Advice You - Business

A professional services firm, just like other types of businesses, needs to develop a strong brand a

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

nd a favorable impression in the minds of prospects, clients and stakeholders in their business. In

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

Examples of combination products may in

smaller professional service firms, there are limited financial resources for advertising as a prim

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

ary branding vehicle. Therefore, as strategic approach is imperative to maximize the impact of avai

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

lable resources to rand your professional services firm.

How do you influence your market in a stra

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

Combination pro

tegic way that produces a favorable image of your firm in the minds of your prospects, clients and s

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

takeholders? Your strategic thinking business coach recommends the following strategic approach.

S

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

trategic Action #1: Select the right target market and build a target list of your most desired cli

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

ents within the target market. The most desired clients should include existing clients and prospec

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

ts you want to turn into clients.

Strategic Action #2: Develop a strategic integrated marketing co

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

mmunication plan to build your brand to a well-defined audience within your target market. You shou

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

Following aspects would a

ld incorporate the use of direct mail, email, telephone and other one-to-one contact methods. In ad

dd to the challenges in developing combination products:

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

dition, a strategically planned public relations campaign to promote awareness of you and your brand

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

is essential.

Strategic Action #3: Enhance your firm’s reputation by demonstrating “value” that is

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

offered by you and your firm, with a clear focus on specific targets and specific offers. Develop

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

and implement a plan of integrated and sustained contacts with your targets. Make each contact mean

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

Professional from academic institutions, pharmaceutical industries, health care indust

ingful and have some delivered “value” in the form of a referral, an article of interest, an invitat

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

ion to a seminary, workshop or professional event, or something else that will be perceived as havin

.

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

g “value” by the recipient.

A Strategic Approach To Produce A Strong Professional Services Brand B

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

Companies that provide selfless information through particip

y: J. Glenn Ebersole, Jr., Chief Executive of J. G. Ebersole Associates and The Renaissance Group ™

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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