Advice You - Business

You do not need to spend hundreds of thousands of dollars to hire an adve

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

rtising or marketing firm to do your market research for a new product la

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

Examples of combination products may in

unch. Sometimes the best market research can come from existing customers

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

and clients. You and your firm already have a relationship with existing

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

clients and there should be a trust factor already built-in. So for candi

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

Combination pro

d market research, those you already do business with could be a valuable

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

source of information.

Spending a night or even a weekend entertaining

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

xisting clients and customers does not need to be expensive. You do not h

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

ave to plan an elaborate getaway at a five-star Las Vegas Hotel. It could

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

be just a relaxed setting at a restaurant for dinner or just a customer-

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

ppreciation day at your office. The main thing is to get your clients tog

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

Following aspects would a

ether to research your new product and to bounce ideas off of them to see

dd to the challenges in developing combination products:

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

what features they like the best, what can be improved, and whether or n

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

ot the product will actually succeed.

Not only does entertaining clients

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

provide you with low-cost market research but it also allows you to solid

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

ify relationshipsl – think of the event as a business networking type of

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

Professional from academic institutions, pharmaceutical industries, health care indust

event too.

Of course, there is nothing wrong with hiring a marketing con

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

ulting firm or an advertising agency to do your market research for you.

.

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

However, for the budget-conscious business or a small business a social g

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

Companies that provide selfless information through particip

athering with existing clients can work just as well and sometimes better

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 - Entertaining Clients And Customers To Perform Market Research

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