Just Other Articles

Creating a 'kick ass' Sonic Personality© for your business requires that your business have a personality in the first place. Of course every business has one, whether you are aware of it or not, and this is a real danger. Your customers' understanding of w

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

ho you are, and what you do, as a business, may be very different from the vision you have of yourself. This can be a very serious problem for owner-managed businesses, where the personality of the entrepreneur oft times gets substituted for the personali

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

Examples of combination products may in

ty of the business - big mistake! So what's the first step in crafting a marketable business personality?

What Business Are you Really In?

OK kids, its story time. Back in the day, the railroad barons were the most powerful business leaders in the country.

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

They had the money, the power, and the political 'shlep' (that’s drag for the uninitiated) to do pretty much whatever they wanted. Today railroads are a depressed industry. So what happened? Simple, they didn't know what business they were really in.

If

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

you could have asked Leland Stanford or Collis P. Huntington, what business they were in, they would have most likely answered, 'the railroad business'. And in the long run, that was their downfall. Instead, they should have thought of themselves as being

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

Combination pro

in 'the transportation business' and if they did, they surely would have used their money, power, and influence to control the emerging automobile, trucking, and airline industries.

Before you can craft a Sonic Personality© you first must understand who

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

you are, what you do, and why you do it better than the other guy. If you can answer those three questions clearly, then you have the beginning of a coherent business personality that must exist before you can have a Sonic Personality©.

Focus On One Core V

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

alue

One of the hardest things for entrepreneurial businesses to do is to focus on one core value. This may sound, on the surface, to be contrary to the lesson learned from the railroad barons, but it isn't. Your core value focus has to be broad enough to

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

be able to sustain your business through the onslaught of competition and fast moving technological change. When the railroad barons focused on just one form of transportation they let all the other transportation opportunities slip through their fingers

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

and ultimately overtake them.

Most accountants and bankers will tell you to 'stick to your knitting' and not let yourself be spread too thin with secondary initiatives. This is generally good advice, however there is a fundamental difference between going

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

ff on a tangent and sticking to your core values. Knowing who you are, what you do, and why you do it better than the competition will help you keep your focus while at the same time allow you to critically determine whether new opportunities are ones that

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

Following aspects would a

you should pursue.

Create Definition: Lift and Separate

So far I have managed to avoid using the term, brand, because it is generally misunderstood and ignored by most owner-managed businesses. Substituting 'personality' for 'brand' puts the notion of bra

dd to the challenges in developing combination products:

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

nd in context. Think about it. You may have thought your business doesn't relate to branding concepts, but you've accepted, or at least are intrigued by the idea, that your business needs a clearly defined personality.

Al Ries and Jack Trout have written

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

numerous books on branding and marketing, including 'The 22 Immutable Laws of Marketing." One of the lessons to be learned from this book is 'The Law of Opposites'. Simply stated, unless you’re the 'top dog' in your industry, you have to define who you a

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

re in contrast to the industry leader. This is not dissimilar to The Theory of Contrary Thinking.

The example sometimes used to explain The Theory of Contrary Thinking is Tulip Mania. When tulips were first introduced to Holland in the middle to late sixte

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

enth century, people fell in love with them. By the early 1600s, an exchange market had been created that dealt with tulip futures. Similar to what happen in the Roaring 20s, everyone got involved in purchasing tulip futures for ridiculous prices, until som

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

Professional from academic institutions, pharmaceutical industries, health care indust

e wise guy yelled SELL! Panic set-in and like in the 1920s, the market collapsed. The moral of the story is simple; if everyone is doing it, you better do the opposite.

By defining your business in contrast to the industry leader, you create a separate a

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

nd distinct business personality that gives your audience an alternative to the 'big guy'. You no longer are a second banana 'wannbe' imitator, but rather a distinctive company with your own image, strengths, advantages and of course, personality.

Customer

.

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

s Are An Audience

Finally, this distinctive personality needs to be communicated to your audience, and you'll notice I've called your customers an audience, because that is exactly what they are. If you think in terms of audience, it will open up a whole n

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

Companies that provide selfless information through particip

ew understanding of communication techniques and media, that will lead to better audience recognition, acceptance, and ultimately sales. Now we have to give your finely crafted personality a voice. Tune-in next time for 'How to Give Good Sonic Personality©.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.justotherarticles.org.ua/article/4203/justotherarticles-The-Sound-of-Business--Part-I-I.html">The Sound of Business - Part I I</a>

BB link (for phorums):
[url=http://www.justotherarticles.org.ua/article/4203/justotherarticles-The-Sound-of-Business--Part-I-I.html]The Sound of Business - Part I I[/url]

The configurable auditing features available in some automated records management systems. The advantages of using an audit package in conjunction with a records management system are illustrated.

The country is committed to remaining 100% attractive in terms of its ability to secure the privacy and wealth management of international companies who choose to incorporate and/or bank offshore in Belize. Shareholders and directors can be the same person or corporate entity, there is only one shareholder and director required, they do not need to reside locally in Belize and nominee shareholders and directors can be appointed.

Here you can find some tips about automating your business and how important this could be to dedicate to promotion

Tags

Links

Just Other Articles - The Sound of Business - Part I I

Related Articles: