Main Subject - Business

This year around a quarter of small businesses will go bust. Most of the rest will lumber on, much as they did in 2006, coming nowhere near their true prof

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

it potential.

Then there'll be the few who will do exceptionally well. Their achievement won't be an accident. The owners of these businesses will be appr

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

Examples of combination products may in

aching life with a totally different mindset and strategy to the rest.

How to ensure you achieve good results in 2007?

1. It seems obvious, but don’t try

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

to sell what your customers do not want. If something is not right it needs fixing. If you are having to struggle realise that it is a message. Business 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

ould not be a struggle. If you are struggling, look at your business and make some significant decisions to change it.

2. Make marketing your most

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

Combination pro

important activity. Marketing is the key to business success and wealth. Look at where you spend your marketing money.

3. If your advertising is

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

not working, stop it. You should only consider direct response advertising. For small businesses, brand advertising is a complete waste of money.

4. Spam

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

limits the effectiveness of email marketing.Direct mail is the best for direct access to customers and prospects. But be careful – it can go disastrously w

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

ong. For all marketing activity, TEST and analyse before rolling out.

5. The best and cheapest list is your own customer database.

6. Do the direct mail

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

sums. If it costs ?1500 to mail 2000 people and you get a 2% response and 50% become customers each customer costs ?75 to recruit.

7. Spend more time on s

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

lling more to existing customers than on finding new ones. Develop and grow your customer relationships. They have already bought from you and are likely t

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

Following aspects would a

o buy again and recommend you. Try cross selling new products/services. Aim to double the lifetime value of your best customers.

8. Know the difference be

dd to the challenges in developing combination products:

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

ween features and benefits. Too many businesses talk about themselves before why a new customer should choose them over competition. All your work with new

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

customers must mention your BENEFITS - up front. As a headline and in the first lines of a letter. They are more interested in what you can do for them th

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

n in how you operate. When you have attracted their attention then they will want to know more about you.

9. Look at how you spend your time. Look at whic

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

h activity brings you the least revenue or takes up too much of your time and stop doing it. Don’t dabble. Take huge amounts of concentrated action on ways

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

Professional from academic institutions, pharmaceutical industries, health care indust

that get new business.

10. Make sure your web site is more than a brochure. The world is changing. As more and more people turn to the internet to look fo

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

r goods and services, you need to look seriously at pay per click advertising. Look to convert more of your site visitors. Use an ‘autoresponder’ promotion

.

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

l system to grab their details. Then communicate with them regularly using personalised emails.

To access more useful advice visit elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

e.co.uk" TARGET="_blank">http://www.deve.co.uk or call 00 44 (0)870 240 3139.

Chris Edwards, Director, Deve Limited business and marketing development

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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