Advice You - Business

Well, the New Year is upon us and that means it's time for a fresh start. Time to set new goals. Time to get excited about all the possibilities for our business. Time to put the wheels in motion on all our new pro

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

duct and service ideas. And time to get down to the business of marketing our business.

So ... are you ready? Ready to launch a fresh marketing attack for the new year? Before you rush out and just start marketin

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

Examples of combination products may in

, here are 10 steps to take first to ensure your marketing gets you the results you want. Take the time to take these 10 steps now and you'll reap the rewards all year long.

1) Review your results from last yea

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

r

If you haven't done so yet, now's a great time to review last year's results. Take a look at your financial reports. How does each month measure up against the marketing you did? Look at your most successful

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

months and take note of the marketing you did to generate those sales. Review your marketing tracking reports, too, to determine what worked well and what fell short of delivering the results you wanted.

2) Cr

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

Combination pro

eate a clear vision for your business

What kind of success do you want to create with your business this year? How does it compare with your vision for last year? Take last year's learning and experience and c

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

eate a new and improved vision for the coming year.

3) Set new goals for the year, based on your vision

Once you've clarified your vision and the success you want to achieve, write down a few goals that re

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

present your vision. For example, your goals may include launching an ezine, creating and offering new products or services, how big you want your business to become or how and where you want to work.

4) Establ

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

sh at least one, measurable objective for the year

Out of your vision and goals, write down one objective that you can easily measure. Your objective may represent how much revenue you want to generate or how

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

many clients you'd like to have or how many hours per week you want to work.

5) Compare last year's goals and results, with this year's goals

If you were in business last year, you have a track record for

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

he marketing you did and the results you achieved. Use last year's track record as a benchmark to help you create this year's marketing plan. Scale your marketing up or down to help you reach this year's goals.

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

Following aspects would a

6) Ditch, or revamp, the marketing activities that didn't deliver last year

If you tracked your marketing and results, it should be very clear which marketing activities generated the biggest results and which

dd to the challenges in developing combination products:

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

ones fell short. Now's the time to take a good hard look at those that didn't deliver and either make them over for 2006, or drop them from your plan. If you didn't track last year, make a note to do so this year

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

7) Beef up the marketing activities that worked well

Hopefully at least one thing you did last year worked well. Now's the time to consider spending more time and energy on this activity to see if you can

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

generate an even greater return.

8) Add new marketing activities to replace those you retire

If you've chosen to retire a few marketing activities, replace them with something new. Consider other ways you

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

can reach your ideal clients and build these into your new plan.

9) Create your marketing calendar for the year

Once you've decided what you want to do this year to market your business, map it all out on

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

Professional from academic institutions, pharmaceutical industries, health care indust

a 12-month calendar. This will help ensure you're covered all year long and it will make it easier to manage your marketing tasks.

10) Create a corresponding marketing budget

Assign dollar amounts to every

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

marketing activity you have scheduled and create a marketing budget to help you manage your cash flow throughout the year. Now's the time to make sure you've got the budget available to support the marketing you ha

.

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

ve planned, and if necessary, scale up or back your goals and your plan to fit the budget you have available.

Once your plan is done, it's time to get working on all those activities you have scheduled. If you sta

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

Companies that provide selfless information through particip

on top of your marketing calendar and activities every month, you'll find it a lot easier to manage and you'll start seeing your goals and vision come true as the year progresses.

(C) Copyright 2006 Debbie LaChus

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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