Subjects - Business

Let’s face it, most of us do not want to spend a lot of money on marketing. Consultants typically would rather make an attack on a front that does not co

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

st much. Although there are many ways that this can be done, it should only be a part of the arsenal used. So how much should be spent?

Spending really

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

Examples of combination products may in

epends on how much money is earned from a consulting gig. If a typical engagement brings $5,000 and it takes 2 to 3 weeks to gain the contract, then spen

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

ding over $500 would be belt tightening. However, if your marketing plan is to use that money for being in the right place at the right time, then it wil

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

be well spend and likely get you another project to work on. As a consultant you will spend time on researching where to go in order to make sure you ar

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

Combination pro

e in the right place at the right time. The $500 will be used for entrance to the event, buying food or drink for your target client, follow-up materials

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

for the contacts you make, and subsequent travel, materials, and phone calls.

Research, however, is the key to making this expenditure fruitful. Without

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

the research, you could attend many events and never get anywhere or close to obtaining a contract. So what needs to happen when doing research?

First,

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

make sure you know the profile of the ideal client. That means every detail that is relevant to obtaining the contract. Make notes on the size of the org

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

anization, the typical entry point that is successful for you, the size of the budget they need to have for your services, the types of problems that are

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

normal for this type of company, who is responsible for solving the problem, who makes the decisions, who approves the funding, how the process for payme

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

Following aspects would a

t works, how long it takes to become a vendor, where you can “run into” the ideal contact, plus anything else that ties into your expertise.

Second, cre

dd to the challenges in developing combination products:

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

ate a process for getting your research completed. This means, decide where you will get the information – newspapers, Dun & Bradstreet, Google, and any

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

ther place that will give you good accurate information. Also find out if anyone you know has a contact within that organization. This can be a good star

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

ting point for up-to-date projects. Also, when scanning newspapers or online sources, look to see what jobs they are trying to fill. This sometimes gives

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

you a good clue as to new projects.

Last, armed with the research, you can begin to execute your marketing plan with knowledge rather than just hope. Ca

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

Professional from academic institutions, pharmaceutical industries, health care indust

ll the right people, or at least attend an event where you can meet the ideal contact. Start the action steps from the plan and if you need help, hire so

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

eone or use a professional. The money will be well spent. Just remember that great things happen one step at a time, do not put all your efforts into one

.

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

company, do at least ten at a time. If you connect with only one or two people a day then you will have contacted 40 each month for a total of 480 for t

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

Companies that provide selfless information through particip

e year. Out of that many connections, at least 5% (24) will become a project as long as the contacts are the ones that need the services you are offering

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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