Just Other Articles

A major part of keeping profitable and growing your business is maintaining a focus on business development. Even when you've got the right mix of work, clients and employees you should be looki

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

ng for new opportunities. You could establish a process to do this whilst ensuring your existing customers don't get neglected. The process helps you manage new business opportunities in a cost-

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

Examples of combination products may in

and time-effective manner.

Generate leads

Identify the types of companies you want to work with and a realistic number of companies you want to target over a given period of

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

time. For example: an accountant with experience in the marketing industry might decide to target five opportunities per month focussed on marketing consultancies.

Finding potential clients and

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

identifying new opportunities can be done through networking events, tenders listed in newspapers and industry magazines and headlines in newspapers about new projects and industry seminars. Kee

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

Combination pro

an eye on your industry and stay aware of new developments.

Track the companies you approach in a database ( you could use Microsoft Excel or Access). Tracking should cover the obvious things

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

(company contact details etc) as well as details of what was discussed, potential works, actions and more.

Qualify the leads

Once you have a list of identified companies you

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

ust review to ensure they are realistic opportunities. Some areas to think about include:

• Do you have the right contacts to get started?

• Do you have the right services to offer them?

• Ho

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

can their website help you understand them better?

• Do you have any conflicts of interest in pursuing this company?

• Does this client have growth potential or would it be a quick job?

• Wh

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

o makes the decisions? How can you reach them?

3. Raise your business profile

By ra

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

sing your company profile (no matter how small you are) you'll be able to generate new business with less effort. As a leader in the industry new business will come to you. There are many ways t

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

Following aspects would a

raise your profile; you could try sponsoring events, adverts and gaining media coverage. The size, location and target market of your business this will dictate what medium to use and the areas

dd to the challenges in developing combination products:

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

to cover.

4. Show them what you're made of

Start to reach your qualified opportunities by showcasing your company's products. Send them a brochure or a copy of any newslette

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

s you produce and invite them to join; show off examples of your work; highlight relevant media articles.

Develop standard template letters in Word to send to potential clients to accompany you

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

credentials/brochures. Ensure you link to your database (Excel, Access or Outlook) when merging the letters and envelopes to ensure you don't have to re-enter details.

There is no specified ti

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

me for this courting so be patient. It could be six months before anything comes to fruition.

5. Set a meeting time

So you're in the door. Now you need to sell yourself. Tail

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

Professional from academic institutions, pharmaceutical industries, health care indust

r the meeting to suit the way you operate as a business. It could be a formal PowerPoint presentation or a discussion over coffee. You may have no choice for the style of the meeting but make su

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

e you are comfortable and well prepared. During the meeting be sure to demonstrate the knowledge you have developed in the previous stages.

6. Follow up

You've presented your

.

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

capabilities and ideas. Don't stop there. Follow up is essential. This is a major part of the process and should be taken as seriously as the other steps. You'll probably be able to build on id

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

Companies that provide selfless information through particip

as from the meeting, or you might find an interesting/relevant article or statistics you could send to re-open discussion. Even if you don't have anything to send, thank them for the opportunity

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/563/justotherarticles-Acquire-New-Business.html">Acquire New Business</a>

BB link (for phorums):
[url=http://www.justotherarticles.org.ua/article/563/justotherarticles-Acquire-New-Business.html]Acquire New Business[/url]

Setting up your company with interchange plus pricing can save you thousands of dollars in fees when compared to a typical three tier rate structure. This is the same system used at major retailers - now you can benefit from this set up as well!

Actually I think that most MLM support systems produce a 99% failure rate. Although all those books, CDs, and business meetings are intended to give you inspiration to carry on with your business, I will go over why it has caused me to fail and brought down countless others.

You probably heard the same old BS from your upline that you must plug into the system and order their weekly motivational CDs if you want to be successful. And if you stop wasting your hard earned money on these useless audios, you will fail miserably with the company. Well, here is the REAL dark secret why your so called trusted upline pushes these weekly motivational tapes to you.

Tags

Links

Just Other Articles - Acquire New Business

Related Articles: