Main Subject - Business

Marketing Strategy #1: Meet your prospects before you even start your business/promotion. Knowing your prospects before you offer them anything is 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

credibly powerful, not to mention profitable. On top of that, if you get to know them first, before doing a promotion, they will tend to respond more

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

Examples of combination products may in

thus bumping up your sales with no additional costs!

Marketing Strategy #2: Ethically ‘bribe’ your prospects to do business with you. There have been

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

too many unethical bribing incidents reported in the media recently. Be very clear, I’m NOT asking you to break the law. At the same time you need to

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

realize that people do business with those who give them the most ‘bribes’ (compelling benefits). So come up with strong compelling reasons why your

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

Combination pro

prospects can benefit from you.

Marketing Strategy #3: Prove what you claim is true. With the growth of information technology, people are getting con

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

tantly bombarded by advertisements and pitches all the time. That’s why they have ‘grown an extra skin’ of skepticism. Today, one of the biggest chal

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

enges for a marketer is to be believed—to gain trust. One of the easiest ways to do that is to show genuine, powerful testimonials.

Marketing Strate

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

y #4: Ask For ACTION! It has been said that prospects will say eight ‘no’s’ before they say a ‘yes’. And yet most marketers/salespeople only ask for

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

the order twice before giving up. Prospects say ‘no’ due to many reasons, one of which is not having enough information. What you need to do is to le

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

d them step-by-step through the sales process to the inevitable conclusion of buying. Remember this: Customers are silently begging to be led!

Marke

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

Following aspects would a

ing Strategy #5: Provide Guarantees. Providing a powerful guarantee can make a huge difference in your business. Yet most businesses do not offer one

dd to the challenges in developing combination products:

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

Even if they have a guarantee, they don’t promote their guarantee. Majority of the people are afraid of taking risks. Every time you ask for the sal

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

e, you are essentially asking your customer to take a risk on you. Take away the risk and see your sales jump sky high!

Marketing Strategy #6: Follow

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

p. As mentioned above, most people will say many ‘no’s’ before a ‘yes’. This means that only a small percentage of your prospects will actually buy f

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

om you at your initial contact. The key is to consistently follow up. The Internet has made this so easy to do, not to mention with almost zero costs

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

Professional from academic institutions, pharmaceutical industries, health care indust

Marketing Strategy #7: Delegate and Automate. In the words of Michael Gerber, author of The E-Myth, “Work ON your business, NOT IN your business.”

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

Wise words indeed. This philosophy changed the way I work and it will help you to increase profits too. Everyone has 24hrs daily, so forget about try

.

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

ng to be an expert in every aspect of your business. It is just not possible. A Jack of all trades is an Ace in none. Focus on marketing your busines

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

Companies that provide selfless information through particip

instead. Why marketing? Because marketing is one of the only two things that brings in business, everything else is an expense against your business

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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So often when small-business people design their advertising or their glossy three full-color brochures they do way too much bragging. It is if they are trying to impress themselves with all of their achievements.

There are probably a few ways to use business cards that you have never thought of. Here's a short list to get you started.

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