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As a business coach, one of my most consistent messages is "If you can't measure it you can't manage it." This message is for every performance i

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

ndicator from marketing to sales to production or profits. However, recently, I am discovering more and more marketing consultants and business coaches

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

Examples of combination products may in

ho cannot measure the results of their own marketing plans. Let me explain.

After 5 years of trying, I finally achieved a goal of writing a column for o

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 of the two local newspapers. I called another small business marketing consultant who has been a columnist for a while to ask him about some key generi

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

measurements from this activity to establish some benchmarks. For me, key measurements would be:

How many calls on average are your receivin

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

Combination pro

from each column?

How many clients have you received from this writing effort?

What percentage of your business has been a direct re

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

ult of these columns?

During our discussion, I learned that he had not specifically measured any of his results except that he did get calls

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

and some turned into clients. What surprised me is that this well respected marketing consultant who helps to craft marketing plans for small business ow

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

ers and talks about measurements, could not share with me any specific results. Since my questions were not specific as to dollar amounts, I don't belie

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

e his inability to answer my questions was because he feared revealing proprietary information.

Marketing, no matter the vehicle, is a results orientate

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

action. For X marketing activity, Y sales should be generated resulting in Z production or revenue. To increase revenue begins by determining client v

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

Following aspects would a

lue and how many sales that means. Then from those sales, you should know what actions from your marketing plan will increase sales.

For example, I kno

dd to the challenges in developing combination products:

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

that my average business coaching client is worth Z dollars. This happens from one sale or Y. I also know that for each delivered speech will generate

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

ne sale for one client valued at Z dollars. To increase Z dollars by 20 means I must increase the number of speeches or X by 20 which will give me 20 sa

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

es or Y clients.

When you can directly connect your marketing efforts to your sales and then to your revenue, you have the opportunity to multiply your

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

arketing efforts to increase sales. The ability to increase sales is all about numbers.

What this means for the average small business is two-fold. F

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

Professional from academic institutions, pharmaceutical industries, health care indust

rst, you, as the small business owner, should be measuring all of your activities so that you will know where you need to multiply your efforts to increa

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

e sales. Second, if you are considering hiring a marketing consultant or a business coach, ask her or him what are the specific and measurable results f

.

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

om her or his own current marketing plan? If you are unable to secure a solid response from this business coach or marketing consultant, you may wish to

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

Companies that provide selfless information through particip

find another. Remember, do as I say, not as I do wasn't sustainable as a child and why should it be any more effective now when you are a business owner

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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