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Business development is important for every business and refers to the action of bringing in customers or clients that are likely to make posi

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

tive contributions to a company’s bottom line. Business Development is all about establishing relevant and subsisting relationships in the mar

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

Examples of combination products may in

ket place.

In this article Alex Margarit offers you an introduction into the world of bu

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

siness development and new business acquisition. Utilizing your existing client base to maximise your inbound sales revenue.

Your existing cl

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

ient or customer base is the number one most important tool to increasing your firm’s business. The most important relationships for any busin

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

Combination pro

ss are those that it holds with its customers. For this reason it is paramount that companies consider their existing customers when identifyi

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

ng ways to increase their market share. Customer service theory tells as that by creating positive experiences with their clients, businesses

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

can often reap big rewards in terms of new business referral with every “raving fan client” avidly promoting the business to others based on t

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

heir experience.

Prospecting & Sales

Prospecting for clients is an important means to increase market share. Prospecting is a valuable part

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

of the sales process and normally involves identifying a targeted list of potential customers that meet with the firm’s marketing objectives.

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

irect sales campaigns can then be initiated to entice them into becoming a client or customer of the firm.

Referral bases

In any given marke

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

Following aspects would a

t there will often be a large number of potential referrers of business that may not necessarily be potential clients. Typical referrers can b

dd to the challenges in developing combination products:

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

e industry bodies such as associations or clubs or otherwise other opinion leaders in the market. Opinion leaders are generally people in the

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

market that are regarded as having an insight into the market and who have some measure of influence over target markets. Establishing valid r

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

elationships with referrers can be a wonderful source of new business.

Strategic Alliances and Joint ventures

Establishing strategic allianc

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

s and joint ventures can be a great way to maintain a focus on your primary product offering whilst simultaneously expanding your market parti

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

Professional from academic institutions, pharmaceutical industries, health care indust

cipation. The basic premise is that there are always a number of firms in any given market who are selling to the same target markets as you a

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

re. By creating a strategic alliance with a firm who is not directly competing with you, both parties will be able to collaborate towards the

.

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

one goal of better servicing their client base. Given that each firm in the alliance has an area of specialization, why re-invent the wheel. A

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

Companies that provide selfless information through particip

n alliance will allow the customer to benefit from a wider product range while both parties can negotiate a referral system for incoming sales

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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We have finally come to the end of our medical billing series on the GU0 record. In this installment, we cover the last four fields, from 69 to 72.

Nowadays, prototypes are made of practically all new machines, and prototypes are more commonly referred to as test machines. They are invented with the intention of demonstrating the qualities of a new product to clients and stakeholders. These people know that the prototype is an incomplete model of the final product, and is manufactured just to show the potential attributes of the final product. It can be said that no idea can actually be sold without having a prototype.

Postcards can be one of the best ways to market your business. They're inexpensive and they work. But...there are 10 critical things you must know about marketing with postcards in order to create a successful campaign. If you want an easy, inexpensive way to boost your sales, you must read this article.

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