Advice You - Business

When you think of breakfast cereals, what product name comes to mind? When you think of digital camera, what

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

product name occurs to you? Branding makes a product distinctive in the marketplace, its removes anonymity an

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

Examples of combination products may in

gives identification to a company and its goods and services. “Branding” is actually a very general term cov

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

ering brand names, designs, trademarks, symbols, a distinctive letterhead, an identifiable shop front etc., w

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

ich may be used to distinguish one organization’s goods and services from another’s.

There are a few reason

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

Combination pro

why a company branding their goods and services

a) It is a form of product differentiation, which makes cu

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

stomers readily identify the goods or services and thereby helps to create a customer loyalty to the brand

b

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

The more a product is similar to competing goods, the more branding is necessary to create a separate produc

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

identity.

c) Branding leads to a more ready acceptance of a manufacturer’s goods by wholesalers and retaile

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

rs.

d) It facilitates self-selection of goods in self-service stores also makes it easier for a manufacturer

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

to obtain display space in shops and stores

e) It reduces the importance of price differentials between good

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

Following aspects would a

.

f) Brand loyalty in customers gives a manufacturer more control over marketing strategy and the choice of

dd to the challenges in developing combination products:

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

channels of distribution

g) Other products can be introduced into a brand range to “piggy-back” on the artic

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

es already known to the customer. Adding products to an existing brand range is known as brand extension stra

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

egy.

h) It eases the task of personal selling (i.e. face-to-face selling by sales representatives)

Branding

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

strategies includes

i) Family branding

The power of the “family name” to introduce and market new products

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

Professional from academic institutions, pharmaceutical industries, health care indust

ii) Brand extension New flavors, sizes, model etc

iii)Multi-branding Different names for similar goods se

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

ving similar consumer tastes

The success of a given branding effort depends on whether a competitive advanta

.

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

ge can be established in the minds of customers. A competitive advantage is simply a judgment made by a consu

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

Companies that provide selfless information through particip

er on how close one product or service comes to satisfying his needs versus a competitor’s product or service

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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Advice You - Branding – Makes Your Product Distinctive In The Marketplace

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