Advice You - Business

Ever feel like you’re spinning your wheels when it comes to marketing your business? If you’re not getting

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

the results you want with your current marketing efforts, it may be time to consider a new opportunity – a

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

Examples of combination products may in

Promotion Opportunity!

A promotion opportunity can be found by identifying ways of reaching your target au

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

dience, then looking for the right "opportunity" to reach them. To get started, you will want to think abou

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

what types of marketing activities are realistic for you. If you’re a small business, then chances are tha

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

Combination pro

t you won’t be running a series of network television ads. But what other opportunities exist for 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

you offer a coupon? Is your web site listed in Google? Can you sponsor a local event in your community?

Th

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

key to finding a good promotion opportunity is to first think about your target audience. Look for groups

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

of people with something in common. For instance, an auto insurance company might divide some of its custom

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

ers into groups like teenagers/high-risk drivers, or families with more than one car. Both of these groups

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

learly have different insurance needs, so the company would probably want to offer separate types of insura

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

Following aspects would a

nce policies to each of them. For your business, decide on which groups of customers you want to target, th

dd to the challenges in developing combination products:

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

en look for the best methods of reaching each group (the method for reaching teenagers, for example, would

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

be different from the method used for reaching soccer moms).

Another way to find a good promotion opportun

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

ty is to look at what marketing strategies your competition already uses, then look for “gaps.” Do they adv

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

ertise? If so, where do they place ads? Do they have a web site? Is it listed in the search engines? The “g

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

Professional from academic institutions, pharmaceutical industries, health care indust

aps” in their marketing could provide you with a great opportunity to get your business noticed. For exampl

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

, if a competitor’s web site is outdated or old, this could be an opportunity for you to add new features t

.

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

o your company web site, like online shopping or uploading new coupons.

By finding the right promotion opp

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

Companies that provide selfless information through particip

ortunities for your business, you stand a better chance of reaching the right people with the right message

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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Stay in business long enough and you'll most likely develop friendships with some of your employees. Maybe not a close friendship but one that gives you and them a comfort zone that differs from when they were first hired.

Does the PVR spell doom for those irksome commercials? The future surely does look bleak for broadcasters and advertisers.

These laws will provide guidance on how to act, think and work in a lean way. You can apply these laws to all areas of your life, work and business to get bigger results from the time you invest.

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Advice You - Opportunity Knocks

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