Advice You - Business

Market research as a tool is very useful for looking backwards. If you want to know what your customers thought of their experience with you; or p

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

erhaps you want to know how much they will pay for an existing product or service; or what they think of your existing competitors; or you might e

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

Examples of combination products may in

ven want to compare a couple of advertisements to see which one your customer prefers (or more importantly is likely to respond positively to); th

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

en market research will probably serve a purpose.

If you want to look forward, though, market research may have limited (if any) real value. Here

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

is why.

Reason One:

Every market player asks their customers (or potential customers) the same questions when it comes to what

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

Combination pro

future product opportunities might look like, and every market player gets the same answer. So every market player develops the same stuff and do

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

esn't differentiate.

Reason Two:

Often people don't behave in the way they say they do. Sometimes people say they will buy thi

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

new product - but don't. Others say they won't buy the product - and it's a runaway success.

Reason Three:

Consumers have limi

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

ted imaginations. They can't imagine the first iPod, or Microwave, or Post-it note or anything else until it is presented to them in a tangible fo

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

rm.

Reason Four:

Market researchers are usually asking customers to think hard about their views on products that they never g

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

ve a second thought to. Who do you know who can sit there for 2 hours intelligently talking about the pros and cons of various brands of dishwashi

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

Following aspects would a

ng liquid?

Rather than rely on market research to offer you a new product idea on a plate, you’d be better served to use it to better understand

dd to the challenges in developing combination products:

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

the issues facing your customer and their attitudes towards different comparable products (including your competitors).

If you are looking for id

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

eas for new products and services, here are three practical things that you can do:

Subscribe to
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
et="_blank">www.springwise.com and its sister website www.tre
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
ndwatching.com and get a feel for emerging consumer trends.
Talk to your friends, family and associates about problems with

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

Professional from academic institutions, pharmaceutical industries, health care indust

existing products. Most often the new business ideas come from solving existing problems.

If you are looking to develop an Internet busin

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

ss, visit www.alexa.com regularly and you’ll get a feel for what works on the

.

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

Internet. Also, get yourself a subscription to www.wordtracker.com and

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

Companies that provide selfless information through particip

monitor people’s keyword searches that return few matches. There could be some lucrative business opportunities just around the corner.

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 - Market Research Is a Backwards-Facing Tool: It Won't Deliver Marketers the Next Big Idea

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