Advice You - Business

Market research can be expensive, and it takes a fair amount of time and thought to do well, so why do it? The short answer is that management wants t

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

o make informed decisions and to ensure that they’re keeping their finger on the pulse of the guy who employs them – the customer.

W

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

Examples of combination products may in

hen pondering market research, generally companies are considering a decision that involves a significant investment, or that has a large potential fo

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

r risk if they were to make the wrong decision. In some cases they’re trying make a million dollars on a new product, and in other cases they’re simpl

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

trying to hedge their bets to make sure that they protect what they already have.

Knowledge is Power!

Market research is all about

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

Combination pro

increasing your understanding of the market, of the customers’ motivations or their frustrations that may not have even reached the surface yet, but

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

are a on a slow boil that could upset the applecart. Knowing something more than your competitor can be the difference between success and failure, an

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

d in many cases the customers are the ones that know best.

Maybe your customers are especially pleased with your service offerings, and y

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

u could actually be selling your services for a significant price-premium over the competitor offerings?

Customers might not

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

be buying your product because they like it, but instead they might tolerate it simply because it provides some benefit to a need that hasn’t been add

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

ressed well by anyone’s product yet

Maybe you’re not advertising in the right places, or the language that is used in your advertising leaves

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

Following aspects would a

your customer more confused than motivated to purchase. Maybe some slight changes could yield great benefits for your company?

Maybe that prod

dd to the challenges in developing combination products:

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

ct idea that your company has been kicking around for months is actually something that holds great potential, but your group is deadlocked over wheth

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

er it should be pursued or not. Some customer feedback could help to break that tie.

Market research is simply a more

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

systematic approach to gathering customer feedback and ensuring that the feedback is as independent and unbiased as possible. In addition to the actu

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

al research findings, another common benefit is that research tends to focus the team on the needs and expectations of the customers.

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

Professional from academic institutions, pharmaceutical industries, health care indust

This is particularly beneficial because many people tend to believe that they are representative of a typical customer. The reality is that anyone emp

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

loyed in an industry tends to be much more knowledgeable, interested and sensitized to the topic than is a typical customer. Conducting market researc

.

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

h seems to remind employees that everything that they do should be in service of that ‘typical customer’.

When it comes to understanding what a typic

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

Companies that provide selfless information through particip

al customer values and why they value it, market research can be a great tool and is probably worth consideration as you ponder that next big decision

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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Forget the saying ‘the world is getting smaller’ – it has gotten smaller. As a result western organisations are feeling the impact a lack of cultural sensitivity can and does have upon business performance.

Fun description of a real life experience where branding made the individual want to invest. A good example of how successful branding can make people want to invest in you.

Specialty Answering Service completes a 6 month long study on live operator's or voicemail managing a businesses calls and their respective effect on new customer aquisition and maintaining or exceeding customer relationship standards.

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