Advice You - Business

All too often people overlook the importance of guarantees in their marketing. Guarantees perform some basic functions in business, but they can

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

be used far more effectively in marketing your product as well. Typically, you will see standard guarantees like “Double Your Money Back” or “1

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

Examples of combination products may in

0% Satisfaction Guaranteed”. These types of guarantees are common and serve the purpose of easing the prospects mind, and allowing them to move

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

forward with their purchase.

While these guarantees are useful you can use them in much better ways. First, I would recommend using a stronger

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

r more unique guarantee. For instance, “If you aren’t entirely happy with everything I’ve done for you I will personally buy my product back.”

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

Combination pro

his guarantee stands out more, yet you are not saying anything different than before. You could also try adding phases like: “No-Strings Attache

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

d”, “No Questions Asked”, and “100% Risk-Free” to your guarantee.

Secondly, you may even want to consider adding multiple guarantees to your pro

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

otions, sales letters, and web-sites. You can never have too many guarantees. Plus, people have short attention spans, so by including multiple

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

guarantees you increase the chance that they will see one of them. You should try being creative and add as many different ways of restating you

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

r guarantee as possible.

Another unique way to do your guarantee is to not offer one at all. These are a little tricky and your marketing need

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

to be full of personality to do it, but you can always say that your product is so good that I don’t offer a guarantee. The only people that ev

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

Following aspects would a

r ask for a refund are people that are trying to return your product are losers that are trying to rip you so you don’t offer one. Besides there

dd to the challenges in developing combination products:

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

is no way anyone would want to legitimately return my product. This type of approach will work, but you have to be careful.

You will also be b

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

tter off if you have a longer guarantee period than a shorter one. People respond better to these types of guarantees, but there is another reas

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

n as well. Typically, people are lazy and if you give them 30 days to return an item, they will remember that and do it typically on the 30th da

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

y. But if you give them a 12 Month guarantee they will put it off or forget about it for a very long time, and likely will never return it even

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

Professional from academic institutions, pharmaceutical industries, health care indust

hough they “meant to”. However, this is no excuse for producing shoddy goods or services.

Guarantees, especially outrageous ones, will almost a

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

ways work to your benefit. They improve response and they can even be a reason to purchase a product by themselves. The only time where a guara

.

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

ntee cost you money is if you are selling a poor product. If that is the case, you have got to take a look at how you can change that. It is ve

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

Companies that provide selfless information through particip

y important that you sell a product that you know is good and that you can stand behind it. If you can’t you need to find something else to sell

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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