Digg It - Business

Your overall success in prospecting for new clients depends upon identifying potential custom

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

ers who need your product now and are comfortable with your price range. The good news is tha

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

Examples of combination products may in

t your competitors’ clients fit the bill perfectly. In fact, year after year, research has co

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

nfirmed that 17% of an average business’s customers would readily switch if simply asked. Ove

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

r time, most dissatisfied customers continued to do business with their current suppliers sim

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

Combination pro

ply out of habit.

Yes, this means that today, 17% of your competitors’ clients are ready to

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

listen and switch. Remember it only takes one bad experience with your competitor for a clien

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

t to be ready to shift their business. According to The Guerrilla Group, 68% of repeat custom

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

ers who switched to a new supplier did so because of the indifference of just one employee.

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

One very reliable source of intelligence on your competitors’ clients is your very own staff.

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

Many of your frontline employees may have worked for the competition in the past. They can te

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

Following aspects would a

ll you who to call first. Make it a point to “mystery shop” your competition in the next 10 d

dd to the challenges in developing combination products:

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

ays. If you are well known to the competition, find an associate or friend (preferable in a n

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

on competing business) and propose to “mystery shop” for each other.

Always ask your competi

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

tors specifically about the industries or local companies they serve. Ask them to provide you

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

with at least five companies or individuals that currently purchase from them today. Try als

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

Professional from academic institutions, pharmaceutical industries, health care indust

o asking for at least three that stopped doing business with them in the last year. You may f

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

ind yourself with some lucrative leads thanks to your biggest competitors.

Odds are that you

.

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

r vendors may supply the competition as well. Debriefed your vendor’s salesperson to determin

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

Companies that provide selfless information through particip

e if they are aware of your competitor’s key accounts and their volume. It never hurts to ask

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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