Main Subject - Business

A client recently asked, "I don't have a formal marketing budget, so how much should our company spend on marketing?"

There is no simple answer because all companies have different marketing goals, different target aud

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

iences and staffing varies for sales and marketing follow up.

Ideally, good marketing helps to bring pre-qualified customers to your sales team, who then complete the sales process and close the sale. But the reality i

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

Examples of combination products may in

that most companies spend a great deal of time, effort and money marketing, but spend little time tracking and analyzing. They know exactly what they are spending but may have no idea about how their message is being r

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

eceived, what strategies are really working and what sales were a direct result of their marketing effort.

Companies who clearly define their marketing strategy, set realistic goals and marketing budgets, then track th

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

results always seem to have better control over their marketing efforts, and are able to make changes quickly in response to market changes or changes in strategy by their competition.

Step 1: Budget

First, fi

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

Combination pro

ure out what you can afford to spend per month for the next three months without negatively affecting your company's cash flow. Then, create a simple marketing plan that gives you the most effective return on your marke

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

ting dollars. Usually this means determining the best way to reach the greatest number of pre-qualified prospects for the least amount of money.

Step 2: Plan and Measure

Carefully measure the effectiveness of y

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

ur marketing. Promotions that use codes, coupons or other means to track responses to the campaign are best great since they help you to track responses. E-mails, telephone calls, website traffic and conversions of webs

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

te traffic to actual leads must be tracked and measured in order to determine what is effective, or not.

Step 3: Analyze

Analyze your marketing results to determine which marketing strategy or marketing message

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

is working best. A high response rate may be good, but a fewer number of more qualified leads will usually be better. As you follow up on leads ask them what they liked about your marketing message or the way the messa

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

e was presented.

Step 4: Refine and Perfect

Refine your marketing message and focus on marketing campaigns and messages that work, repeating Step 2 and Step 3 at end the end of each quarter. You can experiment wit

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

Following aspects would a

increasing your marketing budget each quarter to reach more prospective customers. By determining which strategy or campaign works best, over the next few months, shift more of your budget into the marketing strategy t

dd to the challenges in developing combination products:

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

hat's reaching your target market and bringing you the results you want.

Five tips to make tracking easier

1) Simplify your marketing efforts. Focus on one theme per quarter but do try variations of your marke

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

ing message. Different graphics, images, and colors may contribute to different responses in recipients. Be sure to track which version customers respond to better.

2) Centralize your lead results. Even if you differen

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

people in different departments responding to leads, make sure you centralize data collection so everyone involved will track and record data in one place. Relying on estimates or monthly meetings to try and determine

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

which what strategy is working can be counter productive, especially if you have a campaign that flops and you need to change your message immediately.

3) Analyze what works and why. And find out what does not work and

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

Professional from academic institutions, pharmaceutical industries, health care indust

why. If you're not getting the response you had hoped for with a new promotion or message, ask your prospects why and determine what's at fault. Is the message not clear? Is the media appropriate? Does your offer or mes

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

age hit any "hot" buttons?

4) Create a call to action. Does your offer have a time limitation and a call to action? Don't just rely on the offer itself to prompt a response by the recipient. Make your prospects want to

.

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

respond right away to the offer. Have a respond by date or put a time limitation so they can't wait for more than a few days to respond.

5) Refine your marketing message. Sometimes "great" ideas don't result in a big

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

Companies that provide selfless information through particip

esponse. Remember that you can refine your marketing message in order to get a greater response or change the message graphically so you get noticed instead of lost with all the other offers your market may be receiving

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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There is an increasing exposure to innovation and problem-solving trainings in the corporate world. However, most of these techniques revolve around techniques, toolkits, methologies, while ignoring the human face behind the hands that would use these tools. This article focusses on the human factors that affect the process of innovation and problem-solving.

How do we know where to focus our development effort to get the best result? With a range of development on offer – training courses, e.learning, coaching – how do we know what works for us? Behaviour change requires sustained effort, commitment and understanding to deliver results.

Applied research is transforming data to knowledge; data is what you got and knowlege is what you want.

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