Advice You - Business

M # 2 - Media

Before we go into media - I'd like to ask you to suspend your previous beliefs of

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

"what works and what doesn't" as regards to Media.

Let's survey what's available:

Print - Newsp

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

Examples of combination products may in

apers, Magazines, Yellow Pages

Direct Mail - Letters, brochures, Postcards, other

Broadcast - R

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

adio & television

There is no "good or bad" media - media is just a means for delivery of inform

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

ation. Just like a gun is a means to deliver a bullet. There are good shots and bad shots - a goo

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

Combination pro

d shot hits your target and delivers an effective message.

Using media, you'll know if your shot

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

is effective by looking at the Return On Investment. If total lifetime value of customers aquire

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

are profitable, then you have a hit an should stick with the media until it's unprofitable.

Cas

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

e in point - a lot of CPA's believe Yellow Page ads don't work - as they tried it.

"I got about

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

$6,000 in billings from a $5000 ad" they will say, "by the time I service the client, I'm under w

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

ater. I'm going to cancel my yellow page ad because it's too expensive."

However, those clients

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

Following aspects would a

that come from the yellow pages then return year after year, and refer new business, so in realit

dd to the challenges in developing combination products:

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

y, the yellow page ad is very effective.

In the preveious installment, we talked about Market -

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

or the target of marketing communications - If you have a market, choose the media which most cos

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

effectivly can reach your market.

If you find your market is unresponsive, perhaps you need to

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

work on the third "M" - the Message....

Marketing problems may not be the result of media which

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

Professional from academic institutions, pharmaceutical industries, health care indust

is bad or doesn't work, very likely it's the message to the market.

Saying a particular media is

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

bad for marketing any product or service is like blaming crime on guns or knifes - it's not the

.

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

tool that committs a crime, it's a bad person with a gun or knife.

Again, it's all about ROI - i

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

Companies that provide selfless information through particip

f the numbers don't work, then you either need to 1) fix something or 2) change what you're doing

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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Good customer service is indeed hard to find, much more to provide. It is one thing to want to provide good customer service to your customers and yet another thing to do it. Information sharing between the management and frontline staff, budget constraints and equipments needed to do the job makes providing good customer care harder than it seems.

Are you struggling with something in your business life? Try being the same person at the office as you are at home, at the game, with your family: there's an ease and honesty to that that will make your business life so much better!

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Advice You - M # 2 - the Second M in Marketing

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