Advice You - Business

As a business, you are always looking for that edge to push sales figures up. A time-tested and effective method of getting the edge is to use

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

promotional products.

To understand the value of promotional products, we have to look at late night television. Yes, I am talking about inf

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

Examples of combination products may in

mercials. Scoff at them if you will, but they are tremendously successful at moving inventory. I write this as I am looking at my handy dandy

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

onion peeler/car batter cleaner/tooth floss/dog trainer gadget!

Regardless, these commercials use promotional items to get the sales figures

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

p. The basic idea is to tout and offer the primary product. The price usually is not particularly steep, but it is not that enticing. Then the

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

Combination pro

start throwing in the promotional products. Not only do you get the Ginsu Knives, but you get can openers and all types of gadgets. In the vi

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

ewers mind, these additional things may or may not be needed, but they definitely make the price more appealing.

You can use promotional prod

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

cts in much the same way to increase your sales. The idea is present your potential customer with a deal that just makes sense. In fact, you m

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

ght increase sales because the prospective customer is more interested in the promotional product than in the primary piece being moved! Regar

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

dless, promotional products can help crank up your sales.

To really use promotional products effectively, you need to follow some basic guide

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

ines. First, the promotional product needs to be perceived as something of quality. Second, the product needs to tie into the same theme as yo

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

Following aspects would a

r product line. Third, it helps if you can have the promotional product branded to your business identity. Let’s look at a quick example.

Let

dd to the challenges in developing combination products:

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

’s assume I own a travel business and want to crank up my business for the summer season. Typically, I would advertise various travel specials

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

but how does that make me any different than any other travel business out there? It doesn’t!

A better approach is to offer the same travel

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

eals along with a promotional product. So, what would the product be? Should I offer Ginsu Knives? Probably not. They have nothing to do with

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

travel and your clients are probably going to have a real difficult time getting them on planes. Trust me on this.

A better option would be t

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

Professional from academic institutions, pharmaceutical industries, health care indust

use a promotional product related to travel. You would want something of perceived value, yet small for convenient packing. Off the top of my

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

head, you could offer power converters, hidden money billfolds, free passport photos, a travel writing journal and so on. The common thread fo

.

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

r all of these things is they tie into the travel business, have value and would be enticing.

Using promotional products to crank up your sal

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

Companies that provide selfless information through particip

s is a smart idea. Just make sure you have a feel for what your prospects would be interested in and how to tie such items into your marketing

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 - Effectively Using Promotional Products

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