Advice You - Business

One of the keys to successful marketing is identifying what makes your business unique and letting everyb

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

ody know about it. This helps your prospects to understand why they should buy from you rather than your

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

Examples of combination products may in

competition. When used successfully, it makes your product or services the obvious choice. This is ofte

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

called a USP or Unique Selling Proposition.

The best USPs consist of unique concepts that set your busi

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

ess favorably apart from the competition. When you do this, you effectively make the prospective custome

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

Combination pro

a promise that you do things a certain way, and get specific results. Therefore, it’s vitally important

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

that you never use a USP that you can’t honestly fulfill.

Companies who employ USPs have a basis for com

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

eting in the marketplace that goes way beyond price. And, since there always seems to be someone who can

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

do it cheaper, it puts your business into a different league.

Surprisingly enough, there are many compan

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

es that don’t have USPs. Sometimes they manage to exist; but often they lose steam and fail. For market

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

ng that really packs a punch and for those of you who hate selling a USP is one of the things that will h

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

Following aspects would a

elp to convince prospective customers to buy.

Here’s a simple exercise to help you identify your USP:

1

dd to the challenges in developing combination products:

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

Gather together a couple of people from your team, or who know something about your business.

2. Put yo

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

rselves in the shoes of others in your industry, especially your prospective customers.

3. Pinpoint the

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

ypes of things these others might say about the products, services and companies in your industry. Don’t

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

holdback - include stereotypes and globalisms – sometimes even funny ones will help.

4. Make a long list

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

Professional from academic institutions, pharmaceutical industries, health care indust

5. Step back into your own shoes.

6. Now, read your list. What makes YOU or your company different, R

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

ALLY different?

7. Select the most compelling ones that you honestly come by and incorporate them into y

.

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

ur marketing program.

Some ways to use your USP:

• Sound-bites or elevator speeches
• Marketing me

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

Companies that provide selfless information through particip

sages
• Brochures
• Value Propositions
• Advertising
• Press Releases
• Proposal

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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