Advice You - Business

One invariable priority in your everyday business should be marketing. Your consistency in advertising and promoting your product and/or service spells the difference between progress and downfa

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

ll. Small business owners should have the flexibility to perform the role of different organizational positions such as being the manager, employee, receptionist, telephone operator, event plann

; 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, and even the janitor.

One of the most common mistakes of business owners is that they busy themselves with all the myriad small roles to the point they miss the big picture. And that is, to

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

ead the business to the right path making certain that the company increases profits as it ages and not the other way around.

Aside from building brand awareness, constant marketing and promotio

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

n entail doing the following:

• Retaining the support of clients patronizing your business.
• Updating customers on new products and/or services or their enhancements.
• Exerting influ

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

Combination pro

nce on prospects and turning them into avid clients.
• Keeping up with the industry.
• Establishing your business’s vision.
• Certifying professionalism and competency.

Your marke

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

ing efforts play a vital role in keeping the business healthy. At least 4 hours per day should be allotted to it. There are almost as many opinions on marketing as there are companies to market

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

to, and ideas differ from person to person as to the most effective methods and strategies.

Below are proven methods you could use to market your business:

1) Web Site. Being online can change

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

the direction of any businesses. Capturing leads are made easier and can be generated through opt-in e-mail, newsletter inserts, and text link advertising and/or other forms of pay-per-click mar

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

eting. With the internet, the possibilities are limitless and your audience could be anybody in the world who has access to the Net

2) Direct Mail/ Postcard. Buy or rent a mailing list from a

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

eputable supplier. The points to remember in designing and creating content are (a) make it eye-catching; (b) make your message clear, comprehensive and believable; and (c) there must be a call

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

Following aspects would a

to take action.

3) Give Aways. This may be in the form of pamphlets, flyers, brochures, etc. Like direct mail, many people junk whatever is unsolicited but you could also apply the pointers ab

dd to the challenges in developing combination products:

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

ve to get your hand-outs read.

4) Open House. Have a regular event where you could showcase your products and/or services. Also provide an informative seminar which may highlight the benefits o

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

acquiring your products and/or services.

5) Press Release. Its primary function is for people to be informed of your business. It is important that you establish media relationships to have

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

a press release. The key is the headline. Make it unique and straightforward to entice readers to read the whole article about the business.

6) Projects/ Groups. Participate in business projec

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

s and/or join social groups. Establish working relationships with other businesses that offer services or products related to yours. This may be a way to build partnership/s.

7) Volunteer. Spo

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

Professional from academic institutions, pharmaceutical industries, health care indust

sor an event that propagates goodwill and charity. You may extend support financially, host the event, or give away limited amount of your products. This is a very good strategy to gain word of

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

mouth and even media attention.

8) Media. Aside from press release, if you can afford to venture into television, radio, billboards and other medium of advertising, why not try?

9) Network.

.

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

n business, entrepreneurs could always use some support and guidance. Start by contacting people you know, ask for referrals and the cycle begins. Establish rapport with people that you talk to

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

Companies that provide selfless information through particip

r meet. You could also attend networking events such as business luncheons with other professionals in the field that you are into. The thing to remember: make sure you have your business cards

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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