Advice You - Business

When it comes to advertising and marketing your products and services, common sense dictates

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

that the higher the response rate, the better. But just knowing that is not enough. It’s impo

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

Examples of combination products may in

rtant to understand exactly how each additional response can affect your marketing costs and

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

profits. The better your understanding of the potential value of each additional response, th

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

e more effort you’ll invest into increasing your response rate over time.

Increasing your re

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

Combination pro

sponse rate can increase your net profit in one of two ways. You can either:

1. Maintain (or

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

increase) your marketing investment and frequency and capitalize on your higher response rat

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

e to bring in more revenue. If the response rate for an ongoing campaign that reaches 10,000

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

people can be increased by 20%, let’s say from 1.5% to 1.8%, that increases your actual respo

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

nses from 150 to 180. That may not sound like much, but depending on what you charge for your

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

products and services, those extra 30 responses could add up to more than enough sales to ju

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

Following aspects would a

stify the effort.

2. Decrease your marketing investment and frequency, leveraging your highe

dd to the challenges in developing combination products:

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

r response rate to maintain the same net number of responses but at a lower cost. The higher

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

your response rate, the less money you need to spend to generate the same amount of business.

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

Remember that this kind of measurement is only possible using a direct response marketing a

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

pproach (marketing that solicits immediate action on the part of the recipient, such as an in

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

Professional from academic institutions, pharmaceutical industries, health care indust

quiry, request for information or sale), as opposed to a branding or image advertising campai

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

gn (marketing that seeks to increase mind share for eventual sale or action). Unless there is

.

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

a specific call to action (“Call today for a free guide”) to generate an immediate and measu

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

Companies that provide selfless information through particip

rable response, you will find it very challenging to gauge a campaign’s effectiveness at 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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If you are like most locally owned and operated business owners, there is a good chance that you use local phone books, newspapers, and the mailing of fliers. While these are nice local advertising methods, you need to think about incorporating the internet into your local advertising plan, if you haven't already done so.

If you want to write compelling copy, look no further than the grocery checkout stand.

Are your products or services geared towards only one target market? You can increase sales and profits by increasing your target markets. Below are some creative ways to increase your target markets by using your existing products and services you're selling right now.

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Advice You - Marketing Crash Course: How Response Rates Impact Campaign Costs and Profits

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