Advice You - Business

The essence of niche marketing is to create an intimate partnership with a market segment that is u

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

nder-served or not served at all. The entrepreneur provides a carefully crafted solution to this cu

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

Examples of combination products may in

tomer segment, but only after intense research and testing. Through this special relationship the c

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

stomer gets what want and, in return, the entrepreneur gets customer loyalty and higher profits. An

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

little, if any, competition.

But, this niche market success is dependent on the right mix of cust

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

Combination pro

omers. So, what does the “best” customer look like? One way to determine which customer/s are best

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

s by creating that I call the “preferred customer profile”. Create a list of the criteria that are

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

ost important to you and your business. That list might include:

• proximity to your office or sho

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

• pays bills on time
• easy to do business with
• future need for your product or s

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

ervice
• profit
• fun relationship
• size of customer
• industry or vertical

R

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

nk your current customers based on these attributes with a raw score of 1-10. Rank the raw scores b

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

Following aspects would a

importance with a weight of 1-5. Calculate the total score for the customer. Do this ranking for a

dd to the challenges in developing combination products:

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

l your customers; this will allow you to create a stacked ranking of your customers from best to wo

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

rst. When my clients have done this ranking, some of their customers scored very high, while other

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

ustomers may scored very low.

The question then becomes how can you raise the score of the low ran

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

ing customers? Maybe you can raise their prices. Or, how soon can you replace them with customers w

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

Professional from academic institutions, pharmaceutical industries, health care indust

ich better fit you and your business? Why exhaust your resources trying to serve customers that don

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

’t pay their bills on time, that are difficult to work with, or don’t fit with your future product

.

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

lans.

Focus your energies on your high scoring customers. Direct your marketing efforts and new bu

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

Companies that provide selfless information through particip

iness development on finding new customers that fit your preferred customer profile.

Life is short

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 - Niche Marketing Targets the Right Customer

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