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Main Subject - Marketing Strategy - Change Before You Have To
Even the best marketing strategies need to be revisited, if not revised. Changes in the market environment can dram
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
atically change the marketing mix and your product plans. Marketing strategy should be viewed as a process, which m
; 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
ans that the best laid marketing plans will change sooner or later.
Strategic change can be caused by many forces;
Strategic change can be caused by many forces;
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
sometimes change is a threat while other times it can be an opportunity. It all depends on how your product or busi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ess is defined; additionally, how you react may be the biggest factor in your future success.
Sometimes the market
Sometimes the market
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
evolves and the demand for an offering changes. For example, obesity is on a dramatic rise in North America; becau
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
e of this people are becoming more “food label savvy” about calories, fat grams, sugar, carbohydrates, and protein.
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
Fast food restaurants have had to respond with salad bars, better disclosure of nutritional information, and leaner
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
products.
Another source of strategic change is technological innovation. As microprocessors increase in speed and
Another source of strategic change is technological innovation. As microprocessors increase in speed and
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
processing ability, older personal computers quickly become obsolete. A more disruptive technological change might
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
be the creation of the MP3 format and downloadable music. Music is now purchased one song at a time instead as albu
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
s of songs.
Occasionally, a market is redefined. This is often driven by competition or customer demand. Today, ou
Occasionally, a market is redefined. This is often driven by competition or customer demand. Today, ou
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
fast paced culture demands a more personalized relationship with information, which has created wikis, blogs like
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
this one, and the birth of IPTV (Internet Protocol Television). This new information content business allows the re
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
der or viewer to get “personalized content” when they want it and where they want it.
Also, marketing channels cha
Also, marketing channels cha
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
ge. Today the internet has changed the relationship of customers with providers. No longer dependent on the provide
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
for education on products and services, the new consumer is more informed and sophisticated than ever. In fact, th
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e consumer is more powerful and will get what they want or they will find another provider.
For the marketing stra
For the marketing stra
.
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
egist, the challenge is to anticipate the changes and take control of their destiny. The alternatives of delaying a
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
tion or getting surprised can mean business failure.
As former GE CEO Jack Welch said, “Change before you have to”
As former GE CEO Jack Welch said, “Change before you have to”
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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