Advice You - Business

Marketing is without a doubt the most crucial element for the success of any business. Jay Conrad Levinson, author of Guerrilla Marketing said, “Marketing is everything you do to promote your business from the first moment of conc

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

eption to the point at which customers patronize your business on a regular basis.”

Because marketing encompasses so much of your business success, you must have a marketing mindset if your business is going to succeed. To develop this m

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

Examples of combination products may in

indset requires that you have a very open mind that looks far beyond the initial transaction to see all the dormant possibilities of re-working, cross-selling, and follow-up. You must be willing to experiment and look at your business rel

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

ated activities in unorthodox ways.

You can never decide in advance what the marketplace wants. Consumers will always tell you what products and services they will buy and at what price. Anytime you want to know if an idea will work or h

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

ow much profit a concept might add or subtract, you must quickly, efficiently, and conservatively, and inexpensively test that concept in your marketplace.

Once you develop a profitable, working method, don’t stop there. Always improve o

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

Combination pro

n what is working for you, but never abandon what is working for you and jump to a new concept, no matter how exciting or appealing, until you’ve tested and proven that it contributes added benefit and profits.

When you test a new ad, sa

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

les pitch, or an up-selling concept it allows you to develop a new perspective on the market and enables you to see things differently from your competitor’s point of view. It will also give you an eagerness to learn by observing others.

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

An important part of developing a marketing mindset is to always search for new concepts, look for new applications, and approaches and techniques that you can use in your own business.

Business owners who have a marketing mindset know t

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

hat it’s a waste of time and energy to re-invent the wheel in order to market their product or service. There are many ways to borrow ideas from other successful businesses and use them in your own.

Here are five ways that will help you

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

develop a marketing mindset:

1. Read every ad you can get your hands on, with an eye not for the visual, but for the concepts in the ad.

2. Read all the “junk mail” you usually throw out.

3. Spend time each day looking at different web

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

sites for approaches you might be overlooking.

4. Subscribe to all the trade publications in your field.

5. Read at least one sales, marketing, or advertising book every week. You should read one business publication or magazine every

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

Following aspects would a

day. Publications such as The Wall Street Journal, Forbes, and Entrepreneur. Particularly read the articles pertaining to your field.

Visiting businesses in your area each week, especially retail stores will help open your mind to new an

dd to the challenges in developing combination products:

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

d different market ideas. When you go into a store let them try to sell you something and pay close attention to their sales approaches, guarantees, follow-up efforts, and cross-selling attempts and then try to adapt some of their techniq

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

ues to your business.

When you’re visiting other places of business note the things that they don’t do, things they neglect causing you not to buy. Pay close attention to how they make you feel and the things that they don’t offer you. F

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

illing these voids in your own business could give you a tremendous advantage over your competition.

Another way to really get some great ideas and develop your marketing mindset is to call the president or owner of a successful business

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

in the same or related field. (Never call a business that is in your competitive market) Identify your self and tell the owner that you admire his or her success and would like to learn from him or her. “Could you ask him or her a few qu

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

Professional from academic institutions, pharmaceutical industries, health care indust

estion.” You could offer to take him or her to lunch or offer to make a donation in their name to his or her favorite charity as a thank you for their time.

You’ll be surprised at how many business owners will be happy to spend some time

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

with you talking about their business and their successes. Every time you take are able to set up a meeting with a successful business owner you will gain a wealth of information to help your business.

Developing a marketing mindset mea

.

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

ns having the humility to learn from the successes and failures of others. When you start a new business, you are launching the profit adventure of a lifetime! From this moment on, resolve to develop a marketing mindset which means testin

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

Companies that provide selfless information through particip

g and applying as many different backend, cross-selling, reselling, joint-venture approaches, and sales packages as you think can work for your business.

Copyright©2006 by Joe Love and JLM & Associates, Inc. All rights reserved worldwide

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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Managers spend much of their time in meetings. But some junior staff use meetings to showcase themselves. Or they invite their boss to help with work that they should be doing. In either case, such m...

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