Advice You - Business

Vertical markets are a great way to develop your business. The question is though, "Should you pursu

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

e vertical markets from the start or let them evolve naturally?"

The answer is highly dependent on y

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

Examples of combination products may in

ur business plan and how you have positioned yourself in the market. However, with computer consulti

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

g, vertical markets tend to come about naturally. Start with getting a good base of customers. That'

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

how you will resonate as a real expert.

Aggressively pursuing vertical markets doesn't make sense w

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

Combination pro

en you are trying to build customers and a reputation. When you have a good reputation then you can t

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

hink about how vertical markets might expand your business.

Focus on finding the sweet-spot clients

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

hat have a need for your services on a consistent basis and are willing to pay premium rates for them

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

From that point, vertical markets may open up for you. You might end up with 10 clients who are att

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

rneys. Suddenly you have a vertical market in the legal profession. You then concentrate on serving

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

he needs in the vertical market whatever they may be.

Natural Vertical Markets

There are times when

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

Following aspects would a

vertical markets will make sense from the start. If you have experience in a particular industry li

dd to the challenges in developing combination products:

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

e the medical or banking fields, you'll probably concentrate there. The best place to start your bus

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

ness is always with what you know, so you will create a vertical market within an industry due to you

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

expertise.

The Bottom Line on Vertical Markets

Vertical markets are a great way to grow your busin

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

ss. Your primary concern as you start your business however, is on gaining a steady client base. Wh

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

Professional from academic institutions, pharmaceutical industries, health care indust

ether these clients come from a vertical market from the start or your business evolves into a vertic

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

l market over time - the bottom line is the same. Build your clients and your reputation first and w

.

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

rry about a vertical market second.

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

Companies that provide selfless information through particip

erved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance

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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