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I get asked about credibility a lot. So much so that I felt the need to write about it. How can you build credibility with your buyers and sellers, and what can you do even if you’re just starti

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 out?

As I’ve said before, if your buyers and sellers don’t trust you, you ain’t getting that house! So what can you do to build credibility in the eyes of the person sitting on the sofa acro

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

Examples of combination products may in

s from you?

1. First, be on time. I know that doesn’t seem like a big deal, but in my opinion, if you’re late for one thing, you’ll be late for anything. And in my book, that’s grounds for not

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

oing business. Value your seller’s time and let them know that you appreciate them taking the time to meet with you.

2. Next, dress for success! If you show up in jeans and a t-shirt, regardles

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

of what kind of house it is, you may get a “Wow, that guy’s just like me!” vote. However, in the end, the seller has to believe you can do what you say. If you’re just like them, and they got i

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

Combination pro

to a situation that means they have to sell, does anything about you say that you can do what they couldn’t?

3. Have a credibility kit with you. This is just a little information about you, how

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

you either buy or list houses, some of the properties you’ve had in the past, and some testimonials. This goes a long way to showing the seller with their own eyes how you do what you say you w

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

ll. This can include pictures of property that you’ve bought and/or sold, testimonials from previous sellers, or can even be just a formal presentation about how and why you buy the way that you

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

do (just remember to make it all beneficial to the seller, and less about you and how big your company is!)

4. Get a testimonial from every single seller you can! I don’t care if it’s at the cl

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

sing table. Slide a piece of paper across the table and ask if they wouldn’t mind jotting down a few words about how you did what you said you would. A word of caution: If you don’t get it befor

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

they leave closing, you won’t get it at all. Make sure they give you the ok to use it on your website and/or credibility kit. Some may even give you permission to contact them if a seller has q

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

Following aspects would a

uestions. This is doubly good. Yet another word of caution: If you don’t have testimonials, do not make them up. More on why later (See #6).

5. Join the Better Business Bureau (BBB). Make sure

dd to the challenges in developing combination products:

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

hat anyone and everyone you come in contact with knows that you are a member. Put it on your letters that you send out to sellers (I can’t take credit for this part of #5. It came from Mike B. i

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

Peachtree City. Thanks Mike!) and include the BBB logo on your business cards. This lets people know that they have a way to find out whether or not your business is credible and that they can

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

o to someone if you renege on your word and complain. Sellers like this a lot and so do I. It holds everyone accountable.

6. Lastly, don’t lie. Be honest. If this is your first deal, don’t pret

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

nd like you’ve done several. I’m not saying point out every flaw your business has, but for heaven’s sake DON’T act like something you’re not. When the seller finds out that you aren’t who you s

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

Professional from academic institutions, pharmaceutical industries, health care indust

ay you are (and they will), you will never, ever get that trust back. Also, you will have ruined the seller for every investor or agent who comes after you. Chances are the investor coming to th

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

t seller after you isn’t going to have anything nice to say about you at the next REIA meeting they attend.

Even folks who are still waiting on that first elusive deal can follow at least 5 of

.

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

hese 6 steps. You might not have the testimonials yet, but you can still follow the other ones listed.

If you’ve done several deals already but don’t have testimonials, then you had better go b

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

Companies that provide selfless information through particip

ck and try to get testimonials from those you didn’t before! Those written words can go a long way to establishing trust with your seller and making you more money than you ever thought possible

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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