Advice You - Business

Customer segmentation is all about understanding the people you sell to and who you would like to be your cu

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

stomers. Once you have an understanding of this then you can ensure that you build your products and service

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

Examples of combination products may in

to meet the demands of these markets and become a market orientated company, which in turn should lead to g

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

eater profitability.

Understanding your customers, and more importantly your most profitable customers, mea

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

s that you can target your marketing effectively We all know it's easier to sell to an existing customer tha

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

Combination pro

a new one so customer segmentation will also allow you to identify additional products and services you can

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

sell to your existing customers.

The 20th century was a time of mass markets, in the 21st century there ar

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

global markets but perversely these global markets can be smaller and self selecting. Segmenting your custo

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

ers will make your messaging razor sharp and your product development more effective making sure you become

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

he solution of choice.

You can break customers into different markets; typically the simplest market segmen

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

ations are geographic, vertical, horizontal and size of company but you may want to consider other factors s

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

Following aspects would a

uch as infrastructure or applications used depending upon the type of solution you are offering. It is also

dd to the challenges in developing combination products:

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

worth considering more esoteric factors such as membership of certain clubs or institutions perhaps e.g, do

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

0% of all you customers come through referral from one customer or from a business networking club you are a

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

member of?

Once you have your different market definitions then you can categorise all your customers again

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

t these factors to get an idea of your typical customer. You should also define your ideal customer, which m

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

Professional from academic institutions, pharmaceutical industries, health care indust

ay of course be different. You can then use this information in your prospecting and in your marketing activ

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

ties to target your messages effectively and win more ideal customers.

Winning highly profitable business r

.

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

ther than just winning any business will have a massive impact on your revenues so understanding who these c

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

Companies that provide selfless information through particip

stomers and prospects are i.e. customer segmentation, really can make all the difference to your bottom line

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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Never forget, that first impressions are very important. They help the interviewer decide whether he or she wants to hire you or not. Take advantage of this tremendous information that is so powerful, that I am convinced, it will catapult your efforts. One high level interviewer says MOST of the applicants she sees are rejected for not attending to the items listed below.

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Advice You - Customer Segmentation; Why It Could Make Such A Difference To Your Bottom Line

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