Digg It - Business

While it may seem obvious that competition poses a threat to the success of your business many organizations fail to effectively track their c

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

ompetition within the marketplace.

This is important for a number of reasons – one (the obvious one) they take possible revenue and secondly

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

Examples of combination products may in

they often provide innovations within your marketplace, they expand opportunities and they influence your customers. By doing this competitor

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 constantly force your organization to develop strategies and satisfy customers.

Who are your competitors?

Identifying you

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

r competitors can be more complicated than you initially think and needs to be tackled in a number of ways. By understanding how your custome

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

Combination pro

rs make their buying decisions, your competitors are often exposed, once you know their there you’ll need to asses their capabilities and thei

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

r place in the market. Once you’ve identified them, you’ll probably want to nominate someone in your organization to gather information and t

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

rack their activities.

What is the future?

It’s not just your existing competition that you’ll need to keep your eye on – y

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

ou’ll also need to keep an eye out future competitors. Tracking these can be arduous – where are they – how do you find them? Future competit

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

ion can come from a number of places:

• Market Expansion – Existing companies expanding into your market area

• Product Expansion – Existing

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

businesses that expand their poduct offering

• Business Change- Changes to existing enterprises (funding, distribution etc) could make a sma

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

Following aspects would a

ll competitor a major competitor

What should you track?

One of the first things that you should consider tracking is the ca

dd to the challenges in developing combination products:

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

pabilities of your competitors for example possible capabilities include –their customer base, marketing and distribution activities.

The sec

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

ond element that you should track is the organizations strategy. For example – How do they price their products, what markets are they target

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

ing, how are their product(s) developing?

Understanding your competitors targets regarding market share, revenue targets etc will also be ben

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

eficial.

How should you gather information

Luckily these days information is widely available on business activity. Places

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

Professional from academic institutions, pharmaceutical industries, health care indust

where you can gather information includes, Trade Shows, Stock Market information, Suppliers, Corporate collateral (e.g. website). Make sure

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

that you business has a central system to store this information and that it is appropriately managed and co-ordinated.

Now your tracking you

.

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

r competition, how you act on the information may have multiple facets – it depends largely on your organizations strategy and the market plac

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

Companies that provide selfless information through particip

e you want to operate in. Tracking your competition however will provide the right steer in developing your organization strategy and targets

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/22691/diggit-Why-You-Should-Track-Your-Competition.html">Why You Should Track Your Competition</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/22691/diggit-Why-You-Should-Track-Your-Competition.html]Why You Should Track Your Competition[/url]

When you know which audience you want to reach and where you want the information to appear, you must look at the various methods of advertising available to you. Advertising methods differ according to medium, complexity, target audience and cost. Some forms of advertising are more effective for a home-based business than others.

Creating a central organizer for our activities can help assure that we have a clear understanding of where we've been and what we've done, and provides a private resource chart for on-going contacts and re-contacts.

Does it pass the test? We all have ways of testing opportunities that enter our lives. Some of us just dive right in based on feeling...Most of us do not have a predetermined strategy for testing opportunities...

Tags

Links

Digg It - Why You Should Track Your Competition

Related Articles: