Advice You - Business

How well did your communications strategy serve you in the last year? First, look at your business plan. What were your major business goals? Did you reach them? Did you fall short

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

? Think about the outcomes achieved over the last year. What would you like to get more of in next year? What would you like to avoid? On what product or services or in what custom

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

Examples of combination products may in

r segment did you realize the highest profit margins?

Your communications strategy should grow out of your business plan. It should be your strategy to communicate about your product

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

and services to the most desirable customers, most influential business contacts and more symbiotic vendors so that those groups become your allies in reaching your business goals. A

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

good communication strategy helps your business avoid negative publicity and get positive visibility. It should also focus on your most profitable customer segments and products to he

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

Combination pro

p you reach revenue goals. Here are some key questions to ask yourself as you re-evaluate your communications strategy:

Who is your target audience? Are there untapped custom

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

r niches you have not yet exposed to your product or services? Do you need to up-sell or cross-sell your existing customers so that they do more frequent and profitable business with

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

our firm? Are there people with similar characteristics to your existing customers whom you have not yet reached? What about business-to-business customers—are they hearing a messag

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

tailored just for them? Could your vendors be referral sources if they only knew what kind of potential customers to refer?

What do you want to say? During the year to come,

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

will you be opening a new or additional location, expanding your physical operation or moving? Will there be new products, services or line extensions? How about new methods of deliv

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

ry or improved processing? Do you have the feeling that your customers would do more business with you if they only understood your full line of service better? Or are there misperce

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

Following aspects would a

ptions or misunderstandings in the marketplace that might be keeping new customers from trying your service? Is there something you could offer to encourage trial?

What’s in it fo

dd to the challenges in developing combination products:

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

them? Every customer asks, “What’s in it for me?” Do your customers and prospective customers really understand how the features of your product could help them? Have you been

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

ocusing on features instead of benefits? And do you communicate different benefits according to the needs of different audiences?

How will you reach them? How often do you co

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

municate new information to your current customers? How often do your customers have an opportunity to communicate their thoughts back to you? What vehicles—surveys, newsletters, sale

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

calls—do you use? Are you communicating with your best prospects? Is the message they’re getting the one you think you’re sending? Are you sure?

When will you reach them?

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

Professional from academic institutions, pharmaceutical industries, health care indust

iming is everything. Do your customers know about important changes—store hours, new front-line personnel, system upgrades or process shifts—in advance? Do you build interest in upco

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

ing new services or line extensions? Do your customers hear from you at key reorder points or at times in the business cycle when they are most likely to buy? Do you time your message

.

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

to prospects for the seasons or months when they use services like yours?

These questions should help you think about how effective your communications strategy was last year. If yo

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

Companies that provide selfless information through particip

don’t know the answers to some of the questions, you have uncovered an area for growth. Put these five strategies to work in your communications strategy and get set for a great year

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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Have you ever made a bad hire and wondered how it happened? The resume looked good, the candidate seemed to interview well - he or she said all the right things - yet after you made the hire you realized you made a big mistake. How could that happen? What went wrong?

Just about every school, sports team and non-profit organization in our collective communities send their minions out into the neighborhood to hawk candy bars, candles, Christmas wreaths and just about anything else they can get their hands on. We end up buying products we don’t need at over inflated prices just to support little Janie or Johnnie’s soccer team. But there are new options on the horizon, courtesy of the ever efficient and expanding Internet, which are both consumer savvy and fundraiser friendly. It turns out that on-line merchants are actually willing to pay people to shop on their sites.

Businesses must recognize their strengths and market them fervently. Agility might be necessary in this ever-changing marketplace, but businesses – especially small businesses – that attempt to be everything to everyone inevitably fail.

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Advice You - Recharge Your Communications Strategy for Profitable Promotion

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