Advice You - Business

Your market is not everybody, as so many small businesses assume. It is the people/organizations who need, want, have the money--and the willingness--to pay for what you are offering. Identifying them can

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

be complicated and expensive, or it can be relatively painless and cheap.

How much do you need to know about them? Enough to have all the clues on how to reach them, and what to say, when you do. Finding

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

Examples of combination products may in

your target is vital, so whatever method you choose, do it properly and test your assumptions.

Research

The best place to start is with what you already know. What does your company know about its client

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

s? Do you already have a perfect client--the one you wish you had more of? Examine their demographics. Who are they, where are they, what are they spending, what are they earning, how many employees do the

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

have? And any other information that may help you build a clear picture.

Now, identify what need your product or service is fulfilling. Who needs your product or service the most? What industry are they

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

Combination pro

in? Where are they located and how can you reach them?

Further Research

Once you have exhausted your internal research, go further. Interview potential prospects. Ask questions that deal with the benefit

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 you bring: Is there a need? Is there awareness of your type of offering? Try to identify any unfulfilled needs: price, service or other benefits. See if there are any weaknesses in the competition. If al

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

those you survey are happy with their present supplier, you should ask yourself if is this the right target.

If you are targeting specific industries, read their trade magazines and investigate their a

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

ssociations. Associations often publish directories with statistics concerning their members. These can be found in your local library. Boards of trade put out listings of their members, divided into servi

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

ces provided.

Business directories are invaluable. They list businesses geographically and according to industry sector. They also give you the products offered, the number of employees, sales figures and

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

the principles involved.

Armed with this information, you can survey a number of these potential targets to confirm they are in need of your benefits. Remember, these are not sales calls. Ask for 5 minute

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

Following aspects would a

s of their time, and ask only non-sales questions. Simply gather data and thank them for their time. Resist pitching yourself.

You now have an idea of who your target is and where they are, but what are the

dd to the challenges in developing combination products:

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

y thinking? How much do they know and what do they need to know? This brings you to the world of Psychographics.

Psychographics don’t come from Jo Jo the Psychic reading your target’s mind (although, it

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

would be nice). They relate to how your target thinks about certain issues, and the way they do business. Much of this information comes from studying your potential targets. Put yourself in their shoes.

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

alk their language, think their thoughts, feel their emotions, respond to their cues. To catch a fish you have to think like a fish.

If this all sounds daunting, you may want to hire a research company. T

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

his can be expensive, but if you don’t have the skills, time or the inclination to do it yourself, it’s perfect. Any research company worth its salt can identify your target down to the colour of their u

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

Professional from academic institutions, pharmaceutical industries, health care indust

nderwear (if they wear any).

The tighter your focus, the more effective your materials can be.

All your prospects have different levels of awareness of your type of product/ service. Using Capstone’s Aware

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

ess Scale™, divide your potential prospects into three groups:

1. Those who are unaware of the existence or the benefits of your type of product/ service. This is the Educational Target.

2. Those who are

.

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

aware but unsure or unconvinced. This is the Doubter Target.

3. Those who are convinced and buying. This is the Differentiation Target.

Once you define your ideal prospect, you’re set. This perfect buyer fal

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

Companies that provide selfless information through particip

ls in the middle of a bell curve of prospects with similar wants and needs. The positioning and communication strategies and tactics you develop to sell this prospect will apply to most of your prospects

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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