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These days everyone is talking about Elevator Pitches. First, for those of you who may not be familiar with this term let me explain.

An Elevator Pitch (al

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

so referred to as an Elevator Speech) is a 30-second description of your business, product or service. It's a concise and compelling answer to the question, 'So what do

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

Examples of combination products may in

you do?'

The reason it's called an Elevator Pitch is because it should be brief enough to deliver in the time it takes to ride a few floors on an elevator.

Any time I st

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

rt hearing something talked about over and over again, I have to ask myself, is this topic really that important or is it just that everyone's on that band wagon right 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

ow?

When it comes to Elevator Pitches, I absolutely believe they are THAT important.

Yes, it's helpful in networking situations to be able to clearly communicate

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

Combination pro

what you do in a way that sparks interest from others.

For example, if I'm at a networking event and someone asks me what I do, I can answer in one of two ways:

I can

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

respond with 'I'm a marketing consultant and coach' (NOT an Elevator Pitch, but this style of response is very typical).

Or, I can say 'I help people learn how to 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

their own business in 10 simple steps' (my Elevator Pitch).

Which response is more interesting to you?

Which one would be more likely to prompt further conversation? We

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

ll, I've tested both and the second one wins hands-down every time.

So that's one reason I believe having a clear, concise Elevator Pitch is important. It will gene

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

ate more interest in you and your business among people you meet and when you're networking, that's key.

But there's another reason I believe having a strong Ele

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

vator Pitch is important and it far outweighs reason number one.

If you have a clear, concise Elevator Pitch that communicates the benefit of the products or servi

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

Following aspects would a

ces you provide, you're much more likely to have marketing that does the same.

However, if you can't sum up what you do in a clear, focused Elevator Pitch, there's

dd to the challenges in developing combination products:

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

good chance your marketing message is not focused and clear either.

And, if your marketing message is not focused and clear, odds are it's not as effective as it could

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

be. That means it's not attracting as many prospects or clients as it could be.

And as you may have realized, it costs just as much to put out an ineffective marketing m

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

essage as an effective one.

It just takes a little more time and attention upfront to create an effective message.

When I work with clients, developing a powerful <

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

>Elevator Pitch and Key Marketing Message are two of the tasks they struggle with the most, yet I believe they are the two most important tasks you have as a mark

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

Professional from academic institutions, pharmaceutical industries, health care indust

eter.

Because even if you have the greatest product or service in the world, if you can't communicate that greatness effectively you won't attract clients or make

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

sales.

So, I challenge you to sit down, review your Elevator Pitch and ask yourself these three questions:

1) Is it Clear?

2) Is it Concise?

3) Is it Compel

.

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

ing?

Then measure your marketing message the same way.

If they don't pass the test, I encourage you to do whatever it takes to make them Clear, Concise and Compelling

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

Companies that provide selfless information through particip

. Your Elevator Pitch and your Key Marketing Message are the foundation for your marketing and your business success depends on them.

(C) Copyright 2006 Debbie LaChus

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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