Advice You - Business

Marketing is defined in many terms. But the most accepted definition is marketing is the process by which a product or a servi

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

ce is introduced to the market that suits the consumers, needs and or wants.

Marketing and Its Four P s

The

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

Examples of combination products may in

re are four basic P s that comprises marketing that is known as the marketing mix.

First is the product. It is very im

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

ortant in marketing as this is what is being sold or introduced to the market.

Second is the price of the product. All

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

products need to have a price. Pricing an object is not limited to the cost of the materials used to produce that product, bu

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

Combination pro

it should also take into consideration the time and effort the producer put into developing the product.

Third is promoti

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

on of the product. For a product to be known in the market, it needs to be promoted. Promotion could be done in a lot of w

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

ys including advertising and personal selling. Publicity, which is also very important for product launching, can be obtained

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

through proper advertising. In conjunction with the product, the company who created it is also advertised, making their brand

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

(if they have one) known.

Fourth is placement of the product. Every product has a target customer. Promotion of the pr

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

oduct should also focus on this. It should think about whether the product is to be sold through wholesales or retails and in

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

Following aspects would a

brick-and-mortar building or online. It should also take into consideration the geographical aspect of where the product is to

dd to the challenges in developing combination products:

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

be sold and to what segment; gender, generation, social class, and civil status of the target customers, suiting the product t

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

o their needs.

Effective Marketing Method

For an effective marketing method, you not only have to know the

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

our P s but how to incorporate that in your business. To make this easier for you, there are a lot of marketing services that

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

do just that.

What they basically do is they get to know you and your company first and what your product is about. Then, the

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

Professional from academic institutions, pharmaceutical industries, health care indust

research about the market condition and give you advices about product trends and projections that can ultimately affect your

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

business. Once they have studied the market, they then make plans on how to best market your product and create strategies to

.

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

put these into motion and give you the goal that you wanted to achieve. Once your marketing campaign is under way, your market

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

Companies that provide selfless information through particip

ing team,s assistance does not stop there. They still monitor the market trends for you for product and or service improvement

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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