Advice You - Business

When firms seek to sell products, some part of the process makes them wonder if they could benefit from the help of a professional marketing firm. In fact, just recently the follo

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

wing companies came to me searching for a marketing company:

1. A group marketing foreign real estate projects (Costa Rica).
2. A company selling interactive greeting cards

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

Examples of combination products may in

n the US and Canada.
3. A business selling wholesale pharmaceutical products.
4. An online children’s behavior management program.
5. A company marketing personal

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

strength training.
6. A firm promoting their own health and nutrition bars.

Can you figure out what these firms have in common?

They were all searching for a consultant mar

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

eting firm to help them sell products, yet had not identified a single specific area in which they knew they needed help. Instead, they decided that they would find a company that

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

Combination pro

arketed only health and nutrition bars or pharmaceuticals, or whatever their exact product was.

Their one and only question for me was, “Do you have experience marketing interacti

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 greeting cards (pharmaceuticals/nutrition bars)?” They all wanted to know what my company could do for them, (including pricing) but had not given any consideration to what they

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

thought they needed.

What’s wrong with this approach? Finding a company that only knows how to pitch a single niche product isn’t the best way to go about finding a strategic mark

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

ting consulting firm. These companies miss out on a lot of expertise when they skip the self-searching process--What do I need? Exactly what do I not know?

It’s a little like answ

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

ring the store clerk’s, “How can I help you?” with a shrug and then a question, “What will it cost?”

A marketing consultant can help you establish or promote your business. It doe

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

n’t matter to a strategic marketing consultant what your product is (beyond the due diligence of trustworthiness, wholesomeness, and so forth.) It doesn’t matter whether you sell b

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

Following aspects would a

ats, motors, medical services, or singing cards.

A strategic marketing consultant needs to know three basic things:

1. What you are trying to achieve, and when you want to ac

dd to the challenges in developing combination products:

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

ieve it.
2. What you need help with.
3. Where you are in the process.

Decide what phase you are in: Product development, product analysis, customer analysis, cost anal

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

tics, supply chain exploration, distribution channels, start up funding, expansion funding, customer attraction or customer growth.

Are you a new company with a great idea and not

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

sure if you want to go bricks and mortar, online or both? Are you beta testing your new site and not sure where to go next? Do you have a site, but need content that will engage y

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

ur customers online? Do you need content, articles and press that will drive traffic to your site? Are you seeking to brand a product or service and need a strategy and collateral

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

Professional from academic institutions, pharmaceutical industries, health care indust

aterial to match?

Are you ramped up and ready to go with marketing plan in hand? Are you seeking funding to bring a product to market? Are you trying to attract venture capital or

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

provide a trail of your track record and strength? Do customers love your product but you could benefit from great PR?

A marketing consultant can help you with all or any of these

.

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

things, but in order to evaluate the solutions of a strategic marketing consultant, you would do well to know what problem you have, what obstacles stand in your way or what knowle

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

Companies that provide selfless information through particip

ge you need. Express yourself--In this way you will be able to maximize the value in the strategies and solutions they provide and the relationship you and your customers will have

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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