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Advice You - Identifying, Creating and Using Your USP?
What's your USP? Don't know, or worse still, you've
never heard of it.
USP is an acronym for Unique Selling Proposition. It's vital for every business to identify its inherent USP or if it can't identif
USP is an acronym for Unique Selling Proposition. It's vital for every business to identify its inherent USP or if it can't identif
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
y it, to create it.
If yours is a firm that sells gold coated widgets and there are NO other firms selling the same product, then you need not worry about your USP - you have one by default. The default
If yours is a firm that sells gold coated widgets and there are NO other firms selling the same product, then you need not worry about your USP - you have one by default. The default
; 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
being that you have a market
monopoly. Provided the product is in demand, you can
charge just about any price you like and you have no
worries with competition. Your product is unique - that's
your USP.
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
But say your business is installing airconditioners and there are six other firms doing the same thing in your region. What's your USP? This is where it gets difficult. You don't have an inherent USP,
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
o you need to create
it. If the other firms provide the same range of
airconditioners and prices are reasonably comparative,
then you need to do one or more of the following:
.Reduce or increase your p
.Reduce or increase your p
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
rices
.Provide better service
.Add value to your products or service
Reducing your price is usually unacceptable as is increasing your price, although with the latter, you may decide to specialise in a
.Provide better service
.Add value to your products or service
Reducing your price is usually unacceptable as is increasing your price, although with the latter, you may decide to specialise in a
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
higher cost product and
look for a niche market with larger amounts
of disposable income eg, Baby Boomers. Alternatively,
you may decide to focus on commercial airconditioning
installation.
While it's
While it'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
not always easy to juggle prices and product
range - after all, there are only so many different
brands of airconditioner - providing better service and
adding value to your products or services present
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
numerous
opportunities. Let's consider a few.
Here's an example of an experience I had where a firm added value to it's product. Although it happened many years ago, it is still relevant. My wife and I
Here's an example of an experience I had where a firm added value to it's product. Although it happened many years ago, it is still relevant. My wife and I
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
had our
first child and realised within days that our old
twin tub washing machine wouldn't be much use washing dozens
of nappies (diapers) every week, so we invested in a Hoover automatic top loading
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
achine. When it was delivered, the delivery man unpacked it, set it up in our laundry and then gave
us a demonstration on how to work it.
We were astonished. We had expected it would have just been dropp
We were astonished. We had expected it would have just been dropp
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
ed off and it would be up to us to unpack, set it up
and work out how to use it. That was the best service
we had ever received - anywhere! And it got better.
About a week later the firm telephoned us to
About a week later the firm telephoned us to
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
make sure
everything was working just fine and assured us that if
we had any questions, problems etc, we could contact them
at any time. We were again astonished. I wrote to the
manager and told him/her
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
how pleased we were with our
purchase and associated service.
Sadly, in the ensuing 28 years we have had few other similar experiences.
If you sell goods or services and you want to stand out against
Sadly, in the ensuing 28 years we have had few other similar experiences.
If you sell goods or services and you want to stand out against
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
our competitors and increase your profit,
identify or create your USP and make it central to your
organisational ethos.
Your USP need not be expensive, elaborate or resource intensive. The idea is to f
Your USP need not be expensive, elaborate or resource intensive. The idea is to f
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
ind a USP that is very low
cost, but has high customer acceptance. What do you want
as a customer? Do you want to be treated politely; as
though your custom is really valued? Do you want a free
pen? Wou
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
d you like the sales people to keep in touch?
Whatever you want, your customers want the same.
Find what you can do to make your customer service special, add value, or both in some small way. Then integ
Find what you can do to make your customer service special, add value, or both in some small way. Then integ
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
rate it
into your everyday operations and you're on your way.
If you choose a USP that includes keeping in touch eg, sending a reminder that a car is due for service, a dog due for immunisation, it will
If you choose a USP that includes keeping in touch eg, sending a reminder that a car is due for service, a dog due for immunisation, it will
.
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
help you generate ongoing
business and loyalty.
Don't forget that you will also need to update, change or refocus your USP. After a while it will become so common that people won't see it as being speci
Don't forget that you will also need to update, change or refocus your USP. After a while it will become so common that people won't see it as being speci
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
al ... the
reason they deal with you. Hopefully, by then they will
be so accustomed to doing business with you, they will
stay for good.
Now, once again, 'What's your USP?'
Good luck with your business
Now, once again, 'What's your USP?'
Good luck with your business
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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