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Main Subject - Analyzing Your Business & Market
Before you can develop an effective marketing plan for your business, you must know the answers to the following key questions and then proceed to preparing a feasibility study.
What business are you really in?
What are the relative strengths and weaknesses of your company?
What are t
What business are you really in?
What are the relative strengths and weaknesses of your company?
What are t
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
he strengths and weaknesses of your products/services?
What are your company’s goals?
Identifying Strengths and Weaknesses
Company image
Products and services (including price)
Benefits to customers
The cost of producing these products or services
Management skills
Human resource
What are your company’s goals?
Identifying Strengths and Weaknesses
Company image
Products and services (including price)
Benefits to customers
The cost of producing these products or services
Management skills
Human resource
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
s
Business location
Facilities and equipment
Financial situation, including financing, cash flow and net profits
Setting Company Goals
Unrealistic vs. Realistic Inconsistent vs. Consistent Not Specific vs. Specific Not measurable vs. Measurable
To be successful make sure your go
Business location
Facilities and equipment
Financial situation, including financing, cash flow and net profits
Setting Company Goals
Unrealistic vs. Realistic Inconsistent vs. Consistent Not Specific vs. Specific Not measurable vs. Measurable
To be successful make sure your go
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
als are Realistic, Consistent, Specific and Measurable. It sounds easy but, it requires careful thought and honesty.
Analyzing the Market
In order to analyze the potential for your business, you need to answer some questions/requests to determine the data and methods you use to achiev
Analyzing the Market
In order to analyze the potential for your business, you need to answer some questions/requests to determine the data and methods you use to achiev
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
your business goals.
1. What do you estimate the total market--in terms of numbers of prospective buyers and dollars--to be for your product or service?
2. If your business can be broken down into different categories, list the total market for each of thes
1. What do you estimate the total market--in terms of numbers of prospective buyers and dollars--to be for your product or service?
2. If your business can be broken down into different categories, list the total market for each of thes
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
e categories.
3. Has the market continued to grow over the last 5 to 10 years
4. State the growth as a percentage or total dollar volume. How does it relate to your business?
5. Are there any demographic trends to support your business concept?
6, Have there been any shi
3. Has the market continued to grow over the last 5 to 10 years
4. State the growth as a percentage or total dollar volume. How does it relate to your business?
5. Are there any demographic trends to support your business concept?
6, Have there been any shi
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
fts in the economy that will likely make your Business prosper?
7. How will you attract and keep your customers?
8. How are you going to price your product or service, to make a fair profit, and at the same time, be competitive? 9. Will someone pay your price?
10. H
7. How will you attract and keep your customers?
8. How are you going to price your product or service, to make a fair profit, and at the same time, be competitive? 9. Will someone pay your price?
10. H
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
w can you expand your market?
11. Who are your targeted customers?
12. Within these targeted customers, who is typically the buying decision maker?
13. How large does the potential market have to be in the location you chose to set up your business?
14. What kinds
11. Who are your targeted customers?
12. Within these targeted customers, who is typically the buying decision maker?
13. How large does the potential market have to be in the location you chose to set up your business?
14. What kinds
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
of needs do your customers have and how will you meet them?
15. What kind of distribution is critical to the success of your business?
16. Will you offer credit to your customers (accounts receivable)? If so, is this really necessary? Can you afford to extend
15. What kind of distribution is critical to the success of your business?
16. Will you offer credit to your customers (accounts receivable)? If so, is this really necessary? Can you afford to extend
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
credit? Can you afford bad debts? Will your business be accessible through the Internet?
These are just some of the questions that need answers
Now you have to assess and examine your place in the market and the growth opportunities. There are two key components to
These are just some of the questions that need answers
Now you have to assess and examine your place in the market and the growth opportunities. There are two key components to
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
nderstanding the market: knowing your customers and knowing your competition. Research information on both customers and competition is essential to creating an effective marketing plan.
Simply put, a market is a group of people with wants, needs, values, expectations, money to spend a
Simply put, a market is a group of people with wants, needs, values, expectations, money to spend a
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
nd the willingness to spend it. They will exchange their money for products and services for one of three reasons:
•To satisfy basic needs
•To solve problems
•To make themselves (or someone else) feel good.
It is most important to know your customers and potential customers and then
•To satisfy basic needs
•To solve problems
•To make themselves (or someone else) feel good.
It is most important to know your customers and potential customers and then
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
give them what they want.
In order to sell to customers you need to know:
•Where they live
•Their age and gender
•Their occupation and level of education
•Their family size and description
•Their income (particularly disposable income)
•Their wants, needs, current buying habits
•Where they live
•Their age and gender
•Their occupation and level of education
•Their family size and description
•Their income (particularly disposable income)
•Their wants, needs, current buying habits
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
•How they spend their leisure time
When selling to another business, you need to know:
•The type of business and location
•Its products, services and annual sales volume
•The number of employees
•The specific needs of those who will use their product or service
•How purchasing deci
When selling to another business, you need to know:
•The type of business and location
•Its products, services and annual sales volume
•The number of employees
•The specific needs of those who will use their product or service
•How purchasing deci
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ions are made and who makes them
•Purchasing policy, including buying volume and seasonal buying patterns.
It is important not to identify your market as everyone and anyone. It’s difficult, and expensive, to let everyone know about your product or service. It is better, by far, to f
•Purchasing policy, including buying volume and seasonal buying patterns.
It is important not to identify your market as everyone and anyone. It’s difficult, and expensive, to let everyone know about your product or service. It is better, by far, to f
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
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
ind the people most likely to buy your product or service.
As you look around there are lots of other companies vying for your customer’s attention. Your goal is to create value, a reflection of worth rather than cost. This is where you have to differentiate yourself. If there is no
As you look around there are lots of other companies vying for your customer’s attention. Your goal is to create value, a reflection of worth rather than cost. This is where you have to differentiate yourself. If there is no
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
difference between you and the next guy, it all comes down to price.
As mentioned, it is also important to understand what the competition is.
In addition to the competition, it is useful to understand the bigger industry you are playing in as well as the environmental and regulatory c
As mentioned, it is also important to understand what the competition is.
In addition to the competition, it is useful to understand the bigger industry you are playing in as well as the environmental and regulatory c
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
imate.
Once you have chosen your target market and understand the landscape, how do you fit in? The easiest way to find out is to take a snapshot--- a SWOT analysis (strengths, weaknesses, opportunities and threats). Included in this should be:
•A cost analysis—what does it cost you
Once you have chosen your target market and understand the landscape, how do you fit in? The easiest way to find out is to take a snapshot--- a SWOT analysis (strengths, weaknesses, opportunities and threats). Included in this should be:
•A cost analysis—what does it 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
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 deliver the product or service?
•What are the financial resources and constraints of the company?
•What are your distinctive assets and liabilities?
•What strategic questions do you have?
There are other issues you must address including asking “What does the company stand for”?
•What are the financial resources and constraints of the company?
•What are your distinctive assets and liabilities?
•What strategic questions do you have?
There are other issues you must address including asking “What does the company stand for”?
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
Clearly it is there to make money, but money is the byproduct of a well-run organization. A company that understands and operates from an ethical core will produce a sustainable business with satisfied customers, fulfilled employees, industry respect and the potential to do great things
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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