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The economy may finally be turning around and showing signs of a rebound. Interest rates have begun to rise and the stock market is recovering from the lows it experienced in the last couple of years. Is your business ready to take ad

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

vantage of these improving times? Can you translate these improvements into increased profits? You can. Read on…

Wouldn’t you like to see your profits increase? Sure, but in reality, what influence do you have over any increase? Crea

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

Examples of combination products may in

e a forecast and have profits appear, wow, if only that were true! You have no impact on profits but you do have an impact on the factors that generate your business profits.

Profits are influenced by five factors. These are: number

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

f leads, conversion rate, average dollar sale, number of transactions and profit margin.

Number of Leads x Conversion Rate = Customers x Average $$ Sale x Number of Transactions = Revenue x Profit Margin = Profit

A mer

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

e 10% increase in each of the five factors will lead to a 21% increase in customers, a 46% increase in revenues and a phenomenal 61% increase in profits. These percentages seem incredible but a little effort directed in the right area

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

Combination pro

can mean a huge difference.

Let us consider the first two factors: number of leads multiplied by conversion rate results in the number of customers. So how can you generate leads and then convert those leads to customers?

The best

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

nown method of increasing leads is advertising. Every business that wants to increase the number customers needs to use some form of advertising. How many methods do you apply? How many different adverts do you test each week? Equally

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

important is knowing how to write an advert that brings in customers. How good is your headline? How good is your copy? How amazing is your offer? Other methods of increasing the number of leads include public relations, direct mail

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

nd trade shows, amongst others. How many do you currently use?

It is all very well that customers show up at your store or call for a quote but can your team convert those leads to customers? How does your business assure these leads

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

spend money? Again there are a large number of ways to increase your conversion rate some of those include a trained sales team with a tested sales script, a checklist, and asking for the sale.

Once you have increased the number of c

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

stomers that buy from you, the next step is to increase your business revenue. Again you cannot directly influence revenue, but it is obtained by multiplying the number of customers by the average dollar sale and then by the number of

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

Following aspects would a

transactions each customer makes. These three factors multiplied together generate Revenues.

It is easier to get current customers to spend more with you than it is to find a new customer. Think in terms of ‘wallet share’ not ‘marke

dd to the challenges in developing combination products:

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

share’. Once your business has a customer that is familiar with your level of service and the quality of product or service you offer convincing them to spend more with you is easier, more from their wallet!

You could increase the n

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

mber of transactions your customers make by keeping in regular contact with them and informing them of new products, upgrades, and other general information. It is important that a past customer never forget your business, particularl

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

y if your business only sells to a customer once every three years, such as in auto sales. Stay in touch, use your database well.

Examples of ways businesses increase their average dollar sale, include the typical Biggie Size, or “fr

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

es with that?”; selling additional warranties on a product; charging for delivery and providing discounts for bulk buying. The most obvious and easiest way to increase the average dollar sale is to increase prices.

By increasing the

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

Professional from academic institutions, pharmaceutical industries, health care indust

ast four factors discussed by only 10% a business will have been able to increase its revenue by 46%. What business would not be happy with a 46% increase in revenue?

Besides revenue, a business is most interested in profits. If reve

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

nue is multiplied by profit margins the business profits are obtained. Like the other factors profit margins too can also be increased using numerous methods. These include knowing your actual costs, reducing overheads, systematizing

.

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

nd not discounting.

To increase your business profits during 2004 you only need consider the five factors discussed above to make a marked improvement. A 10% improvement in each factor is not a lot to ask but even if you only increas

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

Companies that provide selfless information through particip

d each factor by 5% this will still result in a 28% increase in profits. Imagine what a business owner could do with a 28% increase in profits. Imagine a 61% increase in profits. These results are obtainable with a well focused effort

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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The employment market for IT professionals is finally back in full swing. After about 4 years of outsourcing, downsizing and complete businesses going down it is an employee market again. Many IT employees were holding on to existing jobs to wait out the employers market.

Make substantial income and enjoy the freedom of self-emloyment in the automotive services industry.

The advent of the internet has changed the mortgage industry but a good customer service proposition is the key to achieving your business aims and ignoring this will set your business up to fail.

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