Advice You - Business

My five-year-old daughter believes in fairies. Rainbow fairies, weather fairies, flower fairies, even sleep fairies. In fact, she’s an avowed expert on fairies and the only one

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

who knows the truth about them: that they live in magical worlds only she can see. She’s part fairy too, she says, and “filled with magic.”

Right about now you’re probably aski

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

Examples of combination products may in

ng what fairytales and magical creatures have to do with marketing. First I have to tell you that my daughter learned everything she knows from books and movies written by adult

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

s who she says don’t really know about fairies. It’s not that grownups are too old to understand what really goes on in pixie hollow; they just don’t have the magic inside that

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

allows them to see the whole picture. So she takes a goblin here, a unicorn there, adds a mermaid for good measure, and creates her own sacrosanct interpretations.

Many people

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

Combination pro

in business are just like my daughter, if not nearly so cute. Their understanding and beliefs about marketing comes from a hodgepodge of Internet blogs, executive summaries, new

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

spaper clippings, and hearsay. They take either what sounds good or feels right as gospel and become experts themselves. They are, like my daughter, full of magic and the only o

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

nes who know the truth.

That may sound harsh. Yet, unlike my daughter, people in business can’t afford to play “make-believe.” They go broke.

Marketing is less magic than it i

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

s work. It requires effort to identify and satisfy customer needs. It also takes time and, usually, money to move through this process and formulate a marketing strategy to achi

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

eve business goals. That strategy may include public relations, advertising, and business development. These elements may work together, separately, or simultaneously depending

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

n the marketing objective.

Information is empowering, but it can also be overwhelming. Instead of trying to drink a bathtub full of water in one gulp, take a few sips. Start by

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

Following aspects would a

clearly defining your terms, then move on to bigger concepts:

• Marketing: the process of identifying and satisfying customer needs.

• Marketing Strategy: the logical route b

dd to the challenges in developing combination products:

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

y which a business hopes to achieve its marketing objectives. It is a road map that guides you to your chosen destination(s) and utilizes advertising, public relations, and busi

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

ness development as fuel for the trip.

• Advertising: the sponsored presentation and promotion of ideas, goods, or services through newspapers, magazines, television, radio, th

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

e Internet, and other mass media. It is used to communicate messages about you as well as your products, services, and causes. In addition, it is used to inform, persuade, and r

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

emind target audiences.

• Public Relations: the process of managing how you deliver the message(s) about your business to various publics and audiences.

• Business Development

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

Professional from academic institutions, pharmaceutical industries, health care indust

: the process of building, nurturing, and maintaining relationships with prospective and existing clients in an ongoing effort to secure additional sales and selling opportuniti

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

es.

These definitions may not answer all of life’s persistent questions, but they do reflect the key attributes of—and differences between—core marketing elements. Knowing them

.

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

and understanding how they interact will put you far ahead of competitors who continue to pontificate and lose market share.

In short, faith, trust, and pixie dust alone won’t

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

Companies that provide selfless information through particip

be enough to successfully market your business. But a clear understanding of marketing basics, combined with common sense, may just carry you all the way to Neverland after all

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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Advice You - The Awful Truth About Faith, Trust, and Pixie Dust

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