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Main Subject - How Competitions Win New Clients
You’ve probably noticed competitions on web sites. They come through your letterbox nearly every week. They
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
proliferate on the wrappers of chocolate bars and on food packets in supermarkets. Why?
It’s not because
It’s not because
; 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
the manufacturers like to give money away. It’s because people have always been in love with the idea of so
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ething for nothing and because the valuable prize can cause people to select one brand as opposed to anothe
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
r.
Offered one brand of fruit juice at the normal price and another similar brand at the same price but wi
Offered one brand of fruit juice at the normal price and another similar brand at the same price but wi
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
th the chance to go to the Olympic Games, which would you choose?
But can competitions be used to win new
But can competitions be used to win new
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
lients for service companies? Let’s look first at why manufacturers use competitions.
The reason competiti
The reason competiti
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
ons are popular with manufacturers is this; if you give away a freebie the value of the freebie is dictated
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
by the profit margin of the product you’re selling. So, unless you’re selling a high priced product the fr
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
ebie is always going to be a low value item.
On the other hand if you run a competition you are, in effect
On the other hand if you run a competition you are, in effect
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
only giving away entry forms that cost you virtually nothing. So you can pool the profit from thousands of
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
products and use that fund to give away one large prize.
One large prize has much greater “pulling power”
One large prize has much greater “pulling power”
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
than a cheap freebie. It also has a lot more PR value.
From the manufacturer’s point of view the equation
From the manufacturer’s point of view the equation
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
is simple: “Do I give away one million printed paper cups which cost a penny each?” Or, “Do I give away a l
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
uxury holiday for two on a romantic Pacific island which has just been opened up to tourism with an interna
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
ional press fanfare?”
A good prize will catch the eye of journalists and cause them to write thousands of
A good prize will catch the eye of journalists and cause them to write thousands of
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
column inches about the fabulous holiday. Every article will have to mention your product?
The PR value of
The PR value of
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
a prize is a major consideration when you are deciding what to give away. The questions you should ask 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
self are: is your prize likely to be attractive to potential entrants and, is it likely to attract the atte
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
ntion of journalists?
I always have a “win a new client” competition on my web site for both those reasons
I always have a “win a new client” competition on my web site for both those reasons
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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