Advice You - Business

Some industries are keeping current with innovative packaging technologies better than others. Packaging innovation can move your business from a commodity driven product in

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

to a premium product category. Not only that, it can build sales and create its own unique niche with little or no competition. Entire new categories of product have been cr

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

Examples of combination products may in

eated around a single niche market that may not have existed a few years ago.

Why are so many companies not paying attention to this? They rely on the old industry standbys

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

or packaging campaigns that are "tired" and "trite." Businesses tend to stay with the tired campaign and then wonder why sales are in a slump, or at the best, a status quo.

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

Competition is fierce in the retail environment whatever the product. It’s not enough to just create a new product or revitalize an old one you have to get it to SELL too.

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

Combination pro

hat's where packaging comes into play. It is your best sales tool. It needs to capture the consumer’s attention while informing them about the contents.

A good example of c

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

reative thinking in packaging is how the wine industry is transforming packaging innovation into more sales. They have explored several options and created products based ar

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

ound an unfulfilled need. They have redesigned and created new packaging that satisfies the consumer’s wants and desires. This is creating a demand in previously untapped ma

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

rkets. They are creating brands with a synergistic approach, new bottles, new packaging materials, new shapes, new labels, new dispensing features, new closures, and consequ

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

ently new customers.

Here are a few examples of how the wine industry is meeting consumers needs.

The Trend: Convenience and Portability
Wine packages that can go pla

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

es glass packaging can't go. There are a lot of restrictions on glass packaging. Wine has created new packages made from paper and other materials that can be easily transp

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

Following aspects would a

orted and are non breakable. They also have developed a whole new market of single serve package products.

The Trend: Marketing to Women
They are now marketing to larg

dd to the challenges in developing combination products:

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

est consumer demographic. Women purchase more wine than men yet the packaging was never geared toward women. Many new offerings have appeared capitalizing on "feminine" appe

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

al.

The Trend: Socialization
This approach takes wine out of the category of fine dining or serving only at a special occasion. The new packages are adding to wine dri

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

nking becoming a fun experience and a part of every day life by introducing funky labels and memorable characters. The array of wine labels with an animal theme is quite ast

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

unding.

The Trend: Luxury Market
The luxury market is booming while some brands are down scaling product packaging others are moving up to more luxurious packaging. Th

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

Professional from academic institutions, pharmaceutical industries, health care indust

e industry is working to keep wine equated with the luxury experience.

Whatever the trend in your industry, you can capitalize on it with your product packaging. Think abou

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

t an unfulfilled need and how your product packaging can capture that consumer. Don't get caught with slumping sales by not staying on top of consumer trends. Pay attention

.

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

to the consumer. They know your business and might be the driver in transforming sales into profits though product packaging.

If you have an example of packaging that creat

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

Companies that provide selfless information through particip

ed increased sales through a package design change, please let me know. I'm working on an article on the subject and would love your input. Email me at PackagingDiva@aol.co

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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Marketing Expert David Ferrers tells you about the strengths and weaknesses of accountants as business people. It is their strengths that makes good clients. He recommends that you have an accountancy practice in your client portfolio and reveals the keys to interesting them in your services.

Consumers today aren’t ignorant and in this age of reality television and the shock factor mentality advertisers have to connect with them, if not then they risk losing their market share.

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