Advice You - Business

Key Areas Your Marketing Plan Should Entail

Your marketing plan should outline the following element

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

Purpose and Mission
Situation Analysis (strengths, weakness, opportunities, threats

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

Examples of combination products may in

)

Unique Selling Proposition and Positioning Statement

Strategy (place, product, price, promo

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

tion)

Sales Forecast

Implementation (roles, responsibilities, time lines)

Perf

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

ormance Analysis (to evaluate the success of the marketing plan)

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

Combination pro

Your plan of action should be concise and to the point. Exactly how and when will the information you have
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
organized be initiated?

Plot it out in specific detail, clearly indicating tools, techniques and strategie
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
s to be used to realize each objective. Delegate responsibilities for each task and outline tactics for each
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
stage of your plan.

Your plan for marketing success must have a firm date for completion.

Put It In Wr
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
iting

Writing makes your commitment tangible and consolidates your strategy. A concrete marketing plan
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
elps you to see the big picture and stay with it. You'll be less easily diverted or discouraged by the inevi
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
table minor setbacks and failures.

Budget For Success

How much money will you allocate to marketing
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
your business? As a rule of thumb, if your traditional, 'old economy' business is in growth mode, you shoul
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
d devote six to eight per cent of sales to your marketing budget. In the maintenance mode, four to five per
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
cent will suffice, while a business in a declining mode should consider a reduction to zero to two per cent
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
or this period.

In the high tech, e-business sector, the old rules fall by the wayside, but here, think mor
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
e than ten per cent. Whatever your business, don't be afraid to spend dollars where appropriate. Create and
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
follow a budget that makes sense and will achieve your business goal.

To Your Success!

A carefully
.

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
designed marketing plan ensures you have the resources to succeed in the marketplace. Thanks to a winning ma
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
rketing plan, you know what benefits your business offers, who wants them and where, when and how to deliver

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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Advice You - A Winning Marketing Plan To Attract Customers and Beat The Competition - Part 2

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