Advice You - Business

The keyword in this phrase gives us a hint - "competitive". The competitive marketing analysis is an in-depth study of your busine

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

ss's competition and the markets available to you in order to ensure your advertising and public relations budget dollars are spen

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

Examples of combination products may in

t where they will be most effective. In order to perform strategic planning for your firm's future, it is imperative to know who t

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

he competition is and exactly what you are up against to ensure that your market share is sufficient for your firm's future. Incre

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

asing market share is the goal of any competitive marketing analysis.

Identifying the Competition

Who is the competition and how

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

Combination pro

can they be located? Since you know exactly what products or services your firm provides, you can locate your competition by iden

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

tifying other producers or providers in the same market that you supply. This is not a difficult task; it does, however, require s

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

me research. Competing suppliers are not hiding; they advertise just as your firm does.

The yellow pages of your local telephone

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

book can be the starting point for competition identification. Research the Internet searching for press releases and publications

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

which use descriptions similar to your products or services. Government agencies, Dunn and Bradstreet, business magazine features

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

or employment of a private research firm can reveal a great deal about your competition and how they operate.

Shop Your Competit

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

Following aspects would a

ion

If you want to know first-hand about your competition, shop with them. For example, if you are in the restaurant business, ea

dd to the challenges in developing combination products:

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

t at local restaurants that are similar in price range and clientele to your establishment. If you are a plumbing business, have s

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

omeone contact the competition and learn prices of service calls and specific products. Knowing as much about the competition as p

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

ssible allows your marketing analysis to include details rather than generalities.

Unbiased Comparisons

In order to truly analyz

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

e your firm's strengths and weaknesses, you need unbiased sources willing to compare your firm and the competition. You can employ

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

Professional from academic institutions, pharmaceutical industries, health care indust

market researchers, use surveys, form focus groups to obtain completely unbiased opinions on what you are doing right and wrong a

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

nd how your competition stack up to your business.

Measure your strengths and ensure these strengths are maintained or improved u

.

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

pon. Identify your weaknesses and create a plan to improve those areas significantly. After you implement your plan, go back to yo

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

Companies that provide selfless information through particip

ur unbiased researchers and obtain another comparison to ensure that your implementation of your strategic plan has been effective

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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