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Subjects - How To Create A Product Category (And Why Would You Anyway?)
In my last article, I talked about the overwhelming saturation of products in the marketplace and the complacency of the consumer to listen to (yet ano
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
ther) advertising message. I said that if you wanted to be successful with a new product, you should seek to establish a new product category.
In this
In this
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
article, I am going to explain what this means.
A product category can be defined as a group of products that are closely related because they are in
A product category can be defined as a group of products that are closely related because they are in
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ended for the same use, are sold to the same customers, or fall within the same budget. Examples of product categories might include television sets, p
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
izzas, shampoos and so on.
Creating a new product category typically means creating a variation of an existing product to create a new market for it.
Creating a new product category typically means creating a variation of an existing product to create a new market for it.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
nd being the creator of a new category offers you immense opportunity to claim the ultimate leadership position. After all, you were there first. (Thin
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
k Coca Cola “The Real Thing”.)
Let’s look at some examples of creating new product categories.
Domino’s Pizza was not the first chain restaurant to m
Let’s look at some examples of creating new product categories.
Domino’s Pizza was not the first chain restaurant to m
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
ke pizzas. But it created a new category (home delivered pizza) when it created the first US home delivery service for pizzas.
Apple’s i-Pod was not t
Apple’s i-Pod was not t
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
he first portable music player (in fact, it wasn’t the first MP3 player either). But it was the first sexy MP3 player that used a USB port and firewire
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
to transfer music files and came complete with fully-integrated proprietary software to make it easy for users.
Fedex was not the first courier servic
Fedex was not the first courier servic
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e, but it was the first to guarantee overnight delivery (Who can forget, when it absolutely has to be there…)
If you’re the proprietor of a smaller bu
If you’re the proprietor of a smaller bu
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
siness, and you want have aspirations to build yourself into a big brand, look at what the big brands do.
The successful ones are carving out new prod
The successful ones are carving out new prod
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ct categories, getting media coverage because what they are doing is new and different, and claiming brand leadership.
Anyone who follows them is a me
Anyone who follows them is a me
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
-too product.
Here are the strategic rules that apply to setting up a new product category:
To be successful, product categories need to be very narr
Here are the strategic rules that apply to setting up a new product category:
To be successful, product categories need to be very narr
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
w – so avoid chasing big generic terms. By this I mean instead of “shampoo” target “dog shampoo” or even “tangle free dog shampoo” as the definition fo
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
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
r the category.
Your product category has to be perceivably different (or new) from anything else in the marketplace. This means you need to choose a
Your product category has to be perceivably different (or new) from anything else in the marketplace. This means you need to choose a
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
roduct category where there is no-one else (or if there are other players (such as in Apple’s MP3 player market), they are unknown).
You need to launc
You need to launc
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
h the product category through the use of publicity or public relations – not advertising. (Advertising is used to maintain an existing brand not to la
.
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
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
nch a new one.)
Your messages to the marketplace need to focus on the benefits attributed to the product category you have established, not your brand
Your messages to the marketplace need to focus on the benefits attributed to the product category you have established, not your brand
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
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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