Advice You - Business

If you offer both products and services, do you need to have separate marketing plans for each one?

Th

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

is is a very valid question, and one that could have several answers.

Adding Products To Your Business

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

Examples of combination products may in

Is A Smart Move

First let me say this ... I recommend that all service providers create or acquire pro

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

ucts they can sell in addition to their services. By doing so, you take yourself out of the "trading ho

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

urs for dollars" trap that many solo-professionals find themselves in.

Once you have that product, we

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

Combination pro

ust address the question of whether or not you need two marketing plans.

To answer this question you f

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

rst need the answer to the following two questions.

1) Is the product in the same category or industry

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

as your services?

2) Are your products and services designed for the same type of clientele? (i.e. ar

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

your ideal clients the same for both?)

If you answered "yes" to both of these questions, then one mar

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

eting plan is all you need. You may however need different marketing strategies and tactics (the actual

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

ways you get the word out, such as press releases, advertisements, partnerships) within that plan.

If

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

Following aspects would a

your products and services are totally unrelated, and they are aimed at completely different clientele,

dd to the challenges in developing combination products:

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

then you probably need two marketing plans.

If you are still unsure whether you need two plans, sit do

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

n and start putting together your marketing plan. I assure you it will become clear very quickly whethe

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

r you need one plan or two.

Your Marketing Step

Do you offer both products and services? If so, make

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

sure you have one marketing plan that includes strategies and tactics to get the word out about both, t

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

Professional from academic institutions, pharmaceutical industries, health care indust

your ideal clients. Or, if the products and services and their respective audiences are very different

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

, make sure you have two separate marketing plans.

If you currently only offer one service, I encourag

.

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

you to start thinking creatively about additional products or services you can create or acquire. Cons

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

Companies that provide selfless information through particip

der other ways you can help your ideal clients that does not require your time in a one-on-one capacity

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 - Can You Market Both A Product And A Service With The Same Marketing Plan

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