Article Dump - Health and Fitness

Who is the typical person who attends your classes or who buys your products? “Whoever wants to,” you say. “We have all kinds of people.”

Yes, of course you do. However, there is probably a ce

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

rtain type of person that makes up the majority of your clientele. By knowing this person, you can run your studio to cater more effectively to them. In doing so, you will get more of them, be able

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

Examples of combination products may in

to better serve their particular needs, and make more money in the process.

Here’s an example: One of my clients wasn’t sure if she should raise prices for memberships. She was concerned that she

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

might lose students. So I asked her to describe her ideal student. We went through the processes of imagining a real person. We gave her a name, appearance, decided that she was health conscious,

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

married, a mother of school-age kids, drove a Lexus and regularly had lunch with other holistically-oriented women at an upscale caf?.

Again, we looked at her original question, “Should I raise my

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

Combination pro

prices?” Now the question seemed to be much easier to answer. The people she was really striving to serve could easily afford the 15% increase she was considering, and in fact, many of them would n

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

ot even notice it. The result? She implemented the increase and didn’t lose a single student! In fact, her monthly profit increased by over $1,000 with practically no effort. Had she not taken

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

the time to consider who her customers really were, she may have delayed this increase indefinitely.

This concepts of knowing your customer’s profile can help in other ways too. Consider the studio

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

owner who learned that many of his students and clients are interested in herbal nutritional supplements. He began selling a line of high-quality supplements and found that not only did he earn mon

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

ey from it, but his students really appreciated him making these items available. They liked buying them at the studio, and in fact, some of them attended classes more often because they would co

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

me to buy supplements and do a class at the same time. Even better was that the word got out that he sold these items, and it brought new students to the studio. Overall, the studio owner was able

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

Following aspects would a

to better serve his customers and make more money at the same time.

So now, it’s your turn. Who is your ideal client, customer or student? (You may have more than one type of ideal client.) What

dd to the challenges in developing combination products:

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

name would you give them? What do they look like? What do they do for work? Married or single? How much do they earn? Where do they live? What do they do for recreation? What problems do they

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

face in their life? What kind of car do they drive? What kind of food do they eat? Why are they taking yoga?

Once you have the profile down, then ask yourself questions about how you can: 1) Bett

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

r serve them, and 2) Earn more money from them. And don’t feel bad about wanting to earn more from them. Remember, you are making their life a better place to live, and they are glad to pay you for

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

that. You are helping them, and you certainly deserve to be paid for it.

Can you expand the services you provide to them? Can you raise prices on certain things? Can you offer products that they

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

Professional from academic institutions, pharmaceutical industries, health care indust

might buy? Try to focus on things that are easy to implement. It’s natural to fear that with some changes (like raising process) that you might turn off some potential customers, or even lose some

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

current ones. This may be true. However, if you have done your profile accurately, you may find the few you lose will be far outweighed by the benefits you gain from everyone else.

When your studi

.

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

o makes more money, you can better serve your clients. One of the areas I often focus on with clients are ways that they can increase revenues through targeting their primary student or client more

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

Companies that provide selfless information through particip

effectively. In doing so, they are able to increase their monthly profits, while at the same time better serve their clientele. I encourage you to pick at least one way to do this and give it a try

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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