Advice You - Business

Do you have Marketing Strategy? Do you, like many other entrepreneurs think that you don’t need one? Or do you just not know how to

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

write your own Marketing Strategy? No surprises that a Marketing Strategy is a key part of your business strategy. So how do you writ

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

Examples of combination products may in

e your own Marketing Strategy?

Marketing is the lifeblood of your business – without marketing, people won’t know where you are and

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

hat you are selling. Isn’t that important enough to need a strategy? After all without a good Marketing Strategy, how will you now

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

what to do, when to do it and what basic information you need? So what should you have in your Marketing Strategy?

So what’s a Marke

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

Combination pro

ting Strategy. In simple language - what you are hoping to sell, at what price, how and to whom. This could be a little daunting, so

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

let’s start by making lists.

* First of all – as always – is your budget. Work out how much you can and want to spend. It is possi

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

ble to market on a small budget – but you will need some kind of budget as well as time to get a good marketing process under way.

*

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

List all the kinds of people that you hope will buy your goods or services.

* Identify where you can find them and what kind of thi

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

gs they read, listen to, watch, talk about etc.

* Decide what kind of benefits these customers will get from buying your products or

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

services.

* Work out what kind of price they will happily pay. Most importantly check that this will also provide you with a fair

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

Following aspects would a

profit.

That is your Marketing Strategy. Often it helps to summarize your Marketing Strategy into one or two sentences. For exampl

dd to the challenges in developing combination products:

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

it could be: We will budget $500, to sell our widgets to affluent pet owners in South Florida at $35 who will discover that it is f

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

ar easier to clean up after them.

This gives you something to aim for as well as the benefits that you and your customers will recei

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

ve from all your hard work. So now you’ve got your Marketing Strategy for one set of items that you sell. Keep going for all of you

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

products and services and you have your overall Marketing Strategy.

As you put your strategies together for all of your products, y

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

Professional from academic institutions, pharmaceutical industries, health care indust

ou can easily put together an overall map of the total marketing activities that you intend to do.

Examine this map and see if there

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

are any overlaps or gaps in your overall strategy. If there are gaps – can you introduce a new product or change an existing one to

.

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

fill it. Likewise if there are overlaps, can you amalgamate the marketing activities?

With a clear view of what you want to sell to

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

Companies that provide selfless information through particip

whom, at what price as well as the knowledge that you have a full product range you are fully armed for the battle ahead. Good luck

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 - Entrepreneurs – Do You Really Need A Marketing Strategy?

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