Main Subject - Business

We now live in an information-rich economy where consumers expect to be well informed before they make a buying deci

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

sion.

In the past, we could throw simple feature-based messages at people and they'd respond. Whether the messenger

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

Examples of combination products may in

was mass media, direct mail or a salesperson, didn't matter. The message was simple and uncluttered.

Unfortunately

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

, things got cluttered.

Marketing became entertainment. Much of the product message got lost because marketers felt

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

the need to entertain people simply to get them to stop and notice them. This took place both in mass media marketi

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

Combination pro

ng as well as in direct sales. We all had to work harder just to get people's attention.

Now we find ourselves faci

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

ng buyers who don't really want to be entertained, who are busier than ever before, who have access to the same info

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

rmation we do (for the most part) and who expect to be treated like individuals rather than like nameless, faceless,

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

generic, mass-market buying units.

In the context of advertising, we have evolved from "short-form advertising" to

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

"long-form advertising". If this is all true, what does this mean for our marketing and sales? One thing is that

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

we have to recognize many of the old ways do not work anymore.

For example, look at consumer based telemarketing. T

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

Following aspects would a

his industry has been wiped out in the last few years. It got to the point where it created too much noise and not e

dd to the challenges in developing combination products:

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

nough substance. It no longer added value to people's lives. It didn't do enough to help people make better buying d

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

ecisions. It conflicted with the way people live and the way they want to interact with those who provide them produ

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

cts and services. It became a dinosaur.

Take some time to apply these criteria to how you market your business.

Is

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

your marketing going the way of the dinosaur? Or, are you using methods that acknowledge this new world we live in?

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

Professional from academic institutions, pharmaceutical industries, health care indust

Are you reaching people in ways they want to be reached, with the information they want? Are you helping them or

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

bothering them?

If you're helping potential customers make informed, educated decisions about your product or servi

.

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

ce then you're on the right path.

If not, you probably should ask yourself why not. Think about how to make your ma

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

Companies that provide selfless information through particip

rketing more helpful to your potential customers. You'll see a better return on your marketing investment if you do.

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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Many of us maintain the tradition of making New Year's resolutions for our personal lives. The New Year has special significance for business owners too. Whether you're an experienced business owner or are just starting out (or thinking about starting a business), there are 5 crucial steps you need to take at the beginning of the year to assure the 2006 is your most prosperous year ever.

All businesses need to engage strategic thinking and planning in all aspects of their business, especially the marketing plan for the business. In working with custom home builders as part of my business coaching practice, I discovered only a few of them ever recognized the value of being strategic in their thinking and planning and had limited themselves to lower levels of success. Fortunately, after they opened their minds to being more strategic, their outlook changed and they started putting some tips on strategic marketing to good use. One of the most vivid and remarkable examples was one custom home builder that went from one of their worst years in business to a record setting best year in business after committing to a strategic marketing approach. Here are twelve (12) tips to home builders for more effective strategic marketing of their business.

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