Advice You - Business

The goal of research is to make for the rapid attaining of profitability, cost effective method.

1. Test the potential marketplace to identify the buying motives and identify any problems that m

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

ay interfere with your plan.

2. Develop alternative solutions to any problems.

3. Define what type group of the market that you are going to test.

4. Plan

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

Examples of combination products may in

what you are going to do with the information.

Application life cycle consists of:

1. Introduction
A. Are we increasing our sales according to plan?
B.

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

When will we achieve break-even?

2. Growth
A. Are we losing, holding or increasing sales?
B. Are we increasing profit margin?

3. Maturi

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

ty
A. Any new uses that can re-stimulate demand?
B. Any other networks that can be utilized?

4. Decline
A. Should we abandon the market?
B. Is our lead cost per sale in

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

Combination pro

creasing beyond boundaries?

Marketing mistakes most commonly made:

1. Allowing yourself to be blinded by your love affair with your widget.

2. Lack of communication on all levels.

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

3. Making overestimates of:

a. Performance
b. Exterior conditions (inflation, interest rates, supply, govt)
c.

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

Close rates

4. Making underestimates of:
a. Time necessary to accomplish
b. The

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

in-efficiencies of start-up
c. The flexibility of the plan when conditions change

Marketing Research, I and ll

There are two aspects of Marketing Research. The first is determining

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

how the potential market that you have chosen will "probably" respond to the value that you wish to present. The second is finding out precisely how the market feels about your product/service and, either how you

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

can improve, or, what additional products/services you can now offer. This is "fine-tuning" and "after- market." This is a very simple yet important part of your business. Don't take these questions lightly, large

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

Following aspects would a

corporations spend millions to find the same answers that you as a small company can by using this set of two questions.

Research I - After creating a promotion, using The Marketing Workbook, approach the appropri

dd to the challenges in developing combination products:

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

ate market with your promotion, preferably face-to-face.

The goal is to determine:

1. What do they like about your offer?
2. What do they not like about your offer?

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

3. How much will they pay for it, as is?
4. How can you improve over Brand X?
5. How much more would they pay for "value added?"
6.

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

How often (or when) would they buy?
7. What would you need to offer to get them to switch?

Take this invaluable feedback and re-invent your wheel.

Research II - According to the CU

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

STOMERS:

1. How is your value?
2. How can you improve it?
3. How is your dependability
4. How can you improve it?
5.

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

Professional from academic institutions, pharmaceutical industries, health care indust

What additional services does the market want?
6. What do they like about your competition?
7. What do they not like about your competition?

Scenar

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

io "I" is for a start-up (either a new business, or a new service from an existing one).

Research "II" should be asked of both existing customers and "Brand X" customers. People will positively respond to genuine

.

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

research questions because it makes them feel "special." Don't abuse the situation by manipulating them into an "instant sale." Get back to them.

Remember, you don't tell a market what to do - you ask what it is t

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

Companies that provide selfless information through particip

hat they want. Don't listen to people who will tell you what they believe you want to learn, go to strangers. That's one of the main reasons that sales projections aren't originally met (that, and lousy promotions)

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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