Subjects - Business

It is pretty easy to set up a new business but the actual challenge lies in surviving the cutthroat competition and to stimulate growth over the years. One of the prime reasons why most of the businesses face a very tough time is the lack of proper marketing plan and minimal focus on branding. After all, only when yo

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

u are able to market your products properly to your target segment will you have a chance to generate revenue to take your business forward.

While a business success is largely dependent on concerted effort of various major functions, during the early years it is most important to focus on branding. Your branding ef

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

Examples of combination products may in

ort should be strong enough not just to introduce your company name to your target segments but also create an impact on them. For a new business the marketing and branding strategy should ideally be able to establish its presence, create name recognition, build credibility among the target market segment and contrib

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

ute to its status and reputation. Here are seven tips that would actually help you to achieve success with your new business.

Write Down Your Business Plan – This should be the first step. Probably the most common and biggest mistake that most entrepreneurs do is not creating a proper documentation

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

f their business plan. We all know what we plan to do; yet it is important to write it down in a formal business plan. It is always easier to follow a written plan. Your business plan should contain your business description. Objectives, marketing strategy and budget, Business overview, facilities and infrastructure,

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

Combination pro

description of products and service, Industry overview, Regulatory Issues, Implementation plan and financial plan.

Focus on your Branding – Do everything you can to promote your brand. Get a professionally designed logo that would justifiably represent your business to the people. Get your business c

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

ards, letterheads, brochure and marketing collaterals designed and printed by professional design and printing house. Ensure that your logo design is properly placed in all these. Don’t fall pray to those cheap DIY logo and branding solutions, they might save you a few $$ to start with but it would actually take a to

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

l on your brand image.

Create a Web Presence – It is most crucial for every business, irrespective of its size, to have a website of its own. Most consumers do their initial research on the web before making a buying decision. It is important that they are able to find you at that stage. Also a websi

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

te adds value to your brand and gives you an added medium to communicate with your customers. Get your website designed and developed by professional web developers. Your website should ideally be an extension to your brand and provide complimentary information to that of your brochures and print materials. Try to up

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

ate your website often with useful information, this gives your visitors a reason to check back your website regularly.

Create an Advertising Strategy – Most business organizations invest in advertisements but often a business does not get the maximum ROI on its advertising spend because the advertis

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

ng strategy is not effective or at times, there is even no fixed strategy. Make sure your advertisement is targeted specifically at your market; for example, if you are a local store, it doesn’t make sense for you to advertise on a global media, rather the local newspaper is a much better option for you. Be consisten

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

Following aspects would a

t in your advertising effort. The more your customers see your company ad, the deeper impact it creates on them. It has been observed that a 5-minute ad film served 10 times creates a greater impact on the consumer than a 50-minute ad film. For your ad composition, it is always advisable to consult a PR agency. If yo

dd to the challenges in developing combination products:

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

are trying it yourself, ensure that your advertisement leaves your customers with a good reason to contact you and your brand and USP is properly presented.

Publicity is the Key – Yes, do whatever you can to put your business on the forefront. There are various things that you can do for publicity.

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

Send out a press release announcing a Grand opening for your new business, with a short description of your products and services. Keep your press release short, error free and interesting. Write letters to the editors of local newspapers and magazines about your industry and product. Send out further press releases

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

o communicate other business happenings. For example, if you win a business award, get membership to a professional organization, offer services to any charity or even if you are hiring an industry recognized for a key position in your business. Try writing articles and reviews for local publications and industry mag

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

zines. This would help to build your credibility as an expert and would add value to your business brand as well. The amount of trust people place on such experts is much more than what you can get by buying the best ad slots on top magazines.

Business Networking – Word of mouth is undoubtedly the be

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

Professional from academic institutions, pharmaceutical industries, health care indust

st form of advertisement and the more you expand your business network, the more you can have such publicity. Try joining professional organizations in your industry; be a member of Chamber of Commerce; attend networking meets and special events that give you a chance to interact with more people. Volunteer to join a

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

NGO, get associated with a charity organization, or school board. You will not only be paying back your community but also be putting yourself and your business in front of the public.

Measure, Analyze and Decide – These should actually be continuous processes in your business life cycle. You have 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

id out a business plan but this doesn’t mean you will be blindly following it. Measure the output that you are getting from all the efforts that you put into your business. See if it is more or less than what you projected. Analyze the reasons for any variance, whether positive or negative, and then use the result of

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

Companies that provide selfless information through particip

this analysis to make educated decisions for the future. You need to keep in mind that you should not be too quick to judge anything. To get a decent understanding of your business processes, you should give them sufficient time to run, which will allow you to have enough data to perform a fruitful analysis.

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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The Internet has connected translation technologies with consumers at a pace that feels threatening to many of the million plus linguists around the world. Will they lose their role in globalization?

Throughout our working life, others can tell what you do from where your name is displayed. Your name is not only for others to recognize you, but it marks out the kind of job that you do. See where you are on the career ladder.

1. If a business or an idea does not exist, create it. Create your own future by being open to change. As one door closes another one opens. I've created two businesses that did not exist since I was laid off in December of 1994. 2. Be willing to take risks, however, make them calculated risks by taking the time to develop and write a business plan.

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