Subjects - Business

Do you have a strategic marketing plan and process? Are you satisfied with your marketing results? Have

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

you taken time to review your marketing program and determine what barriers are preventing the achievement

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

Examples of combination products may in

of a successful marketing program? I believe I know the answers to these questions from too many business

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

s today. I too often hear a resounding NO to each of the questions.

So, let’s engage in a strategic thin

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

ing approach to identifying the barriers to your marketing success. And let’s seek an insightful identifi

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

Combination pro

ation of the barriers by asking some questions. What questions might you ask to define your marketing bar

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

iers? Here are ten (10) questions your strategic thinking business coach suggests you can use to help ide

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

tify the barriers that stand between you and a successful marketing program.

1. Do you have a written st

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

ategic plan for your business with clearly defined vision, mission and goals?

2. Do you have a written s

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

rategic marketing plan for your business with an integrated marketing communications approach?

3. Do you

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

measurable marketing goals within your strategic marketing plan?

4. Have you identified your ideal clien

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

Following aspects would a

profile?

5. Do you have a strategic action plan with each marketing goal broken down into tasks with du

dd to the challenges in developing combination products:

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

dates and assigned leaders to ensure a higher probability of success in achieving those goals?

6. Do yo

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

r employees realize that each one of them does marketing of some kind each and every day, although they ma

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

not recognize it as marketing?

7. Do you make strategic use of available techniques and technology in y

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

ur marketing efforts?

8. Do you have and use a performance monitoring system to regularly monitor your m

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

Professional from academic institutions, pharmaceutical industries, health care indust

rketing efforts and to provide feedback to your marketing team on their performance and ways to improve pe

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

formance?

9. Do you have a formalized customer/prospect contact management system, using available techn

.

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

logy, to strive for Top Of Mind Awareness (TOMA) with your clients, prospects and stakeholders?

10. Do y

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

Companies that provide selfless information through particip

u have any performance-based compensation tied to the successful marketing of your product and/or services

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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Why do some businesses take off that seem like terrible ideas? Why do businesses with all the right ingredients never get off the ground?

Small businesses must watch their cash flow to remain viable, if too much goes out in employee salaries and not enough is coming in then the business owner can find themselves in a world of hurt. If the business owner cannot control the employee payroll expenses, then they may need to seek an additional influx of cash. The problem is that any money borrowed must be paid back.

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