References - Business

The number one marketing rule is "Sell Benefits" The products and companies that excel are ones that push be

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

nefits, not features.

The origin of many business relationships is the elevator speech. Those first few word

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

Examples of combination products may in

that set the stage for putting two people closer together that may result in a long term and very profitabl

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

e business relationship

If your elevator sells features, you may get off at the wrong floor. Take a poll, n

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

one really cares about you, except maybe your dog. What they care about is them. The old WIIFM "What's In I

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

Combination pro

For Me?" And what's for them is not your opening salvo that says YOU are the number one dental floss produc

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

er in Alabama.

Your elevator speech, those 13 words or less that follow the question (you should love to hea

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

) "What do you do?" should be laced with benefits and beg the follow up question "Oh? Tell me more!"

"I pla

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

y a major role in helping people avoid root canals!"

11 words that cannot be met with "ho hum". If someone

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

aid that to you, you would have to ask, even if you just came from the molar mechanic with a clean bill.

The

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

carefully crafted elevator speech solves a problem, eases pain, does something nice. It does not state name

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

Following aspects would a

and title. "I'm the VP at Acme Ball Bearings" Yawn.

"I help cars go faster and ride smoother on less gas!" N

dd to the challenges in developing combination products:

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

w you've got my attention. And who knows, I may have a brother in law who has a company that east ball beari

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

ng for breakfast and buys them by the train car load.

Write your elevator speech on a piece of paper. Cross

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

out all the features and amplify the benefits. Make life easier in 13 words or less and they will beat a pat

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

to your door.

Just for fun, tell the next ten people you know (not in your company) that you just read an a

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

Professional from academic institutions, pharmaceutical industries, health care indust

rticle about elevator speeches. Ask them to tell your their elevator speech.

10 people. Haw many stumble an

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

mumble unprepared? How many blurt out a company and title. How few actually tantalize you with 13 words wit

.

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

h a great big hook in them? 10 people... go on, you will be very surprised.

To learn more about how to craf

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

Companies that provide selfless information through particip

a winning elevator speech visit http://tinyurl.com/lzcyl

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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References - What Are You Selling with Your Elevator Speech?

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