Advice You - Business

Avoiding Risk When You Steal Share

What do you know? What don’t’ you know? What is knowable?

Until you fully understand the REAL issues facing your brand, you cannot solve your marketing problem. Your ultimate success is therefor

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 much more dependent upon the questions you ask then the answers you find. The price of success is the risk of unsettling the boat — rocking the very foundation upon which your business currently floats.

Committing your brand to grow its market share is a

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

Examples of combination products may in

courageous effort, it is not the bailiwick of the feint of heart because it requires as its co-requisite an intent to challenge everything — even slaying all the sacred cows.

Art and Science Increasing your market share requires both a mi

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

xture of art and science (right and left brain thinking). The cognitive side of the process needs to lead the emotional side — the process will enable you to manage the risk of change.

You would be surprised how many of your competitors are self-when assess

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

ing opportunities and issues. This fact is your biggest opportunity if you have the courage to look long and hard at your own business model and marketing strategy. Rest assured that most of your competitive set lacks the fortitude for such assessment — exce

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

Combination pro

pt, of course, the new market leader who rises to everyone’s surprise. Upsetting the apple cart is the recipe for success. Keeping to the old model is the recipe that the market leader hopes you salute in dead earnest.

A Concrete Example L

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

et’s look at this in a more concrete way. An old and well-accepted adage if you are in second place in a category you will only help the market leader when your marketing is designed to grow or build the category. We agree with this, but not for the reasons

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

you might think and our reasoning explains why it is so hard to kick the king of the hill off his throne by conventional and traditional means.

For the most part, category competitors, despite all protestations to the opposite, try to differentiate themselv

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

es and grow market share by touting category benefits. They, in effect, continue to support the supremacy of the market leader through their current marketing and advertising. Banks expect prospects to switch and customers to choose based on having multiple

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

ATMs, friendly employees, competitive rates, and convenient locations — the very foundation upon which Bank of America has built its franchise.

Budweiser Too! Beers try to unseat Budweiser by out “budding” the “King of Beers.” They all cla

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

m great taste, choice ingredients and brewing prowess. Once again the foundation of the Budweiser brand franchise.

Let’s look at these marketing challenges dispassionately. First, if you are a bank, take all the table stakes (the category descriptors that d

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

Following aspects would a

efine your business) off the table. For the sake of this experiment, assume that all benefits are well understood by the category as equal. After all, no one remains with a bank if the employees are not pleasant, the ATMs convenient and plentiful and the rat

dd to the challenges in developing combination products:

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

es and fees competitive. What is left? Something is left because the market claims to have preferences and it is by simple deduction that we can eliminate 99% of the banking claims as “not the culprit”.

Will a beer drinker change brands because you claim to

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

have won more awards, taste better or use better ingredients? Logic would say yes, provided the competitor’s customer does not like the taste of the beer they currently prefer or dislike the quality of their current beer's ingredients. In blind taste tests,

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

few beer drinkers can identify their own brand and seldom can they tell one American lager from another. Often, their taste choice is not their preferred brand yet beer brands continue to battle over category benefits like taste. So, if you eliminate the ta

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

ble stakes, what is left? We never said the answers were easy to find, we only promise that the answers can be found once you discount the obvious.

The Road Untaken The easy road is not the best choice and finding the switching triggers to

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

Professional from academic institutions, pharmaceutical industries, health care indust

human behavior is a taxing endeavor. It is easier to assume that the obvious choice is the best choice, that the well-worn trails are the finest paths but this quite simply ignores our experience. The less traveled road is often the best choice when plannin

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

g to grow market share because it is important to be both different and better then the competing messages.

Once you have asked the right questions you need to start seeking the right answers. Let the market guide you, not your own tightly held beliefs. Res

.

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

earch is a must but most of the research we see is not worth the paper upon which it is written. Open-ended questions might be great science but it is bad marketing. Ask beer drinkers why they choose the beer they drink with an open-ended question and they w

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

Companies that provide selfless information through particip

ill respond, “I like the taste.” To bad that it is not why they choose, even if it is true that they like the brand they drink. Finding the real triggers requires hard work and right brain creativity. It is the art in the science and the proof in the pudding

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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