Advice You - Business

The first step in preparing your marketing plan is look at where you are today. You must know who is your target customer. You must know the workings of direct and indirect competitors. You must unders

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

tand your industry and where you stand in it.

In order to market to your target customer, you must know who they are, what they want, and what motivates them to buy. In order to understand your competit

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

Examples of combination products may in

rs, you must know who they are, how they do what they do, and how you are better than they are. In order to understand your industry, you must know its current status, its history, its anticipated future

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

, and any possible trends.

Good marketing enhances your brand when you can say what is important about your product in three or four words. For example, “Best tasting chicken,” “A world apart,” and “It’

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

the real thing.” Your brand must be simple and easy to articulate. You can still have a longer tag line, but your brand should be recognizable by a three-four word statement. Think about major brands,

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

Combination pro

and you will see they all use these short, simple statements that relate to their product.

The foundation for your marketing should be to deliver a message that helps brand your product and conveys your

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

unique selling proposition. You must know your unique selling proposition, and you must be able to articulate it clearly and succinctly. You can use it to distinguish yourself from your competitors. Yo

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

r unique selling proposition should be responsive to your customer’s wants and needs.

When you prepare your marketing program, look at how big companies market and learn from them. You must be unique an

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

focused, and you must know how much marketing is required to reach your purpose. You also must know when your marketing has become tiresome to your customers, and they tune you out. While you are condu

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

cting a marketing program, watch its results closely. Make adjustments in your program and do more of what works best and stop doing what does not work.

Part of determining what works best is determinin

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

which marketing efforts get results. You should track the results and determine how much profit is generated from the cost of the marketing program. There are many ways to track results, and online tra

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

Following aspects would a

king is the easiest. One accurate tracking method is asking customers how they heard about your product. You can also send out coupons for bonus gifts, and you can track the results when customers brin

dd to the challenges in developing combination products:

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

g in the coupons.

When your marketing program has been successful, you should ask yourself if you can repeat the program. You should also ask yourself whether there were any other factors the contribute

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

to your success. For example, did a major competitor go out of business? You should also ask yourself whether the results will change if you do the marketing at a different time of the year. You shoul

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

ask yourself how much profit was generated by the marketing cost and look at the ratio. In your industry, should the profit ratio to the marketing cost be 4/1, 6/1, 10/1, or what?

The results of good m

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

arketing should enhance your brand and create value for your brand. The results should also help you gain new customers and retain existing customers. The results of good marketing should fall within th

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

Professional from academic institutions, pharmaceutical industries, health care indust

industry ratio. Really good marketing may result in creating new opportunities and ideas for your company.

Jo Ann Joy, Esq., MBA, CEO Copyright 2006 Indigo Business Solutions. All rights reser

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

ed. You may contact Jo Ann by phone at (602) 663-7007, by fax at (602) 324-7582, by email at joannjoy@Indigo Business Solutions.net, and by mail at 2313 East Ocotillo Rd., Phoenix, AZ 85016.

.

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

Contact Jo Ann for free copies of any of her articles. For more information about these and other important legal and business topics, please visit our website at elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

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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