Advice You - Business

Whether you're just starting your business or your business is well underway, this question has more than likely popped into your head:

Shoul

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

d I have a logo?

The answer to this is really internal. You know your market, your customers and your plans for your business better than 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

one. So before deciding whether or not to get a logo created, ask yourself these questions:

Would the addition of a logo benefit my

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

brand? In other words, would a logo amplify, enhance or highlight my overall purpose?

Does it make sense for me to have a logo?

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

/b> For example, if you have a clothing line, a logo could make brand recognition that much easier and thereby customers could recognize you just

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

Combination pro

on your image alone. The reverse would be, for instance, if you ran a small accounting company out of your home & and are not interested in recr

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

iting new clients…well, investing in a logo might not make a whole lot of sense.

What do my competitors do? Now, of course, you

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

want to set yourself apart from your competitors but you also want to be consistent within your industry.

If after answering these q

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

estions, you're still not sure, consider these three benefits a logo offers to your business:

Helps make a generic name unique:<

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

/b> If your name is merely descriptive and/or geographic, the addition of a logo could add to the uniqueness factor of your entire brand. Tha

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

uniqueness factor is what most every business should strive for – setting yourself apart from others in your industry.

Gives you

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

Following aspects would a

product or service a "personality": How can a product line or service have "personality?" Think of virtually any famous name and what it

dd to the challenges in developing combination products:

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

would lose if their logo did not exist. Imagine if McDonald's didn't have the 'golden arches' or Nike's ubiquitous 'swoosh' never existed? Would

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

their brands be as strong today if that image wasn't imprinted on the minds of most consumers? Would those brands have the same "personality" bas

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

ed on name alone?

Establishes brand identity: One of the goals of establishing brand identity is to get customers to reme

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

ber who you are and to come back to you time and time again. Hopefully, customers will remember you by name alone. But, without a doubt, i

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

Professional from academic institutions, pharmaceutical industries, health care indust

mages stick in people's minds a lot easier than mere words. By integrating a name and logo together, you're that much closer to getting that cust

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

mer to remember you and to call you again.

Consider all of the above when it comes time to make a decision about a logo. If you do

.

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

decide to use a logo, you'll want to ensure that no other party already owns rights to the same or similar logo. Then if research proves clear,

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

Companies that provide selfless information through particip

ou can decide if filing for a trademark is the next step.

Logos - the addition of one can become a valuable asset to your business!

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

Advice You - Logos - 3 Benefits a Logo Gives to your Brand

Related Articles: