Advice You - Business

As far as small business marketing goes, free publicity is gold. It’s not just that you’re getting your company name to the public without having to pay for it; it’s that the news publicity – whether it’s in a magazine, ne

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

wspaper, or online, weighs more heavily in your prospective customers minds. Even as skepticism reigns, people see information printed by news-type sources (whether in print or online) as being more truthful, more objectiv

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

Examples of combination products may in

, than information that’s paid for by the company (advertising).

But simply sending out a press kit to your local news media won’t guarantee you that free publicity. The cardinal rule you have to follow is that your infor

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

ation must be newsworthy. One of the ways that news media keep their reputation as objective sources of information is that they are – they’re not going to print a thinly-veiled ad for your product or service as a news pie

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

e. But if you write a release that accomplishes both goals – offering the news media an interesting, informational story and letting potential customers get to know your product or service – that’s where free publicity rea

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

Combination pro

ly pays off.

To start, you need to develop a press kit as a standard component of your small business marketing materials. Your press kit should include:

Small business marketing press kit component 1: A letter to the ed

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

tor of the newspaper (or magazine, or internet site) pitching your press release as a story idea. Many components of your press kit can be recycled, but the letter to the editor should change every time to send out a new p

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

ess release.

Small business marketing press kit component 2: The press release. Your press release is where the journalist will look to find most of the information for her story. In the release, you should describe the

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

ews item (the launch of a new product that will revolutionize consumer’s lives, for example). Feel free to quote yourself and others in the press release expounding on the issue (that way the journalist won’t have to conta

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

t you or others for quotes when she’s writing the story).

Small business marketing press kit component 3: Your business card. Make it easy for the journalist to contact you.

Small business marketing press kit component 4

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

Your corporate bio. Journalists often like to add background information into their stories; make it easy by including a corporate bio that offers the important information about your business, including who founded it an

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

Following aspects would a

d when, location, and other interesting tidbits.

Small business marketing press kit component 5: Relevant photos. The keyword here is relevant: include photos of the topic your press release is about. If it’s a new produ

dd to the challenges in developing combination products:

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

t, offer some interesting photos. If it’s a new day care service, offer some pictures of the employees with the kids. Use photos that will make your story more compelling.

Small business marketing press kit component 6: T

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

stimonials. It can be a great strategy to build quotations from current and past customers right into your press release. But even when you do that, don’t be shy about adding more.

Small business marketing press kit comp

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

nent 7: A data sheet for the relevant product or service. A data sheet with give the details about your product or service (that’s being covered in the press release). Relevant details include pricing, components, materia

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

s, size, weight, and part number – if applicable.

You should put all seven small business marketing components of your press kit into a folder – ideally one with your logo on the front to finish off the presentation.

Once

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

Professional from academic institutions, pharmaceutical industries, health care indust

you’ve created an appropriate small business marketing press kit, you can think about the kind of media outlets that you want to target. That small business marketing decision should be based on where your customers are –

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

re they online, reading the local daily, or a national newsmagazine? Free publicity won’t mean much if it’s not picked up by your target audience – your prospective customers.

Once you’ve decided the media outlet that 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

want to target, find out who the managing editor is and send a personalized press kit to her. Or, if the publication is very large, send a personalized press kit to the journalist in charge of your area (for example, the F

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

Companies that provide selfless information through particip

od journalist if your product is gourmet brownies or the Technology journalist if your product is computer software). You can also send out a press release for mass distribution using one of many online press release wires

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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Brand name of a product has certain value to a company. How do we value a brand and how does it affect the fair value of a common stock? There is no definite way of doing it since a brand is worth more to some than to other people.

I finally agreed to hire a business coach to help me out of my funk. After only one session, she concluded, “Hesh, your problem is simple. You just don’t have enough passion for your work.”

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