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Market penetration is an important concept in business planning and development. When you think in terms of market penetration

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

you are figuring out they type and number of client you need in order to meet your revenue projections. Your market penetration

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

Examples of combination products may in

strategy must also consider the types of businesses in terms of your geographic location.

You can't simply choose your market p

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

netration strategy arbitrarily. It has to be grounded in research of the businesses in your geographic area. You need to figur

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

out how many businesses of a certain size and type exist and then tailor your market penetration strategy around the results.

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

Combination pro

eographic Market Penetration Research

When you start thinking about the type of customer you need to target to meet your revenu

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

goals it is wise to set up a grid. This grid will track the type and number of business based on geographic location.

Start b

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

putting your business in the middle of a grid. Then move out in concentric rings further and further from where you're located

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

What businesses are 15 minutes from where you are, 30 minutes from where you are, etc...? Do not go beyond 90 minutes. Rememb

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

r you need billable hours so you can't take up your whole day driving to and from clients' places of business.

Figure out the d

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

fferent size levels of the businesses in your area. How many business with 1 to 10 employees and 100k to 1 million in revenue

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

Following aspects would a

are within 60-90 minutes?

How many of these sweet spot clients are within 15 minutes, 30 minutes, etc.. from you?

Then track l

dd to the challenges in developing combination products:

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

rge small-businesses with 50 to 200 employees and 50 to 100 computers the same way.

To gather the type of business size informa

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

ion you need for your market penetration research there are a variety of sources to consult including:

libraries
economic

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

evelopment or small business assistance offices
mailing list brokers
online research
direct phone inquiries

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

Dunn and Bradstreet
Zap Date
Info USA

The Bottom Line on Market Penetration

Market penetration must be looked at in

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

Professional from academic institutions, pharmaceutical industries, health care indust

erms of the business base in your geographic area. You need to first determine the revenue you must generate and then look at t

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

e businesses within your area that can support these revenue projections. A good market penetration strategy is one that conside

.

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 your geographic business base and revenue projections in conjunction with one another.

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

Companies that provide selfless information through particip

m. All Worldwide Rights Reserved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance

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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One of the fastest ways to grow your cleaning business is to get referrals from your current customers. There may be times when a customer will pass your company's name along without any prompting from you. However, to really get your clients to work for you, it's important to encourage referrals.

Among the most popular are Internet service providers, long distance service, cellular phone service, credit cards, flowers, magazines, and other highly competitive markets. Instead of spending money on advertising to attract customers, the businesses pay groups for each new customer referred to them.

Business organizations produce goods or services. Though there are vast differences in the functioning and approaches of these organizations, they all strive to achieve certain objectives. It must also be noted that organizations cannot achieve the objectives effortlessly. They are achieved through systematic effort. This whole process is called business administration.

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