Advice You - Business

You know I have been involved in many businesses and I continue to advise many more, from large corporates to small business. We own a restaurant and a w

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

inery. Very diversified interests! However it never ceases to amaze me that I see so many businesses leave their marketing efforts until they urgently ne

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

Examples of combination products may in

d them…or often until well after. And at that stage it is often too late!!

In the restaurant business, owners should know when their quiet times are and

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

also pay attention to what is happening in the economy. The restaurant industry if one of the first to be affected in both economic downturns and also ec

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

nomic upturns.

Studies that I am aware of have shown that in many instances marketing results do not pay off for some three to six months after they are

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

Combination pro

set in motion. By making marketing a daily part of your restaurant business, (or any business), you help keep your profits higher and your customer base

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

rowing.

Many restaurant owners discount the natural attrition factor that occur in daily life, such as customers moving away, having to change their die

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

ts for medical reasons, going on holidays, getting sick and all sorts of criteria that affects their trade.

Another mistake is to rely on just one metho

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

of marketing. To put your marketing efforts into one medium or into one type of marketing is very short sighted and fraught with danger.

We use a marke

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

ing consultant in our businesses that specialises in low cost marketing. And we have lots of fun doing it too. I recently read an article that he wrote w

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

ere he talks about a lazy attitude to marketing that I often see restaurant owners making. He states that many just use the standard traditional form of

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

Following aspects would a

arketing, such as advertising in a newspaper and nothing else because it’s easy and no effort.

His name is Darrell Berg-Smith and he states:

“The main

dd to the challenges in developing combination products:

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

eason traditional marketing doesn't work is the small business owner doesn't really know much about marketing, and relies on the salesman of the marketin

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

media to tell them what they need. The problem is they use the "trust me" method which is: "Give me your money, I'll run your ad and trust me; the leads

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

will come rolling in". Heard that before???? They strong arm you to spend your whole budget with them and then….you guessed it, it doesn't work."

That'

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

like asking a car salesman which type of car you should buy!!!

Another reason is Laziness. Business owners that do not understand marketing, very often

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

Professional from academic institutions, pharmaceutical industries, health care indust

just want the easy way out. They just think….. And we can all be guilty of this at times… that "well I'll just run an ad for a while, and that should bri

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

g in some sales". If only it was this easy.

Advertising copy is a highly specialised field that very few advertising sales people know anything about. T

.

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

ey are selling ads….they don't write them, and they rarely understand what makes them work. Yet they are usually the ones that are asked for advice. It's

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

Companies that provide selfless information through particip

just crazy.”

So why don’t you look at what marketing you are doing now.

What are you doing that you would like to see the results of in the near future

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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