Subjects - Business

Susan B. Anthony was once quoted as saying “Failure is impossible”. And you know what? I believe she was right because regardless of the outcome of whatever action you take, in anything you do, yo

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

u always gain something from taking action.

On the other hand, fear of failure typically shows up as procrastination or inactivity which is the complete opposite of what fosters great marketing whi

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

Examples of combination products may in

ch for most of us requires properly targeted consistent and persistent action.

Now maybe you tried some marketing, even worse maybe you spent some of your hard to come by, hard earned money and did

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

n’t quite achieve what you ultimately set out for.

As a marketer, and yes whether you realize it or not we are all marketers, if I was afraid to fail, I’d probably never try anything – unless of co

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

urse it was a sure thing and I don’t believe anything in life is a ‘sure thing’. But anyway, if I never tried anything, I believe it would be safe to say that my target audience would not know who

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

Combination pro

I was or what I do. Then as a result I’d most likely go out of business due to lack of sustainable income.

Now I’ve read the studies too that state the lack of capital as the main reason most smal

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

l businesses fail however, I’m going to go out on a limb and say that although I can’t prove it, I believe one of the biggest reasons business fail or underachieve is due to lack of effective market

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

ng.

The key here is to not be attached to an outcome. So what if customers weren’t banging down your door because of your last marketing campaign. What’s most important here is what you do going

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

forward. The past is the past, you can’t change that. You can however, shape your future by what you do right now in the present.

Stay in the game. Learn from your previous marketing efforts and

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

move forward.

Now marketing is all about timing and consistency and since timing is almost impossible to predict, consistency is key. You cannot know when every prospect is going to be ready to bu

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

y – that’s just impossible. It’s almost like trying to time the stock market. “Should I invest now? No. Should I invest now? No. How about now? Yes, it looks good, I’ll invest now.” Waiting f

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

Following aspects would a

or what seems to be the perfect time to invest is for the most part just like gambling. Hopefully you’re at least taking educated guesses there though, but that’s beside the point. Also note that

dd to the challenges in developing combination products:

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

even the best of the best investors regularly have bad timing however, their consistency and willingness to keep playing eventually bring them success.

So yes I’m drawing a parallel for you here.

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

And my point is just get on the playing field. Get you marketing message out there consistently. Don’t sit back and wait for the perfect time to market your business – NOW is the perfect time! It

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

s always the perfect time to market your business because there is simply no way you can know when the perfect time is for everybody. However, by consistently getting your message out there to your

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

target audience, you stand a much better chance of being top-of-mind when a certain prospect is ready to buy.

For example, if I sent out the same marketing piece every month, maybe for the first 4

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

Professional from academic institutions, pharmaceutical industries, health care indust

months a particular prospect wasn’t interested. But then that 5th month rolls around and that prospect’s situation has changed a bit for whatever reason unknown to me, they now just happen to need

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

what I offer and ‘whalla’ there I am positioned right in front of them.

Another key point to consider is that each ‘no’ brings you one step closer to a ‘yes’. So being told ‘no’ should not be loo

.

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

ked at as a failure, but as a stepping stone bringing you closer to what you want.

So let me close by combining wisdom from 3 sources for you, former U.S. President Franklin D. Roosevelt, Nike, and

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

Companies that provide selfless information through particip

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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Most will agree that high work ethics and positive attitudes are important if one desires success. However, defining work ethics presents a problem with the multi-generational workforce. Maybe by changing our paradigms, we can improve both our performance and our attitudes

Business coaches need to be excellent listeners and hearers. During business coaching sessions, considerable time is spent with the coach asking questions and then listening to responses from those people being coached. And what business coaches hear many times are client confessions of what they have not been doing or what they have not been doing very well. Marketing is a major topic of business coaching sessions. And the discussions definitely include confessions of what clients are not dong or dong wrong in their marketing efforts. Reflecting on what confessions I have heard over many years of business coaching, here are ten of the top confessed marketing sins from clients to Your Strategic Thinking Business Coach.

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Subjects - Fear of Failure: For a Marketer, It's the Kiss of Death

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