Advice You - Business

Let’s see, which came first the chicken or the egg? While the jury is still out on that old story, I recently realized that many entrepreneurs don’t clearly understand the difference between branding and ma

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

rketing.

I’m here to set the record straight once and for all! The findings might surprise you and will forever change the way you look at your business.

Branding

How is that you choose one product

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

Examples of combination products may in

over another? You do so by considering price, availability, evaluating the high touch elements of a company like customer service, respect you have for that company, and then of course product quality.

A br

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

and therefore is the combination of aesthetic and emotions that gives a consumer (or business buyer) a reason to choose one product over another. It communicates a unique quality or a value pro

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

ise that sets a business apart from their competition.

Branding isn’t just for large corporations either. Entrepreneurs, coaches, consultants, virtual assistants, small businesses in general are now packagi

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

Combination pro

ng themselves as products with press kits, tag lines, websites, blogs, and portfolios allowing their clients to EXPERIENCE their personal brands.

A common misconception is that branding is jus

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

a clever phrase for PR spin and that’s just not the case! Great personal branding is AUTHENTIC and allows you to be your true self. It’s not about creating a special persona that you “show off” in fr

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

ont of your clients. Instead, it’s about understanding what is truly unique about you: strengths, skills, values and passions – and communicating those attributes consistently to differentiate yourself an

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

guide your business decisions.

Personal branding is all about differentiation and is what makes you outstanding so you stand out from the countless offers your target audience is bombarded with.

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

Marketing

The American Marketing Association redefined Marketing based on shifts occurring in the business of marketing. They now define marketing as: An organizational function and a set of pr

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

cesses for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

If we were to re-word that defini

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

Following aspects would a

ion (slightly) for the solo pro it could look something like this: A set of systems for creating, communicating and delivering value to clients and customers for the purpose of creating winning customer r

dd to the challenges in developing combination products:

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

elationships in ways that benefit you, your business and market.

What value are you delivering? In what way are you, and your business delivering that value? Those are just some of the questions that

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

re addressed in the brand development process. You see if you go to “market” without a clear brand value position you’ve got to ask yourself “what am I marketing?”

In the world of personal branding, you ar

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

e always marketing and promoting YOU first. We don’t choose to work with institutions or businesses. No, no. We choose to do business with people first. In your business, your best most valued pro

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

uct is you. If you aren’t clear on what you bring to the table in your field of interest and to your target market your promotion and marketing messages aren’t positioning you favorably.

Beautiful ads, bro

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

Professional from academic institutions, pharmaceutical industries, health care indust

chures, elevator speeches, web sites, and other promotional items (marketing) are all a part of your system for communicating your value to your customers and clients. There’s a reason why so many solo prof

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

ssionals and small business entrepreneurs spend boatloads of money on ineffective marketing. They haven’t clearly defined their brand and therefore communicate a diluted, ineffective message in their market

.

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

ing.

Unlike the chicken and egg mystery, the branding versus marketing question isn’t a mystery at all. Branding and marketing work best when implemented as a comprehensive part of your communication syste

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

Companies that provide selfless information through particip

. Whether you’re in a company of one or many, branding and marketing work together to position you favorably and attract the right clients and opportunities to you.

© 2006 – Liz Pabon. All rights reserved

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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