Advice You - Business

There's a big push towards niche marketing. As more and more markets commoditize, brand becomes a critical factor. And in most large cash cow commodity markets, there are on

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

ly two or three major players. Everybody else is left picking at single digit marketshare with little to no growth opportunities.

So you have basically two options for grow

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

Examples of combination products may in

th. One, you can launch a break-through product or service in your category. Think bagless vacuum cleaners. When there were only bagged vacuums, everybody was pretty much eq

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

al. Then the bagless came out in Japan and revolutionized the market - and put most of the aftermarket bag suppliers out of business. It was a game changer. Before that prod

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

uct came out people just assumed you needed a bag to catch the dust.

The second method is to be seen as "head and shoulders" better than anything else in the market. Think

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

Combination pro

Dyson. Until that brand was launched there was little growth or movement in vacuum cleaners. Now Dyson is stealing share from everyone. They really didn't invent anything ne

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

or revolutionary. They've done a great job of promoting the things people really care about - weak vacuums that lose suction and pass a lot of dust through back to the carp

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

et. And they've done it with stylish advertising and marketing. They look high tech, expensive, and worth it. The funny thing with Dyson is that he was not trained as an eng

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

ineer, but as an industrial designer. He's turned a stale market on its end and is raking in the profits.

More and more firms are moving to a niche marketing strategy. They

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

want to be seen as the best provider of a very specific offering. The Long Tail theory tells us that a lot of small providers with very passionate customers can be as powerf

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

ul as one or two large providers - that they control more of the marketplace than previously realized. The hard part is getting them organized and focused towards a common g

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

Following aspects would a

oal.

Very few firms in the world can be a Wal*Mart (in fact no one can). The average retailer cannot compete with Wal*Mart. So my advice is to not compete at all. You can m

dd to the challenges in developing combination products:

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

ke a lot of money offering the high-end products that they cannot. You can make a lot of money providing products that are above Target. So why should it surprise or anger p

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

eople when Wal*Mart puts small Mom & Pop's out of business. They simply need to adapt with unique offerings. They'll be more profitable and sustain future growth. In theory,

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

Mom & Pop shops have the advantage of convenience. They should be closer to their customers and they definitely have potential for much better customer service.

So, you wi

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

l be relegated to commodity status if you cannot easily answer and defend what you are the best at. Start planning now how your products and services can change the game or

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

Professional from academic institutions, pharmaceutical industries, health care indust

stand out from the competition. Once you can easily answer the question, your audience will begin to find you. People are always looking for specialists to solve their probl

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

ems. Being recognized as an expert makes your marketing efforts a lot easier. Jeffrey Gitomer said it best, "No one wants to be sold, but everyone likes to buy." Being seen

.

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

s a specialist creates a buying environment, not a sales situation. Even after you are seen as a specialist, you still need to market. Marketing gives you the ability to eve

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

Companies that provide selfless information through particip

n further refine your customer set and profitability criteria. It's about creating more demand than capacity. It's about creating choices.

What do you do better than anyone

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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The Wrinkle free quality of garment has been labeled various terms like Wrinkle-resistant, wrinkle free, durable press and permanent press. The industry also uses these terms for several finishing agents that have been appended to fabrics to avoid or reduce the amount of wrinkles. Today's drive of wrinkle-resistant informal wear is not just a reprocessing of the dry, brittle durable press in wash and wear finishes of yesterday. The most modern wrinkle-resistant fabrics are newly devised products that were born of modern technology.

As of 2004 the furniture industry in Canada employed some 92,810 persons, more than 44% higher than 10 years ago, but almost unchanged since the beginning of this century. The improvement from its 1993 recession low of just 59,559 is truly remarkable. In other words furniture industry employment has exhibited much resiliency, especially considering the impacts the industry faced since the early 1980s from Canada’s free trade agreement. The more recent employment decline is a reflection of the industry’s slowdown due to the strengthening Canadian dollar and more Asian competition.

Want to start your own business - but not sure what it takes? Then we will tell you.

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