Advice You - Business

You know how wonderful your product is.

You know how great a value it is.

f people could only hear about it, you think

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

, the product would sell itself.

Communicating your offering to potential customers is marketing. The mistake people ma

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

Examples of combination products may in

e is by simply showing the product (in a flyer, spec sheet, web site, etc.) that it will convince people to purchase it

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

. Theodore Levitt (Harvard Business School) said: "People don't want to buy a quarter-inch drill. They want a q

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

arter-inch hole!"

It's hard to change your perspective (from selling drills) to focus on the dis-interested potential c

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

Combination pro

ustomer (who wants a hole). How do you get their attention?

Here are three key questions your marketing materials need

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

o address:

What problem does your product solve?

Why should they believe you?

Why should

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

they care?

Let's take an example of Janet, who makes earrings. The earrings are beautiful. Her friends love

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

them. People ask about them when she wears them around town. How does she market them?

What problem does

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

her product solve? Janet's earrings allow the wearer to express their individuality, since each pair of earrings ar

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

unique. They are affordably priced.

Why should they believe her? Besides showing a gallery of people

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

Following aspects would a

wearing her creations, she should seek out testimonials of how people feel when they wear them.

Why should

dd to the challenges in developing combination products:

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

they care? People primarily care about 3 things: money, relationship, or health. Janet's earrings are relatively in

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

xpensive ($19.95/pair) [money]. Janet's earrings are made of hypo-allergenic materials, avoiding ear infections [healt

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

h]. People that wear her earrings feel more attractive and if you feel more attractive, you are more attractive to other

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

[relationship].

What could be some of her simple marketing messages?

Unique earrings affordabl

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

Professional from academic institutions, pharmaceutical industries, health care indust

y priced. [money]

Feel more attractive for $19.95 [relationship& money]

Earrings that people not

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

ce. [relationship]

You're unique. Are your earrings? [relationship]

What does your earrings say abo

.

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

ut you? [relationship]

Earrings that are good for your body [health]

The right message is the on

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

Companies that provide selfless information through particip

that works in the niche she's focusing on, since each niche has different priorities of money, relationship, and health

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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Are you having problems with your current business card that fails to impress potential clients? Or maybe you are not getting the increased business that your card is supposed to provide for you. Then you should improve your business card to make it into a great marketing tool.

We don't like to think about people doing harm to ourselves or others. The reality, however, is that we live in a country with one of the highest rates of financial crimes, including embezzlement, fraud, theft, etc. And, that's just the beginning.

One of the topics often debated is the benefit of specialisation over generalisation. To consistently generate a large number of good ideas, is it better to specialise within a field or to vary knowledge amongst a variety of fields?

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