Advice You - Business

Many business marketing gurus will advise businesses to set up a customer r

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

ewards program. However this is not always a very wise idea. For instance

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

Examples of combination products may in

if you do not have a loyal customer base and you start an awards program t

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

o increase your loyalty you may find that your competition does the exact s

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

me thing and since they have a larger customer database and more loyal cust

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

Combination pro

omers this will backfire on you.

Just because a business tactic works in s

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

ome industries does not mean that all industries should adopt it and just b

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

cause a marketing guru thinks it is the cool and the trendy thing to do doe

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

s not mean it will work. Customer rewards programs can also backfire if th

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

ere is a rumor that the customer information database has been leaked, hack

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

d or compromised in any way.

Even if the customer data base is completely

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

Following aspects would a

safe and has not been hacked it is hard to stop a rumor. When setting up a

dd to the challenges in developing combination products:

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

customer rewards program you need to make sure it will not backfire and to

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

think out the strategy in advance and consider all the other options as we

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

l.

A bundling of services or sending out coupons to your current customers

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

may work just as well as a customer rewards program where you lock in the

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

Professional from academic institutions, pharmaceutical industries, health care indust

customer by giving them discounts if they purchase. If you want to increas

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

your market share and get more of your competition's market share but you

.

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

are a small fish in a big pond you may want to be careful about instituting

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

Companies that provide selfless information through particip

a customer rewards program as it could backfire on you and you'll be sorry

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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