Advice You - Business

At this point, you should know that your business will contribute to your ideal life and exactly what benefits you plan to offer to your customers. So who exactly are th

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

ese customers, and how will you go about reaching them?

Avoid the urge to appeal to a broad audience. In fact, you should seek to appeal to the narrowest possible audi

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

Examples of combination products may in

ence. Yes, this does reduce the size of your potential market. On the other hand, think of this as a distillation process that will allow you to spend less on your marketin

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

and get far better results. Think of it like fishing. If you’re after trout, you’d do well to fish where the trout live.

How much do you know about your ideal customer

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? Traits such as age, gender, ethnicity, income level, home ownership, profession, education and location are just a few examples of demographics. Religious or spiritu

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

Combination pro

al beliefs, political alignment, hobbies, interests, goals, dreams, desires, etc., are examples of psychographics. What magical combination of demographics and psychographi

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

s does your ideal customer possess?

Armed with this information, your next step is to familiarize yourself with these people as intimately as possible. Where do they live?

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

Where do they get their information? What do they read, view, listen to? What criteria drive their buying decisions? What appeals to them? How can you use all of this info

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

rmation to start creating a step-by-step process that converts people to leads, prospects, customers, clients, and referral sources? Remember that marketing is the business

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

equivalent of a courtship ritual that ideally leads to a lifelong relationship.

Now for two really challenging questions: How many ideal customers live within your serv

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

ice area? Out of that number, what percentage can you count on attracting? The first question is fairly easy to answer. The second one is where the guesswork truly beg

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

Following aspects would a

ins. You’re going to have to make some assumptions about your ability to penetrate the marketplace and the market share you will gain. As a general rule of thumb, I recomme

dd to the challenges in developing combination products:

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

d being as conservative as possible and then halving that number for extra safety.

There are plenty of resources for doing this market research. The US Census Bureau has l

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

ots of demographic information. Local newspapers, bulletin boards, churches, schools and more can give you a good feel for the psychographics in your area. Your local Chamb

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

er of Commerce can be an excellent resource. It’s as easy as attending meetings and listening to what business owners are saying. Parking yourself outside your competitors

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

nd checking out the people going in and out can also be amazingly effective. Here’s one method you can try: Chat up the competition. Ask questions. You’d be amazed

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

Professional from academic institutions, pharmaceutical industries, health care indust

how much information you can get simply by asking for it.

Industry associations, government agencies, universities, trade publications, conventions and more are laden with

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

even more valuable information. Take advantage of it. Hey, if you don’t, someone else will.

All of this research is leading you to one critical question: Is you

.

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

business concept viable or not? We’ll explore this concept next week. In the meantime, I reiterate what I’ve been saying all along: This series of articles is geared

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

Companies that provide selfless information through particip

towards starting up a new business; however, all of these concepts are equally applicable if you are reexamining an existing business or even mulling over buying a business

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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This case study explains how report management helps magazine and other industries alike improve their reporting process to be more cost and logistically efficient.

If you have ever bought products outside of retail stores, you most likely know of the great deals that can be had from getting your items from overseas. You can get your products for a fraction of the cost. Most people are not aware that the items that they buy are usually imported, so they are not aware of the great savings they are missing out on. It can be hard for an individual to make purchases as such overseas, but for a businessperson, it can be a great asset that they can obtain quite easily.

A good consultant provides specialist abilities and experience, innovative ideas, second opinions (reality checks), unbiased appraisals, and new approaches. A good consultant will leave you with tool...

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Advice You - Who Will Buy from You?

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