Advice You - Business

In our last segment, we spoke about the first six of twelve questions you should ask yourself before "going live" with your product launch. Her

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

e are the final six.

7) Have you priced your product or service competitively?

Not too hig

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

Examples of combination products may in

h, not too low. The price for which a product is offered may determine the perceived value by the customer. If you underprice your product, it

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 entirely possible that your customer will decide that the product is not worth purchasing. If you overprice it, you may not get the sales you

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

want. Here's the solution: test different prices. Keep the one that results in the most sales.

8) What are the growt

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

Combination pro

and "back-end" sales possibilities?

Can you sell the same or other products to your customer thereby creating repea

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

t sales? This is one of the keys to increasing sales revenues. With consumable products such as soft drinks, you can sell the customer the same

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

thing over and over again. With non-consumable products, such as an office desk, you can sell them complimentary items. In addition, after thei

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

r first initial purchase, what other products can you sell them later on down the road?

9) Is your product or service

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

safe?

This might seem obvious at first. However, no matter how well intentioned your product or service is, there al

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

ways the possibility of you being sued because of an unsafe product. There's a reason why baby carriages now carry all those warning labels.

<

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

Following aspects would a

strong>10) Can it be promoted with strong advertising copy?

This is something that's usually only t

dd to the challenges in developing combination products:

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

ought about after a product launch. Think of your sales process. Is your product or service something that must be demonstrated to every prospe

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

ct before they consider buying it. If so, making a sale is going to be time consuming. If, however, it can be promoted via simple ad copy, maki

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

g a sale will be much easier - and quicker.

11) Will you have to manage inventory?

Standin

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

g inventory is costly. Things expire, break, are lost and stolen, etc. - all of which will cost you money. If you're going to deal with invento

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

Professional from academic institutions, pharmaceutical industries, health care indust

y, you'll need to address all the aforementioned. To add, you'll have to figure out a way to get rid of excess stock. A good way to do so is to

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

have a good old fashioned SALE.

12) Would you buy/use your own product or service?

Hmmm..

.

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

would you? You ought to be a consumer of your own product. After all, you offer the best testimonial for it.

In conclusion, by carefully goin

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

Companies that provide selfless information through particip

g over and answering each question before you even develop your product or service, you will ensure that you product launch is a successful one

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 - New Product Launch -- Questions to Ask Before Going Live: Part 2

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