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Answers - Product or Opportunity First?
Many people write and ask my advice on whether it is best to lead with the product or the opport
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
unity when talking to prospects?
To be honest this is a difficult area to answer thoroughly, as
To be honest this is a difficult area to answer thoroughly, as
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
you need to adapt to the situation you find yourself in.
However, personally, if you want to b
However, personally, if you want to b
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
uild a business, then you should be leading with the opportunity.
WHY?
You want to build your
WHY?
You want to build your
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
business to create a large residual income right? Therefore you need to find other people who wa
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
nt to do the same. The only way you can build a residual income is by finding other "Business bu
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
ilders" to work with.
Yes the product is important, but you will not build a huge monthly check
Yes the product is important, but you will not build a huge monthly check
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
by finding "Customers".
When you are talking to a prospect, you should be trying to find out w
When you are talking to a prospect, you should be trying to find out w
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
hat it is they really want. Yes of course the answer is more money, but what is it that more mon
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
ey will give them that they do not currently have?
Is it more time with their family?
A new ho
Is it more time with their family?
A new ho
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
use?
A new car?
More vacations?
For many the answer is not known, so you have to help them fi
A new car?
More vacations?
For many the answer is not known, so you have to help them fi
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
nd their "desires".
Talking and listening to these people will help you find out their dreams.
Talking and listening to these people will help you find out their dreams.
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
Everyone has them, but unfortunately, life has passed them by and they have forgotten their teen
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
age dreams.
You see once you know what it is they really want, then you can answer ANY objectio
You see once you know what it is they really want, then you can answer ANY objectio
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
n they come up with.
For example, if you are talking to a prospect and they tell you they reall
For example, if you are talking to a prospect and they tell you they reall
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
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
y want more time with their kids, then if they say they do not think this is for them, then simp
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ly reply with..
"So, do you want more time with your kids or not?"
The biggest objection you w
"So, do you want more time with your kids or not?"
The biggest objection you w
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ill come across is that people do not understand how this business works.
I strongly recommend
I strongly recommend
.
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
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
you use a tool to qualify your prospects more, so that when you talk to them, most objections ar
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
e dealt with and you are then just building a relationship and becoming their friend and mentor.
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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