Main Subject - Business

A couple of weeks ago, I was attending a networking event and was asked by an accessory store owner whether I tho

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

ught it was a good idea for her to attend a luncheon with senior women. Her accessory store sales jewelry, belts,

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

Examples of combination products may in

scarves, and handbags. When your target is identifiable and contained in one location, you will always benefit fr

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

om networking. Your target market is simply the people/group you will market your products and/or services to. S

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

end a couple of hours each week to research organizations and events that women attend.

Plan what events, semina

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

Combination pro

s, meetings, or organizations you want to be involved in. If you have not attended an organization or meeting bef

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

ore, do some research using the internet, trade publications, or member directories. Learn whether or not your ta

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

get market will be represented during such events. Depending on what kind of accessories you sell, you can segmen

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

t your target market. The first thing you'll need to do is research the demographics of the women in your communi

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

y, and divide it into market segments:
• Age: teens, young, middle, elderly
• Education: high school,

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

college, university
• Income: low, medium, high
• Marital status: single, married, divorced
• E

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

Following aspects would a

thnic and/or religious background
• Family life cycle: newly married, married for 10 – 20 years, with or wi

dd to the challenges in developing combination products:

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

hout children.
Go to the library and ask the librarian to help you gather detailed information. You can also

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

check your local Chamber of Commerce. Write a description of your target market then locate a list of women’s or

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

anizations that your ideal customer would attend. Your description could be something like this, “my target marke

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

is women between the ages of 21-40 who like fun trendy accessories to wear to work and social outings. They are

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

Professional from academic institutions, pharmaceutical industries, health care indust

middle to upper class and can afford to spend money on high quality pieces of accessories.” By writing a descript

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

on of your target market you will be able to identify the right networking opportunities.

Using the networking o

.

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

pportunity your mother suggested to build word of mouth advertising of your business is definitely worthwhile. G

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

Companies that provide selfless information through particip

to several of these luncheons until you determine that the audience is sufficient in terms of both size and need

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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For a business person, the Yellow Pages can be an effective media if you know how to use them.

Why should you care about my viewpoints? Good question - you don't know me - but obviously - You're confused and maybe even a bit fed up by your new assignment and it's lack of clarity... Typical ...

The only way to develop a sound holistic understanding is to create a framework.

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Main Subject - Finding Your Target Market

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