Main Subject - Business

When you hear the word 'Barter' do you instinctively think of two farmers trading a horse for a cow, or the likes of latter-day trappers carrying furs to a trading post to exchange them for food and provisi

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

ons, or like millions of savvy business owners around the globe, do you think of a high-tech way of marketing your goods and services beyond your usual scope, and becoming more efficient in the process?

It

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

Examples of combination products may in

s strange that during my entire business education at university (and I was fortunate enough to be educated in some of the best business establishments in London, Munich and Florence)not once did the word n

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

r concept of barter ever surface - even in economics. Strange, don't you think, when barter was the foundation of all modern commerce?

So, how has barter stayed the 'best kept marketing secret in business'

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

? Simple, it has never been perfected on a larger scale until recently with the advancement of computers. Globally barter accounts for almost $1 trillion in annual business. Little 'mom and pop' stores all

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

Combination pro

he way up to Super Power governments barter, some with more success than others. Most recently, in fact, the entire country of Argentina had to utilize the incredible power of barter to pull itself out of b

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

nkruptcy, and today over 500,000 companies barter there on a regular basis.

Bartering is a very simple concept: it is the exchange of goods and services for other goods and services. In an ironic manner, w

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

orkers all over the world barter their time and skills for a salary. As a child, you possibly traded playing cards. It's all the same concept. BUT, how is this an effective advertising/ marketing tool?

Rec

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

procal trading, whereby two businesses directly trade with one another (radio advertising for airline tickets, for example) is not as effective as trades that occur through barter exchanges and often create

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

less publicity and marketing opportunities. Utilizing an ethical and trustworthy barter exchange on the other hand can be a very effective means of bartering.

There are more than 1400 barter companies in t

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

e US alone, varying wildly in size and scope, and therefore in effectiveness. The two major players in the national barter arena are ITEX (a consortium of smaller barter companies) and Merchants Barter Exch

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

Following aspects would a

ange (one of the only 'true' 100% bartering companies in the US). Both companies offer many benefits, some of which are:

+ Greater efficiency (better use of time or inventory)
+ Increase in customers<

dd to the challenges in developing combination products:

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

r> + Improved purchasing power
+ Cost-effective exposure to national markets
+ Measurable ROI
+ Word of Mouth Advertising

Since only businesses can be members of barter companies, there is

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

huge propensity to generate new cash clients that are not business owners. Outside of effective networking groups, like Business Networks International (BNI), barter exchanges are the most effective tool t

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

o generate word of mouth advertising and track it.

Barter companies like ITEX (www.itex.com) and Merchants Barter Exchange (www.merchantsbarter.com) act as 'third party record keepers' - similar to credit

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

ard companies - brokering and tracking the trades between members. In essence each member has a bartering account - just like their bank account - and are allotted barter credits (usually the same value as

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

Professional from academic institutions, pharmaceutical industries, health care indust

he currency of the country - but make sure to check before joining, as some exchanges have inflated economies!). Members purchase things they need - printing, cars, advertising, etc. - with credits in their

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

account, similar to writing an IOU, and owe back the amount of those goods and services with their surplus inventory or down time.

Membership fees for such exchanges are very affordable compared with othe

.

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

forms of advertising, usually much less than $1,000 for a one-time set-up charge, and broker commissions are usually levied on purchases only (generally 10% of the total trade). Again, be warned when check

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

Companies that provide selfless information through particip

ng out bona fide companies, as some charge a lower fee, BUT on both the sale and purchase of goods and services.

Barter: The Oldest and Most Effective Marketing Tool - So Simple, The Cavemen Invented It...

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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The Kanchipuram silk industry has managed to survive many highs and lows and has made its presence felt internationally. However, the biggest challenges faced by it today are undertaking modifications to suit changing customer preferences, use of modern technology and product diversification.

Do you ever wonder why some businesses are so successful and while others struggle and struggle? Both provide good products and services. Yet, what separates these two companies may center on the ability to achieve The Success Advantage through these three critical business capacities.

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