Advice You - Internet and Businesses Online

If your business just doesn't seem to be growing or it feels a bit like you're pushing string when it comes to your marketing efforts, this conversation might sound both

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

familiar and a bit uncomfortable:

Me: "Have you picked yet?"

Client: "Picked what?"

Me: "Picked a group of people to... (work with, offer your product to, etc.)"

Clie

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

Examples of combination products may in

t: "Um, well, yes, women..."

Me: "What kind of women? Women in business, women at home, women who are middle-aged, single women, women who are moms, women who dance...?"

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

Client: "Um, well, all women, really. I don't want to limit myself and I know what I have to offer can help ALL women."

Is this ringing any bells? Now while I don't 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

ue that whatever it is that you're offering to the the world would be valuable to lots of people, 'people' like 'women' is simply too big a group to target.

Why not make

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

Combination pro

it easy on yourself and your marketing efforts and narrow down your playing field a bit. Once you do that, your marketing messages become very clear and targeted, you kno

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

w exactly how to talk to this group because you either do or can learn easily to speak their language, and it makes it much easier for others to refer you.

As for limiti

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

g yourself, you'll find just the opposite happens - people outside your target market WILL show up for you anyway. Picking a group of people as your target market really

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

s a key foundational piece for building a really successful business.

That being said, once you're chosen a group of people to work with, you'll want to make sure that i

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

t's a viable one to sustain your business for the long-term. It's fantastic to be passionate about your niche, but if those people don't have money to spend on your offer

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

ngs, or there's simply not enough of them, you're not going to be able to grow and sustain a business based on it.

Here are 5 keys to look for to decide if a niche is a

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

Following aspects would a

iable one for your business:

1. They are easy to find and reach.

Can you think of three places (online or off) where your target market gathers, whether it's in a forma

dd to the challenges in developing combination products:

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

l or informal fashion? Can you get easy access to them?

2. They hang out in some organized fashion.

Are there memberships, associations, and organizations made up of yo

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

r target market? Is there a list of members that you can access?

3. There are enough of them.

Your niche has to be large enough to sustain your business for the long ha

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

l. It's great to have a highly specialized niche that's small, but if you do, see #4.

4. They have money.

In order for you to stay in business, your niche has to have e

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

nough money to pay for your offerings. In addition, they need to understand the value of what it is that you're offering in order to invest that money with you. In other

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

Professional from academic institutions, pharmaceutical industries, health care indust

ords, do they need to be educated about how your offerings will serve them in some way, or do they already get it?

5. They have a problem worth solving.

Every niche has

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

struggles and challenges. In order for you to build a viable business within that niche, they have to have problems that they really want solved. Be sure to listen in to

.

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

the conversations the people in your niche are having to understand what they are struggling with the most to see if there are solutions you can offer.

Once you gain som

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

Companies that provide selfless information through particip

clarity around your niche, make sure to apply the 5 keys above to be sure you're choosing a group of people who you can serve well and vice versa.

© 2007 Alicia M Fores

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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