Main Subject - Internet and Businesses Online

Today’s Myatt on Mondays question comes from a Chief Marketing Officer of a professional services firm who asks: “Is Podcasting a Viable Medium?” I have answered ques

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

tions like this each time a new medium comes to market. Over the years I’ve commented on fax machines, infomercials, e-mail, e-mercials, CD-ROM’s and DVD’s, Internet

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

Examples of combination products may in

ellow Pages (IYP), Instant Messaging (IM), Webinars, Blogging, and now in this post, Podcasting…

I’ll start by defining podcasting for those not familiar with the te

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

m. Podcasting was created by former MTV VJ Adam Curry. The term (meant to rhyme with broadcasting) describes the technology used to push audio content from websites t

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-users of the content who prefer to use iPods or other mp3 players to listen to said content. Podcasting is simply a new content delivery method that combines aud

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

Combination pro

io content delivery with RSS (Really Simple Syndication). Instead of reading the new content on a computer screen, you listen to the new content on an iPod, iPod-like

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

device or via your computer.

Now that the term Podcasting has been defined let’s address the issue of viability. Most of you familiar with my work know that I am a b

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

g believer in being an early adopter. I am always a proponent of being a market leader vs. a market lager. Those that move quickly in today’s market (see “The Need fo

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

Speed“) increase brand awareness, mind-share and market share while those that move slowly face increased barriers to entry, increased competition and reduced margin

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

s. Few consumers like (B2B, B2C or B2B2C) to work with companies that are behind the times. Once there is validation of proof of concept it is time to move aggressive

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

y.

So the question remains are podcasts viable? The answer in my opinion is a resounding yes. According to Nielson Analytics about 9 million Internet users have down

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

Following aspects would a

oaded postcasts in the last month alone. If the previous number doesn’t grab your attention you might want to consider the following statistics taken from a white pap

dd to the challenges in developing combination products:

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

r produced by KnowledgeStorm, Inc in which almost 4,000 respondents comprised of business and IT professionals across a variety of job titles, vertical industries and

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

company sizes weighed in:

41 percent of survey respondents claim they have listened to podcasts on more than one occasion, while 13 percent stated that they “freque

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

tly” download or listen to them.

32 percent of survey respondents stated their usage of podcasts has “Increased” or “Significantly Increased” in the last six months.

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

72 percent claimed that they have downloaded or listened to podcasts on technology topics on more than one occasion; 23 percent do so “frequently.”

Nearly 60 percen

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

Professional from academic institutions, pharmaceutical industries, health care indust

of respondents said that information on business or technology topics, currently delivered as white papers or analyst reports, would be more interesting as podcasts.

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

55 percent of respondents would be more likely to consume white papers and analyst reports if they were delivered as podcasts.

57 percent of the frequent podcast u

.

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

ers stated their biggest challenge with podcasts is the scarcity of interesting content.

65 percent responded that they listen to podcasts for both personal and busi

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

Companies that provide selfless information through particip

ess interests.

Bottom line…Podcasts are here to stay and I’d suggest that if you are not utilizing this channel that you begin to do so immediately. Happy Podcasting

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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