Advice You - Business

Many growing companies would benefit from an experienced marketing director to help them develop their overall strategy and accomplish key projects, but most small companie

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

s simply can not afford to hire a senior level, full-time marketing executive. In these situations, a marketing consultant can often serve as an affordable alternative and

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

Examples of combination products may in

bring much needed skills to the table.

While it is very common for businesses to hire accountants and attorneys, some owners are reluctant to bring in marketing assistance

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

. However, a skilled marketing consultant can bring great value to the team and often dramatically improve marketing results.

Here are several reasons to consider adding a

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

consultant to your team:

Add “Seniority” Without Adding Staff:

A marketing consultant can allow you to affordably add a senior business development or marketing executiv

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

Combination pro

e to your team on an “as needed” basis. They can also mentor and train junior employees to boost productivity.

Gain Specialized Marketing Expertise:

If you need to addres

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

s specific marketing issues on a project-by-project basis, a marketing consultant is a great resource. For example, a consultant can help develop a corporate identity packa

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

ge or develop a direct marketing campaign.

Overcome a Personnel Shortage:

A marketing consultant can provide you with qualified, temporary assistance to get you through a

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

crunch. Also, there are no costly employee benefits or taxes to pay.

Get Relief from Deadline Pressures:

When multiple priorities come crashing in all at once, a marketi

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

ng consultant can help you meet your deadlines without compromising quality.

Benefit from an Outsider’s Perspective:

A marketing consultant can offer you unbiased recomme

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

ndations and provide you with a second opinion to help you make informed business decisions.

Make the Most of Your Time:

Think about the marketing activity you enjoy the

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

Following aspects would a

least. Now, think about handing that activity off to a qualified consultant. With a good marketing consultant in your corner, you can get more done and make the most of you

dd to the challenges in developing combination products:

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

r valuable time

Tips for Selecting a Good Fit for Your Business:

In selecting a consultant, it is important to identify your goals and find someone to work with you as a

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

‘partner’ in the process. You should feel comfortable exchanging ideas and brainstorming with them.

To avoid surprises, it is important to clearly define the work to be ac

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

complished and the corresponding compensation up front. Many consultants, also work with a team of other resources and can help pull in the right specialists on an as-neede

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

d basis. Therefore, it is a good idea to search for someone who is well-connected and highly resourceful.

To find a consultant that matches your needs, start by asking loc

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

Professional from academic institutions, pharmaceutical industries, health care indust

ally and/or within industry-related groups for referrals. Always be sure to check references thoroughly. Local chamber of commerce offices can often provide names. Other re

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

sources are professional associations such as the American Marketing Association (AMA) which offers a directory of specialists by category. Businesses can also turn to webs

.

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

ites aimed at linking consultants and/or freelancers with projects, such as: www.guru.com or www.sologig.com and/or www.ifreelance.com.

By adding a quality marketing consu

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

Companies that provide selfless information through particip

ltant to your team, your business is one step closer to reaching its goals. When you improve your marketing, you will achieve better results. Here's to your future success.

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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