Advice You - Business

Year to year, firms consistently report their number one problem is in attracting and retaining quality staff. As your firm enters 2007, do you have this pr

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

oblem and other major business decisions?

How can I be creative with my marketing budget? What if I don’t have the resources to advertise? How can I grow o

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

Examples of combination products may in

sustain my firm? How can I attract new clients and customers? How can I stay competitive? How can I build a great website? How can I drive traffic to my ex

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

sting website? How can I continue to build equity in my firm so that there will be value in it when I decide to retire? Frequent recognition of your busines

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

through press releases can be the answer.

Here are the top 15 reasons you need to be creating press right now.

1. To attract and retain top staffing tale

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

Combination pro

t
2. To attract and retain high quality clients
3. To grow your firm strategically
4. To enter new geographic or other markets
5. To d

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

fferentiate your firm and beat competitors
6. To build equity in your firm – for selling, or planning your ultimate exit strategy
7. To dramatical

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

ly increase search engine placement and create internet presence
8. To create interest for feature stories on your firm, projects, products and servic

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

s
9. To create direct mail inserts to send to clients and potential clients
10. To use as brochures or brochure content
11. To build dynamic

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

ebsite content for your site and on the internet
12. To use as case studies and content for internal and external newsletters
13. To assemble as

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

resentation packets, project information and leave-behind pieces
14. To use in marketing campaigns, press packets and as marketing material 15. To use

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

Following aspects would a

as teaming packets, and as examples of credentials and project experience

While 62% of firms have a mailing list, only 26% send out press releases at least

dd to the challenges in developing combination products:

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

quarterly. Is this you? You have no idea what is newsworthy or what will attract the attention of your clients, customers or the media. You are so busy work

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

ng in the firm you are spending no time working on it.

Lack of recognition is costly. Without recognition, your clients and customers will not know what yo

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

u offer, or any of your accomplishments. Recognition includes your people, projects, services and products. Without recognition, your firm cannot be positio

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

ed to attract top quality employees. Without recognition, your firm will eventually lose the top staff you already have. Productivity suffers, and products,

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

Professional from academic institutions, pharmaceutical industries, health care indust

service, quality and projects evaporate. Your clients and customers are soon to follow.

Remember these rules:

Establish a regular marketing program and st

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

ck to it. 95% of marketing is pulling the trigger on a regular basis, watching what works and repeating it.

Recognize when you do not have the in-house tim

.

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

or talent to issue regular releases. Issuing two press releases a year is not a media campaign, it is a media void.

Outsource to a professional who knows

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

Companies that provide selfless information through particip

our industry, demonstrates compelling content and headlines, has excellent relationships with the media and contacts in the publications your audience reads

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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