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Advice You - Business Blunder You Must Avoid-Offering Your Customers Too Many Options
By the time you decide, you're already full! How does this analogy apply to your business? Read on.
There's nothing worse
There's nothing worse
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
than opening an envelope and finding 4 to 6 other little offers falling to the floor. How amateurish.This really annoys y
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ur customers. Your mails goes straight to the trash.
Your customer needs to study ONE offer in detail to make sure it's r
Your customer needs to study ONE offer in detail to make sure it's r
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ight for him/her.
There are some organisations that offer a smorgasbord of service offerings: Silver, Gold, Platinum, etc
There are some organisations that offer a smorgasbord of service offerings: Silver, Gold, Platinum, etc
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
etc. Yes,there is no "best" or "surefire" way to present your products and services. But can you imagine how confused you
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
customers get, when they actually have to decipher each service’s deliverables?
There have been arguments that offering
There have been arguments that offering
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
more options are good "for customers with varied tastes". But the reality is that too many options can be overwhelming.
<
<
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
>Too Many Alternatives Ruin Sales
Psychological research has shown that people are in fact less likely to make a deci
Psychological research has shown that people are in fact less likely to make a deci
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ion when they face too many alternatives.
In one such famous marketing experiment, researchers set up 2 tables at a speci
In one such famous marketing experiment, researchers set up 2 tables at a speci
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
alty food store, offering different samples of jam. Customers could try as many flavours as they wanted. Half the time the
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
sample table offered six flavours, and half the time the other table offered 24.
The results were striking: 30% of the cu
The results were striking: 30% of the cu
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
tomers who tasted jams from the sample selection later bought a jar, compared to only 3% of those who sampled from the tab
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
le that had more flavours.
It seems that having "too much" choice have hampered their later motivation to buy.
Save Y
It seems that having "too much" choice have hampered their later motivation to buy.
Save Y
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ur Sales, Provide Different Service Levels
Ideally, your organisation should offer just one solution – a service that
Ideally, your organisation should offer just one solution – a service that
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
is customised specifically to the needs of the client. If you can’t achieve that, the ideal method is to have three differ
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
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
ent service levels.
1st Level:
Lowest cost,but still effective
2nd Level:
The one that usually 80% of your cl
1st Level:
Lowest cost,but still effective
2nd Level:
The one that usually 80% of your cl
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ents will select.
3rd Level:
The most expensive,a service only a few clients would sign up for.
Some companies choo
3rd Level:
The most expensive,a service only a few clients would sign up for.
Some companies choo
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e the term "packages" in place of "levels".
But why three levels of service? The answer is simple.
Some will like the co
But why three levels of service? The answer is simple.
Some will like the co
.
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
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
ncept of the top-level service, but select the middle one, due to budget constraints. Some will not have much of a budget,
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
but will likely approach the middle-level. So price your service offerings to be the best value for them and your business
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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