coffee breaks, at lunch or in the evening, m

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

st said something like this, ‘Well, I bought So-and-So’s package but it doesn’t seem to work.’

When you discussed this further with them, you discovered they n

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

ver really took any action. Some never truly identified their markets. Others never chose specific products. Most never designed a cogent model and used this to launch

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

Combination pro

heir business (I heard recently that 92% of people who attend a seminar and buy a package never even take the cellophane wrappers off the DVDs).

They never too

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

the action.

They never wrote a sales letter and sent it out to their target market. They never, in fact, took the very big step of sending out a sales letter

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

to prospective customers and asking for their business. Somebody told me along the way that 85% of sales that are lost are because the sales person simply never asked f

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

r the order.

I have no idea why this is so. My guess is because this step is scary.

The pundits will all tell you the first order is the hardest – after that

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

t gets much easier. Never be afraid to take the action.

So, if you have been to a few seminars, bought a few packages and subscribed to a few newsletters, and

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

et you haven’t made any money, ask yourself these questions:

Have I identified my market? Have I sat down with my A4 pad in a quiet corner as we discussed in P

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

Following aspects would a

rt One and decided what hungry crowd I am going to fall down in front of?

Have I identified my product (or products)? Have I been very clear about what products

dd to the challenges in developing combination products:

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

I want to sell as we discussed in Part Two?

Have I made arrangements so when I start to receive orders I can fulfil them? Do I know how I plan to ship them?

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

Have I decided how I am going to build my list? Have I decided how I am going to approach my prospective customers as we discussed in Part Three?

Have I wr

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

itten my sales letter and made it the best I can make it? Have I sent it out?

Have I really, in fact, tried to sell anything?

Sorry to be so blunt abo

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

t this, but if it’s not working for you, if you’re not earning any money yet, it probably is because you haven’t tried to sell anything.

If you have taken all

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

Professional from academic institutions, pharmaceutical industries, health care indust

hree steps – if you have taken the action – and it’s still not working, then the problem is bigger. As I have indicated, we shall discuss markets, products and traffic

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

n more detail in later articles. However, if you haven’t sold anything yet, it’s probably because you haven’t taken the action.

Take the action.

Do it

.

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

now!

That’s all for this time. See you soon.

Next time we shall talk about some of the technical stuff you need to deal with as you get your business

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

Companies that provide selfless information through particip

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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