Advice You - Business

It’s true. Failure to plan is planning to fail.

When I’m talking with business owners and marketing people I’m often asked,

“How do I plan my

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

marketing? There are so many details.”

My answer is to keep it simple. But focus on the important stuff.

To make it easier, I’ve broken down t

; 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 planning process into five key steps.

1. Identify the source/s of revenue.
I suggest you go back a step or two (in your thinking process

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

and consider the sources of revenue for your business. This helps you focus on who your potential clients are (such as demographics, psychograp

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

ics, job description etc), and where they are located (such as size of business, geographic location etc).

2. Select suitable marketing tactics

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

Combination pro

You need to consider which marketing tactics are really going to make an impression. And importantly, which ones can fit into your availab

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

le marketing budget. These decisions also need to take into account the communication objectives for your business.

For example, if potential c

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

ients need to be educated about a new process or service you are offering, you might consider using a “staged” communication process. You could

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

se email or direct mail as the first stage to get attention. Then follow it up with an offer of information (e.g. a white paper or case study) o

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

a demonstration. The third stage would be to meet with all decision makers. This method moves prospects quickly into your sales process.

3. Pl

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

n your marketing tactics over the year.
No matter whether you plan by the financial year or by the calendar year, plan your marketing in 12

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

Following aspects would a

-month blocks. This enables you to manage your budget so you have enough to cover peak periods. It also allows you to see any major overlaps tha

dd to the challenges in developing combination products:

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

will stretch your capabilities. This is especially the case for service businesses where much of the “marketing” requires personal time to be s

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

ent by the service providers.

Get your free copy of my easy-to-use 12 month weekly marketing planner.
You can use it on your PC, or print

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

t out and fill it in by hand. Click here to download (Excel file 20KB). Tip: For best results Right-Click link and select Save Target As... to s

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

ve the file on your own computer.

4. Create an action plan for each marketing tactic.
You must consider each tactic on your annual planner

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

Professional from academic institutions, pharmaceutical industries, health care indust

. For each tactic write down all the tasks needed to accomplish that goal, in chronological order. Estimate the time needed to do each task so y

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

u can plan ahead. Then decide who will do it, and when it is due. Voila! You’re nearly there.

5. Start doing it.
That’s right. No high-tec

.

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

solutions required. Just start actioning all the tasks, in the priority needed to meet your timeframes. Remember to monitor completion dates an

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

Companies that provide selfless information through particip

outcomes.

If you follow these 5 simple steps you’ll have a living, breathing marketing plan that will put you on the road to marketing success

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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Ads in the john are just the tip of the iceberg for the astute small business owner. Use every available resource to educate your potential customer as to what you do and what you can do for them. Sell the benefits everywhere, even in the john.

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Why is it we can let our emotions take right over our home business? What should we do about others who are negative?

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