Advice You - Business

Hello again

Today we want to talk about your market. Your choice for this part of your business is crucial to getting it off the ground and making big money for you. :-) Indeed, if you don’t get this right, your business

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

simply won’t succeed.

Your market
You need to think long and hard about your target market. This decision won’t come quickly or easily, but you must take all the time you need to get it right.

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

Examples of combination products may in

can’t emphasize this enough.

Grab your A4 pad and a pencil. Sit down in a quiet corner. Don’t get up until you are perfectly clear about who you are selling to. Forget about the ‘what’ until you have figured out the

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

‘who’ (this is where most people get it seriously wrong). Don’t create a product then go looking for a market, it simply won’t work (well, it will work, but it will take you years of effort and millions of pounds until you ar

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

in profit).

The gurus – the old pros in this business – said it all long ago. ‘Find a crowd of people with lots of money and fall down in front of them.’ ‘Find a large and easy-to-reach target market.’ ‘Find out whe

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

Combination pro

e the market is and go there.’ ‘Find a hungry audience and give them what they want.’

Everybody who makes it big in this business does it this way.

Before we go any further, it might be useful to think a bit

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

about what we mean by ‘direct marketing’.

There are two ways to sell things, through mass marketing and through direct marketing. Mass marketing is the kind of marketing you see on the telly, in newspapers and on po

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

ters along city streets. It is called mass marketing because it is directed at ‘the masses’, at everybody who happened to be watching or reading.

Direct marketing, on the other hand, is ‘targeted’. When you get a let

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

er through your letterbox telling you to buy some homeowner's insurance or some double-glazing, you are being targeted as a homeowner. The classified ad in the back of your woodworking magazine advertising a new and improved

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

ood chisel is targeted at you, a woodworker.

There are all sorts of advantages with direct marketing. We shall discuss these in more detail in later articles when we talk about fine-tuning your business to increase s

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

les and profits.

It’s important to be very specific about your market. Let’s look at an example. Suppose you are interested in books – you eat books, you sleep books, you dream books – you love books. Now, it would b

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

Following aspects would a

e easy to decide that your market is everybody who loves books as much as you do.

But this won’t do – ‘everybody who loves books’ is simply too vague, too broad, too general. You need to be specific. Do you want to t

dd to the challenges in developing combination products:

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

rget readers and collectors of cookery books, football books, first editions of Agatha Christy?

You need to narrow your target market so you can focus your energies on becoming an expert. The advantage of this is tha

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

although your market is now smaller, it is more highly targeted.

This means your conversion rate, the number of people who buy as a percentage of total people who see your ad or sales letter, is much, much higher. I

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

you do a mail shot for an ebook about Agatha Christy to a list of people who love books, your conversion may be 0.5% (1/2%). If you do a mail shot to people who love Agatha Christy, you conversion may be as high as 20%. :-)<

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

r>

The gurus sometimes have conversions as high as 50%. Think about that!

So, between now and next time, do nothing else until you have identified your target market. Remember, it’s not people looking for ‘busin

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

Professional from academic institutions, pharmaceutical industries, health care indust

ess opportunities’, it’s people looking to make serious money through ‘marketing ebooks about weight loss’. It’s not people interested in ‘music’, it’s people interested in ‘vinyl records and glass audio systems’.

Ke

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

p in mind everything we are talking about has to do with just this first project. After your business is up and running and earning you loads of money, you’ll probably want to start another, equally profitable business, then

.

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

nother, then another. People do this all the time. We pundits call it ‘multiple income streams’.

That’s all for this time. See you soon.

Next time we shall talk about the next most important thing you must d

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

Companies that provide selfless information through particip

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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Advice You - Notes for Newbies - Part One - Your Market

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