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Advice You - Boosting Your Bottom Line: The 9 Keys to Marketing Success
Are you a small business owner who’s just getting started or a veteran who is eager to review the basics and generate more income through effective marketing? Walk through these 9 keys and turn your dread of market
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
ing into a passion.
1. Craft your vision statement: Answer the question, “Why does my company exist?” This is the heart and soul of your organization and the platform from which you should make every decision be
1. Craft your vision statement: Answer the question, “Why does my company exist?” This is the heart and soul of your organization and the platform from which you should make every decision be
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
t marketing, product development, or customer service related.
2. Identify your ideal client: Take a hard look again at why you’re in business in the first place. Then identify who’s really going to want what you
2. Identify your ideal client: Take a hard look again at why you’re in business in the first place. Then identify who’s really going to want what you
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
re selling. Who’s going to understand exactly where you’re coming from and jump at the chance to do business with you? If you can identify those quality consumers, you will have a much easier time finding them.
3
3
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
Target your SWOT (Strengths, Weaknesses, Opportunities, Threats): The first two components are internal--what’s going on inside of you and your company. The last two areas are external or the outside forces you m
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ust consider. There are unlimited applications for the SWOT exercise.
4. Ask, “What makes my company unique?” Why should anyone do business with you as opposed to your numerous competitors? Consider how you make
4. Ask, “What makes my company unique?” Why should anyone do business with you as opposed to your numerous competitors? Consider how you make
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
decisions when faced with a choice between similar products from different manufacturers. How do you decide which car or soda to buy? Remember, each potential client asks the same question when they consider buyin
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
from you. How do you stand out? If Starbucks just sold cups of coffee, they would not have become the dominant force they are today.
5. Expand your possibilities: Think BIG. A gold fish will only grow as large
5. Expand your possibilities: Think BIG. A gold fish will only grow as large
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
as its environment allows. Slip the fish into a bigger bowl and watch it grow. The same is true of your marketing plan. Think conservatively and small and your business is likely to remain that way. Dare to drea
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
m and think large. You will never reach the big goal if you think it’s not possible.
6. Hone your goals & tactics: Using your vision statement as a compass point, ask what goals do you need to achieve in order to
6. Hone your goals & tactics: Using your vision statement as a compass point, ask what goals do you need to achieve in order to
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
reach your vision? Remember to set SMART goals (specific, measurable, action-oriented, realistic, time sensitive). Once you have them all listed, ask, “If I accomplish every single one of these goals, will that gua
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
antee success?” If the answer is not a resounding “Yes!” keep adding goals until you are satisfied. Next, break each goal down into the specific steps or tactics necessary to accomplish each goal. Ask, “If I fini
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
h every listed tactic will I reach this goal?” If the answer is no, keep breaking it down to the last detail.
7. Set your priorities: Once you’ve got your goals and tactics in place you have got to put them in ord
7. Set your priorities: Once you’ve got your goals and tactics in place you have got to put them in ord
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
er. Write each one out on a separate piece of paper and shuffle them around. Look at each one and ask, “How important is this to my success in the next 3 months?” Use the ABCDE method of prioritization. Sort the
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
in groups of As, Bs, and Cs, based on importance. Ds are anything you can delegate. Es are anything you can eliminate. Next, prioritize within each group: A1, A2, A3. Finally, get to work. Even though you migh
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
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
be tempted, don’t move on to the Bs until you have completed all the A tasks.
8. Take action: One of the most critical steps in any marketing plan is to get your hands dirty and get started. The marketing plan t
8. Take action: One of the most critical steps in any marketing plan is to get your hands dirty and get started. The marketing plan t
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
at never reaches the public will net you zero sales. Learn to embrace the notion of “failure” as feedback on how to get it right. With this attitude, any setback becomes an opportunity to fine tune your plan and m
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ake it better. A parting anonymous quote: “Failing quickly is at least better than failing slowly.”
9. Be consistent and patient: Without these two pieces of the puzzle, your marketing plan is doomed to failure.
9. Be consistent and patient: Without these two pieces of the puzzle, your marketing plan is doomed to failure.
.
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
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
Create a marketing plan that covers the next 12, 24, and 36 months. Once you have taken the time to unlock doors with the first 8 keys, use consistency and patience to broadcast your message to your customers. A c
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ient might need to encounter your message a minimum of 9 times before he/she is ready to buy. Therefore, understand that you will never know whether your plan is working within the first 60 days. Practice patience
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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