Main Subject - Business

The business world is a strange place, filled with the lush potential and intoxicating beauty of a tropical jungle, and all the deadly elements that lie beneat

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

h. The Marketing Plan is your guide to navigating the jungle, steering you from strangling vines and undergrowth towards captivating waterfalls just right for

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

Examples of combination products may in

quenching your thirst.

You have reached a pinnacle; your marketing plan is complete. Immediately you think - Am I missing something?

A complete marketing pla

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

for strategic business growth includes the following essential elements:

1. The Marketing Plan – is a roadmap to Strategic Marketing and Business Development

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

. Just as with any roadmap, you need milestones along the way. How else will you know if you are getting your business to grow in a way that meets your strateg

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

Combination pro

c plan?

a.) The Marketing Plan identifies your market and sub-markets. The Plan lists the geographic areas in which you are currently working and pinpoints al

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

l potential areas for future business expansion. The Marketing plan identifies the resources (human and capital) that you will need to reach those markets and

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

chieve your strategic business goals at the one to five year stage.

b.) The Marketing Plan defines what your business is and what it is not. Who are you? What

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

do you do? Why should clients care? This business image can be unified into a mission statement, a logo, a branding statement and a tagline.

c.) The Marketin

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

Plan defines your resources in human and financial capital and projects a cost to do business. Who are our people? What are their saleable skills? What will i

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

t take to keep them? What do we own or need to own in order to produce our product or service? The Marketing Plan projects a cost of goods or services based u

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

Following aspects would a

pon needed resources, assigns a profitable cost and tracks potential for growth.

d.) The Marketing Plan defines expertise and expertise needed. The plan asses

dd to the challenges in developing combination products:

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

es how these needs will affect future growth -- if you have these resources, and projects what will happen and how you will accommodate your business if you do

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

not have these resources.

e.) The Marketing Plan defines your current contacts by category, firm, organization and person, defines future desired contacts an

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

lists ways to capture these future contacts.

f.) The Marketing Plan identifies and examines your business competitors. What do your competitors do that you a

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

lso do? How do they do it? What works? What do your competitors do that you are not currently doing, but could?

g.) The Marketing Plan differentiates your fir

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

Professional from academic institutions, pharmaceutical industries, health care indust

. Why do your customers need you? What service or solutions do you provide? What makes you different? How do you reach clients currently and how else might you

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

reach them in the future?

2. A Marketing Plan is an essential part of your Business Plan and can be used at several stages: before a business is opened, when

.

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

seeking financing for a business, when promoting the business to potential partners, when selling a business, when expanding a business and as a monthly or ann

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

Companies that provide selfless information through particip

ual strategic business tool.

In Part Two you’ll learn the rest of the essential elements of the Marketing Plan – stick with it! In business, Stickiness counts

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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Expanding your company to a new city is a giant step. There are many important decisions to make about your location, employees, financial needs and how you will best benefit your clients. If your remote employees will be working from home or their cars for the most part, you can provide them with access to a local branch of your company without paying high rent or buying expensive office equipment.

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