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As business owners, we are always working on new ways to convince people to become customers, clients, employees, partners or investors. In each case we are “pitching” our business. The la

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

nguage may change, but in every case we want the person to whom we are presenting our business to listen and act. For owners of businesses large and small, it is imperative to learn how to

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

Examples of combination products may in

do this in an effective and forceful manner. And, being that we often have a limited amount of time to make a powerful impression, we must be ready with a concise and inspiring description

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

of how our work deserves greater attention. So, if you see the person that you’re trying to reach standing in line for their morning latte or working out at the gym, take advantage of the

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

ime to pitch them. Once you’ve gotten their attention, you have to be ready with your pitch.

Here are six elements of a good elevator speech:

1. Get their attention. Start off with a ban

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

Combination pro

: Open the conversation with a question that leads into what your business does. For example, if your product is new spam-blocking software, you could say, “Aren’t you tired of getting spa

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

no matter what blocker you use?” Or if your service allows customers to buy furnishings seen on TV shows, you might say, “Wouldn’t it be great if you could buy the furnishings you see on

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

ome TV programs?” Then answer your own question. “My team has written a program that...” or “My company has developed a website that allows you to...”

2. Be a solution to a problem: The f

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

atures of your solution are less important than the benefits. Make sure you give your target customers real-life examples of how your product or service will improve their business. It’s s

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

mething they’ve just got to have. Example: “Our new color-flashing toothbrush encourages kids to brush for a full minute.”

3. Speak in plain English: Talk to them the way you’d talk to a

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

egular person. Even if your product is complex, you’ll lose your audience if you use MBA-speak or technobabble. And don’t be afraid to be passionate about it.

Example: “SeekingCapital.com

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

Following aspects would a

offers entrepreneurs and investors an interactive method for investing capital in pre-IPO companies. We offer a community that breeds interaction, education and discussion.”

4. Tell them

dd to the challenges in developing combination products:

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

hat they want to hear: Explain how it will make money; tell who is behind the company and frame the competitive landscape and your advantage in it.

Example: “ConstructionBoots.com drives

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

raffic to the site by linking to other websites catering to the construction industry. Over 90% of construction workers have these three traits: 1) They have a favorite brand of boots, 2)

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

hey know their size, and 3) they hate shopping at stores. Most construction workers prefer to buy their boots online and have them delivered.”

5. Tailor your pitch to your audience: Each

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

erson you talk to is different. If you’re seeking a partner or an investor, you should know something about them or how their firm works. If you’re approaching a stranger who could become

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

Professional from academic institutions, pharmaceutical industries, health care indust

customer, focus on how the product or service will make their life easier.

6. What do you need to make it happen?: This is where the “rubber meets the road.” What funding do you need to

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

ake it happen and what is the projected return on investment? Not only does having this info force you to be specific, it will give the person further proof of your seriousness and profess

.

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

onalism.

Example: “Right now, we’re seeking $500,000 of additional funding in exchange for a 30% ownership stake in the company. If we hit our numbers, we expect to be able to sell Constr

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

Companies that provide selfless information through particip

ctionBoots.com to a ‘brick and mortar’ retailer within three years.”

Be creative, but be prepared. And remember, pitching is a skill, and like any skill, it takes practice to get it right

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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Limited experience is no drawback to making a business opportunity successful. Bill Ford has gone outside the auto industry for help - this means you should not shy away from taking on a situation you know little about. Logical thinking and the ability to listen and apply are what's important.

Pricing is always an interesting topic, but even more so in the High Tech and Software worlds. In the consumer products business, if there is a package of frozen peas from Green Giant that's priced at $3.99, you're not likely to see someone else's same-size package of peas priced at $14.99. But in High Tech, things are different.

So, you have something you want to sell. It may be a product, a service, or a cause. It could be a membership, a subscription, or a motor car. It might be paper, health products or the idea that the ...

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