Tags |
|
|
Links |
|
|
Advice You - 10 Step-by-Step Business Startup Guide - Step 9
STEP 9: Establish a brand
There is one very important intangible asset I need to create and harvest in my
There is one very important intangible asset I need to create and harvest in my
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
business; a powerful brand. Brand here refers to the “summary” of my business identity, how unique is it from the
; 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
rest, and why buyers should choose my product/service over other alternatives.
Branding is important for small bu
Branding is important for small bu
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
sinesses because many small operations do not have the funding to carry out a heavy branding campaign. Thus, a bra
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
nd must be so powerful that it reduces a buyer’s perception of risk and makes the purchase a satisfactory choice.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
In my research on what makes a brand a “super brand”, I have found out that a SUPER BRAND consists of six element
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:
1. Brand Essence – Traits of the brand in terms of its purpose, uniqueness, personality and commitment to the
1. Brand Essence – Traits of the brand in terms of its purpose, uniqueness, personality and commitment to the
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
consumers.
2. Target Market – The brand must be specific enough to the target market it seeks to penetrate and ma
2. Target Market – The brand must be specific enough to the target market it seeks to penetrate and ma
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
rket.
3. Brand Name – A superb brand name has several criteria; emotional, easy to be remembered, has character a
3. Brand Name – A superb brand name has several criteria; emotional, easy to be remembered, has character a
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
nd original.
4. Logo – It’s a visual image of the brand that communicates the brand essence.
5. Website – Dedica
4. Logo – It’s a visual image of the brand that communicates the brand essence.
5. Website – Dedica
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e a website for your brand with a domain name similar to the brand name.
6. Demand for the brand – Product perfor
6. Demand for the brand – Product perfor
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
mance or service quality, consumers’ experience dealing with the company all add up to a brand experience. Make th
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
em perfect so that the brand will bring more new and repeat business, even if the company diversifies to another f
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
ield. Once the trust for a brand is established, the sales will keep flowing in.Besides the six elements, I will b
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
e proactive in creating brand awareness. I constantly find out ways and means I could promote my brand to the publ
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
ic through “free” advertisements, media write up, newsletter, Q & A column, discussion board and classifieds. Ther
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
e are many media publications and online newsletters (and community or discussion forums) that allow me to adverti
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
se for free or for a very small fee. I won’t allow shortage of advertisement or promotion budget to slow me down i
.
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
n creating and enhancing brand awareness.
*Note: Unproven teories to not be shown to my readers! If you need any
*Note: Unproven teories to not be shown to my readers! If you need any
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
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/40610/adviceyou-10-StepbyStep-Business-Startup-Guide--Step-9.html">10 Step-by-Step Business Startup Guide - Step 9</a>
BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/40610/adviceyou-10-StepbyStep-Business-Startup-Guide--Step-9.html]10 Step-by-Step Business Startup Guide - Step 9[/url]
Related Articles:
Bookmark it:
|