Digg It - Business

Each week, small business owners gather in droves to the equivalent of the office water cooler – the networking event.
Dressed in our most impressive garb, we make our way throu

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

gh the crowd anxiously preparing to answer the inevitable question, “what do you do?”
While some enjoy the hunt for new connections others would rather spend an afternoon with a

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

Examples of combination products may in

dentist drill than introduce themselves to someone new. Whatever camp you reside in, the #1 most effective way to get the word out about your business is networking. It’s inexpensive

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

and when executed correctly, your best means of advertising your brand.
Power networkers abide by a few simple networking commandments:
1. Networking requires an ob

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

ective
2. Networking is NOT about you but about being a value to others
3. When it’s your “turn” to introduce yourself, a carefully crafter commercial is your key to attracti

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

Combination pro

g interest

Ever wonder why we refer to those 30 or 60 second introductions as commercials? Like a radio or television commercial, you are advertising what you do – communicating

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

your brand. This means that you are the director, producer, scriptwriter and lead actor. All great commercials tell a persuasive and compelling story. Your personal commercial, is n

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

different.
The most challenging part of the commercial, and the most vital, is the story itself. A movie production company can hire all the best leading actors around but if

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

he story is weak, even an Oscar winner has difficulty breathing life into it.
Here’s an easy to follow 4-step formula to make expressing your brand a breeze:
STEP 1:
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
> Summarize and describe your ideal client, identify and summarize your clients biggest and most immediate problem. Your story begins here so be as descriptive as possible. Use this
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
step as a chance to showcase your unique personal brand through your story-telling style. Do you enjoy humor? Use it now.

STEP 2: Describe how your service or product so
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
lves the problem you described in step 1.

STEP 3: Describe the greatest benefit, result or outcome of the solution you offer and all the ways your clients lives will impr
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
ve after working with you. Keep this step to 1-2 sentences. It is a “teaser” so don’t give it all away.

STEP 4: Ask for a next step. This can be as simple as asking, “w
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
uld you like to learn more?” or making a special offer that requires your audience to take action. Don’t confuse explaining a special offer (discount, bonus, etc.) with a next step.
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
f you’re not asking your audience to take some kind of immediate action, it’s not a next step.

Here’s a sample of a completed 60-second commercial:
“You know how solo pro
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
get into business for themselves with the hope of having more time freedom and the chance to run a business on their own terms.

They launch their business with lots of passion,
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
nvest tons of money on marketing, spend their time attending all sorts of networking functions, meet all over town with prospective clients and realize their business is running them.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
They don’t vacation much, spend less and less time with their friends and family (because they have no free time), feel a little disillusioned, frustrated and wonder what their next st
.

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
p should be?

Well, what I do is offer those solo pros an easy-to-implement way to attract amazing clients, make it easier for clients to find them, which results in saving more
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
ime, more money and gaining a big boost in their earning power. Would you like to learn more?”

Ok, now you give it a try!

2006 Copyright, Liz Pabon. All rights reserved

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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Digg It - Expressing Your Brand in 60 Seconds or Less!

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