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Five Simple Steps To Turn A Business Around

Here are FIVE simple steps - Put them in place in your business - and your business will flourish!

S

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

tep 1
Implement a Contact Data Base - or CRM system - so you can keep track of who your past, present and future customers are.
Ensure your CRM system can mail and e-mail merge for

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

Examples of combination products may in

time saving.
Ensure your CRM integrates with your diary.

Step 2
Create a FOLLOW UP System for “After The Sale”
A lot of businesses ignore their customers (to

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

some extent) after a sale has happened. Yet a lot of people admit that Word Of Mouth is their best source of business.
Realise that Word Of Mouth comes from people who have already bought from you.

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

/> So put a system in place to stay in touch with them.
Systematically ask them for referrals.
Systematically ask them for testimonials.

But whatever you do – STAY IN TOUCH with them

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

Combination pro

.

Step 3
Create systems.
OK – now there I’ve lost 95% of the population.

But seriously - if you want to learn how to create systems in your busines

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

s in less than 10 minutes – then have a look at the following to see how simple this really is.

A) Take a Blank Sheet of Paper - and a pen.

B) Draw a Circular Line (or Flow Chart)

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

C) The first point on the flow chart is the first contact that a potential customer has with you.
The second point would be the next step in your operations and so you continue till you l

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

isted every step that takes place until you have delivered your product/ service and received money for it.

D) Now go over the steps and ask yourself what steps you could insert/ remove in order

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

to make things work better AND in order to improve the perception of your customers.

E) Now go over the steps again and create a Standard Form for every step of the way (e.g. when you answer the

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

hone - create a form which you can print out and put by your telephone which has on it all the questions you should ask people who call you up - by being a standard form, it doesn't matter who answers the p

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

Following aspects would a

hone - you or anybody else, the phone will always get answered in exactly the same way).
Do this for every step.

And that is your systems created!

Step 4<

dd to the challenges in developing combination products:

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

br/>

This one is a biggie.
Again – incredibly easy, but HUGE.

Get on-line banking.
Then, on a weekly basis – that is EVERY week – do a printout of your bank statement, look at what m

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

oney has flown in, what money has flown out, what money you are expecting to flow out over the next week as well as what money you are expecting to flow in over the next week – to give you an expected cash

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

alance in a week’s time.

That is simple enough, isn’t it.

But you do just that one little exercise week after week – and it will change your life!

Because suddenly you will

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

know how much money you have. And when that happens, suddenly you can start loosening the tight hold money (or the shortage thereof) has over you.

Step 5
And then –

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

Professional from academic institutions, pharmaceutical industries, health care indust

only after you’ve got all the above sorted, do you take a look at your marketing and sales activities.
ACTIVITIES.

That means – on a spreadsheet, week after week keep track of your activiti

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

s (i.e. – what you are doing to get new business in the door, and how many such activities you have, e.g. attended networking events X 4, sent out direct mail letters X 20, made cold calls X 3 etc.)

.

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

/>

If business isn’t great, you will probably be shocked at how few activities there actually are.

And then increase the activities.

If you are now thinking – it can’t be as easy as t

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

Companies that provide selfless information through particip

hat – well, it is!
Do it – apply those 5 steps in your business and you will see the results.

Turning your business around is simple - not necessarily easy - but definitley simple.

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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