Advice You - Business

The time to start thinking about the ideal name for your new business is at the same time you start putting you

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

r business plan on paper. Yes, your business – no matter how small a start-up – should have a written business

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

Examples of combination products may in

plan. But that’s another story for another day. For now, let’s look at the most important reason to pick just

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

the right name for your business.

If there’s one idea you want to carry with you always, particularly as you e

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

aluate possible names for your business, it’s this: Perception is reality!.

How would-be customers will think

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

Combination pro

bout your business starts with the impression its name creates in their mind. So think long and hard. Next, t

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

ey’ll be impressed – or not – by how that name is presented graphically – colors, type style, any accompanying

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

art, perhaps a “tag line” or “positioning statement” that describes or amplifies some unique aspect of your bus

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

ness.

How and where you use that name also creates an impression, including on business cards, letterhead, env

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

lopes, labels. Even bags and boxes, billboards, store windows, including on the sides of your fleet of deliver

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

trucks.

As you can see, the name of your business will have many faces and wear many hats, so creating the fi

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

Following aspects would a

al graphics package – unless you’re a graphics pro – isn’t something you want to do while sitting at your kitch

dd to the challenges in developing combination products:

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

n table. Invest the few hundred dollars it takes to have a professional graphic design firm put together sever

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

l versions for you to review and choose from. It’s truly a wise investment.

The image or perception you creat

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

e for your company name – whether deliberately or through neglect – is how both existing and potential customer

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

will think of your company each time they see or hear its name. And creating that perception, the perceived r

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

Professional from academic institutions, pharmaceutical industries, health care indust

ality of your business, begins with whatever name you give it.

Give some thought, too, to registering that nam

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

in its final design presentation – the whole thing is called a “logo” – as a trademark. Yes, it will cost you

.

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

several hundred dollars more, but once it’s registered, no one else will be able to use your name for their bus

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

Companies that provide selfless information through particip

ness. That simple act of registration can save you untold head aches, plus thousands of dollars, down the road

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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One effective way of making your business cards look more professional is using colors on your card. There are different ways to add color to your card. You can use one color as the background of your card or add colored graphics or photos. Putting your photo on a business card can make it easier for your potential clients to remember you and your company because they are able to associate your face with your company. However, there are also some disadvantages to putting your photo on your business card, such as higher costs.

Whether you're a PR consultant, a web developer or graphic designer, chances are you've experienced the time-intensive quest for the perfect image. And I'd be willing to bet that you've also experienced the angst that accompanies the quest. Will you find the right image in time? And will it blow your budget? Here's a fantastic, low-cost solution - stock photography - learn more -

Armed with knowledge of your industry, market and audience, a media plan and schedule, your product or service's most important benefits and measurable goals in terms of sales volume (number of units sold), revenue generated or other criteria, you are ready for action. The first step is to establish the theme and, if appropriate, the specific tagline that identifies your product or service in all of your advertising.

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Advice You - Naming Your Start-up: Simple Do's and Don’ts

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