Main Subject - Business

Have you ever wondered how so many beauty salons, web design companies, attorneys or Mexican restaurants can exist in the same geographic area? Especially in

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

small populated areas? Maybe the demand is high. Or, perhaps some of these businesses have set themselves apart by targeting a niche market.

A niche is a spe

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

Examples of combination products may in

cial area of demand for a product or service. Not all beauty salons, for example, are created equal in price, customer service, convenient location and hours,

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

scheduling, stylist expertise and so on. The same is literally true for all businesses; web design, marketing consultants, hardware stores, attorneys. The li

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

st goes on.

Creating a niche and marketing to both your general and niche markets is a smart business and marketing strategy. You cannot expect to start a bu

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

Combination pro

siness with millions of world wide competitors (via the Internet), hundreds or thousands of regional competitors and a dozen or more local competitors, and in

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

stantly, or easily, gain a fair market share without creating a niche market.

Every business has a niche. The key is identifying what that niche is. An onlin

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

e retailer like Amazon.com has a different niche than competitors Barnes & Noble or Borders who rely more on developing a local presence and foot traffic. A f

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

ew years ago DHL came out with a brilliant commercial pitting itself against the leading overnight delivery service. DHL did not claim to be number one or low

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

er priced. Instead they capitalized on a niche market, being number two and a reliable back up service when you, the consumer, need it most. It was a brillian

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

campaign.

Identifying or creating a niche means digging deeper into what sets your business, product or service apart from the competition. The typical mark

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

Following aspects would a

eting question is "Why would I buy from you instead of Company X?" Your answer will likely just scratch the surface and match what many competitors could clai

dd to the challenges in developing combination products:

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

m. This is where you dig deeper. Look at your location, hours of operation, years of experience, price point, friendly staff, response time to customer inquir

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

ies or processing orders, the quality of your product or delivery of your service, personalized attention, and so on.

For example, marketing easy access to y

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

our business from a major road or highway is a niche that should drive traffic and make sales soar. If you are the only video store in your area play it up. I

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

f your video store carries a large selection of hard to find movies in VHS format and stays open until midnight, those are two more niche markets. Being a new

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

Professional from academic institutions, pharmaceutical industries, health care indust

wholesale supplier in a regional area is big news to your local city as well as the region, creating multiple niches for your business overnight. Claims of b

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

eing the first, the only one or the original are unique niche selling points that no one else can (legitimately) claim.

Do not wait for your industry or mark

.

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

et to become saturated to identify and market your niche. Start now. Work both your general market as well as your niche market to develop a solid foundation

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

Companies that provide selfless information through particip

for success so you can survive when competition does heat up. As your business grows or your industry changes so will your niche opportunities grow and change

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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Purveyors of conventional wisdom would have you believe that the very first thing you ought to do when setting up a new business is to create a business plan. Business plans are excellent and necessary. Far too few of us self-employed and freelance people use them. But before you can create a business plan that has any value, you have to do your homework...

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