Main Subject - Business

In 1996 I owned a retail store that sold sports memorabilia and trading cards. In case you don’t remember, trading cards (sports related) were very popular at the time. In fact, pe

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

ople were taking money out of their stock trading accounts and purchasing trading cards for investment.

Just about anyone could make money from trading cards. There were monthly pr

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

Examples of combination products may in

ce guides that gave values to the cards as if they were stocks. Some cards that were printed in the beginning of the year could be worth hundreds of dollars by the end of the year.

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

Basically, one could operate a trading card business without utilizing much marketing methods at all. This is where I picked up some bad habits.

The trading card market basically

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

rashed soon after and so did my store. Many other businesses also closed their doors. However, some survived and still continue to operate today. The businesses that did survive u

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

Combination pro

ed smart marketing to keep the profits rolling in.

Since my store closed, I continued with other business endeavors. And through the years, I often reflect back to why that and oth

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

er businesses failed. Please note that it wasn’t a real failure because I learned from the experience and was able to improve on my next venture.

Why have I written about my failin

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

? Well, it turns out that my marketing mistakes are not uncommon. Businesses today are committing the same marketing mistakes that I made ten years ago. These businesses flounder

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

nd barely stay afloat. If these businesses change their marketing a little, they will find that profits will increase and sales will soar.

Anyways, I found quite a bit of marketing

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

mistakes from my trading card store. There are three that really stand out. I am sure that if you avoid these three mistakes in your business, you will see marked improvement in y

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

ur bottom line (profits).

The first big marketing mistake I made was not selling to those people who already bought from me. A customer would come into my store and make a purchase

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

Following aspects would a

I didn’t attempt to capture his or her name for a mailing list. I could have sent promotions through the mail or email. I could have had special events for my special customers.

dd to the challenges in developing combination products:

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

It turns out that by not marketing to the people that already bought from me; I lost my customers to other stores and card conventions.

The second marketing mistake I made was usin

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

advertising filled with jingles, slogans, and cutesy pictures. After many years of studying successful marketing, I have found that jingles and slogans are ineffective. I don’t ha

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

e enough money for branding. I want every bit of my marketing dollars to convert to sales. Benefits in advertising and marketing are what sell. You need to inform your customer al

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

l the benefits they will receive when they make the purchase. The more you tell, the more you sell.

The third marketing mistake I made was not asking for help. After my store clos

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

Professional from academic institutions, pharmaceutical industries, health care indust

d, I found out later that I could have received free help from the local chamber of commerce. They offer a service that allows you to meet with business people that know about marke

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

ing. They have experienced many different situations and often have a good plan to help with your particular problem. I could have also contacted the trade organizations or sought

.

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

the advice of someone successful in my industry. The answers to my problems were there. I just didn’t look hard enough.

Obviously hindsight is 20/20. But I know that if I was awa

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

Companies that provide selfless information through particip

e of these three marketing mistakes, my store would still be open today. If you are making these marketing mistakes, you might want to see if they are the cause of any business woes

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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Do you need to give your staff members some ideas for better customer service habits? Are you losing customers or maybe you just want to keep the ones you have, well this article is for you. These are great strategies that keep customers - members - clients coming back!

For every choice there is a consequence! In today's environment of Enron, HP and other corporate scandals we find executives facing prison time due to their choices. The question explored here is - who's to blame?

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