Advice You - Business

When most exhibitors think of promotional products and trade shows, they think of using them

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

for one reason - Using them to drive booth traffic. But I must let you in on a secret; most are over

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

Examples of combination products may in

looking one of the most powerful uses of promotional items, building customer loyalty and appreciati

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

on through customer gifts. The bottom line is this… Some of your budget must be used for customer r

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

etention.

It Costs 7 Times As Much To Get A New Customer As It Does To Retain An Old

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

Combination pro

One

What do you think is the number one reason customers leave their current suppli

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

er? Price? Nope. Service? Nope. It is the feeling that their business is no longer appreciated. <

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

br>
Fortunately, the #1 use of promotional items is in fact - for customer gifts. These gifts

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

foster goodwill and customer retention. Although there are a number of ways to show you appreciate

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

your client’s business, very few of them have the residual impact of re-usable gifts.

Yo

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

u see…not only do promo

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

Following aspects would a

tional customer gifts have the effect of the initial “thank you,” but also the product itself has

dd to the challenges in developing combination products:

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

staying power and reminds them of your appreciation over and over. Picture it like this. Your gift

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

subconsciously says “thank you” every time it is used. That is the power of re-useable promotional

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

products.

A Lamb Amongst Wolves

Here’s something to keep in mind. I

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

f you are at the show - odds are, so is your competition. And here’s the real kicker… Do you know w

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

Professional from academic institutions, pharmaceutical industries, health care indust

ho most of the new customers you picked up at the last couple of shows are? The unappreciated ex-cli

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

ents of your competition!

Nothing beats trade shows for meeting clients and prosp

.

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

ects face to face. But consider this; your competition has the same advantage. Listen, I’m not kidd

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

Companies that provide selfless information through particip

ing around, it is imperative you let your customers know you appreciate them or our competitors will.

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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Shock and vibration testing is a division of product as well as component testing. This test has a wider and larger category that involves life, exposure, electrical, ergonomic, dynamic, and other specialized and significant tests.

Contrary to popular opinion, business opportunities abound in all kinds of economies; you just have to know where to look for it. And sometimes, you should consider creating business opportunities instead of waiting for them to come knocking at your door.

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Advice You - Building Customer Loyalty Through Promotional Products

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