Advice You - Business

With many retailers fearing the economic impact of the “Big Box” stores, some small business owners have leveraged the a

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

dvertising dollars of their competitors to create a consistent flow of traffic to their “Small Box” stores. This incredi

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

Examples of combination products may in

ble, simple and effective customer service and marketing strategy provides increased customer satisfaction and saves thousands

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

of dollars in advertising costs.

The first thing is that your location needs to be near the Big Box stores and on a

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

well traveled route with noticeable signage. HINT: Location, location and location is everything and still remains tru

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

Combination pro

e today.

Next, you need to purchase, read and study the local newspapers especially when the “advertising inserts” ar

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

e included. HINT: If your Big Box stores doesn’t do local advertising, then you need to shop the store to read of thei

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

r special offerings.

Then you need to look at your inventory and make sure that you have at least one of the products

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

so that your potential customer can compare apples with apples.

Finally, when your soon to be customers come in with

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

your Competitors’ Flyers in hand, you can show them the exact same thing and then offer them a possible upgrade along w

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

ith the additional value that you bring as a small business owner.

For example, a local appliance retailer who is

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

Following aspects would a

less than a tenth of a mile from two Big Box home improvement stores and one Big Box electronic store scans the competitor’s fl

dd to the challenges in developing combination products:

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

iers. He then checks his inventory to ensure that he has at least one of the stoves, refrigerators or washer/dryers currently

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

being advertised. As the potential customer enters the store, he can steer them to the sale item, but then can ask about

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

their needs and suggest a better appliance. The retailer then shares the value of buying from him such as his product knowled

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

ge, installation and free delivery, removal of the old appliance at no charge and same day to next to day delivery.

Not only h

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

Professional from academic institutions, pharmaceutical industries, health care indust

as he used the competitors’ marketing dollars to generate traffic, he has literally saved thousands of his own dollars. By bein

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

g proactive and customer service focused even before the customer walks through the door, this small business owner (and you, t

.

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

oo) can now look at the competitors with “new eyes” that are not full of fear and take advantage of their marketing stra

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

Companies that provide selfless information through particip

tegies while YOUR cash register continues to ring up one sale after another.

2005(c) Leanne Hoagland-Smith, M.S.

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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Advice You - Customer Service: Take Your Fear of The Competition & Turn It Around to Generate Incredible Results

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