Subjects - Business

Although it is universally acknowledged that communication is an essential tool for establishing and mai

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

ntaining relationships in any sphere of life, small businesses are often guilty of either ignoring or m

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

Examples of combination products may in

king a right royal botch up of their marketing communication.

This is obviously not intentional, but ra

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

her a by-product of the stresses and strains of the daily running of a small business. A lack of time,

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

esources and awareness all contribute to marketing communication either falling off the small business ag

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

Combination pro

nda altogether or being implemented in a haphazard and often damaging manner.

This is unfortunate (but

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

can easily be corrected!) because effective marketing communication can be such a asset to a small busi

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

ess. Here are just a few potential benefits:

1) Building your businesses "brand" through increased aware

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

ess.

2) Attracting your "ideal" customer rather than just any customer.

3) Establishing your credential

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

in your field of business.

4) Increasing turnover

5) Giving your business a "voice" which customers ca

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

relate to.

If your marketing communications can achieve those 5 points then you will be laughing all t

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

Following aspects would a

he way to the bank.

The flip side of the picture is less rosy - and unfortunately more common for small

dd to the challenges in developing combination products:

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

usinesses. Here is what can happen when your marketing communications are haphazard and unplanned.

1) Y

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

ur business "brand" and business "voice" are undefined and thus of no benefit to you.

2) The customers

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

eceive mixed messages about what they can expect from your business.

3) As a direct consequence of (2),

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

our business cannot hope to meet all of your customers expectations because these are based on erroneous

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

Professional from academic institutions, pharmaceutical industries, health care indust

assumptions.

4) The consequence of (3) is that you fail to build credibility in the market place.

5) Th

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

upshot of (4) is decreased turnover.

The harsh truth is that, in this scenario, a small business may ha

.

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

e spent good money to create an unhappy customer! Such is the power of communication, and small busines

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

Companies that provide selfless information through particip

es are doing themselves a disservice by not paying adequate attention to their marketing communication

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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It May Be Best To Spend Less on Marketing When Starting Your Home Based Business.

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Subjects - Marketing Communication and Small Business - Pluses and Pitfalls

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