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A lot of companies nowadays are coming up with various customer loyalty programs to ensure bigger profits for their companies. This may seem to be quite a worn idea

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

already for a customer loyalty program but people, no matter how wealthy they are, actually enjoy getting freebies every now and then.

1. The Concept

Let’s try t

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

Examples of combination products may in

o further discuss the concept behind this customer loyalty program. With a rewards-based customer loyalty program, the customer will have fun spending more on your

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

ompany due to your company’s promise that the bigger points the a loyal customer receives from their purchases the greater the rewards that they will soon get from

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

the company. From having free expensive designer items to even an all-expenses paid grand vacation trip courtesy of the company.

It really doesn't matter - the poi

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

Combination pro

t is, it is a small amount to pay considering the years of loyal purchases that these customers have brought in to your company. Of course, this all sounds good on

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

paper, but a truly excellent loyalty program doesn't just pamper customers, it entices them to continue patronizing your business, or even tell their friends about

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

it, offering your business some invaluable word-of-mouth advertising.

2. Rebate Programs

A less fancy customer loyalty programs is the rebate program. This is whe

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

ein the customer will be able to get a percentage back from the amount of their purchases as coupons that they can use to pay for more stuff from your company. It r

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

eally is a simpler customer loyalty program as compared to the rewards system. Not only will it be easier on your company's pocketbooks, it will also give your busi

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

ess some added profits because through the rebate customer loyalty program your customers will, in the end, end up spending more on your company because the coupons

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

Following aspects would a

cannot be exchanged for real currency or used anywhere else. In actuality, there is no real incentive for customers to use the program.

3. Loyal = Profitable?

A

dd to the challenges in developing combination products:

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

lot of people still view being able to provide your loyal customers with great service does not automatically ensure a company that their customers will stay. This

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

s why there is a great need for an effective (but still profit-oriented) customer loyalty program. While great customer service can result in a customer making a pu

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

rchase more than once, a well-designed customer loyalty program will ensure they wouldn't even ever dream of going to your competitors, and in fact, would even reco

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

mend friends to use your services.

4. The What If's

The biggest concern that most CEO's have is thus: a strong customer loyalty program can keep customers that ar

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

Professional from academic institutions, pharmaceutical industries, health care indust

e already loyal loyal, but what about the next generation of shoppers? And even worse, an ill-planned loyalty program, built with little or no data about your exist

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

ing loyal customers, will be doomed to fail. Find ways to collect this incredibly important data months in advance of launching your program. Invest heavily in a st

.

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

tistics specialist, and ensure he has the latest statistics software such as SPSS. Remember, even if you have an abundance of data, it will be completely useless to

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

Companies that provide selfless information through particip

you if you can't make sense of it. Worse still is having data that wasn't collected scientifically to be an accurate representation of the population being sampled

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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People usually underestimate the potential value of the most important new information, technology, and ways of operating. This error occurs because the new information or resource unexpectedly makes untrue what has been undeniably true in the past. This essay looks at ways to seize advantages by appreciating the importance of new factors sooner than other people do.

The most valuable thing that you give to your customers isn't a product. It's the service they get when they call or visit your place of business. You could have the most valuable product in the world, but if you don't have customer service to match, you've got nothing.

We have all heard the phrase you have to spend money to make money at some point. This is very true in the business world. The goal of every business is to reduce expenses while increasing revenue. While doing this can be difficult at times, there are some great ideas businesses can implement to do just that.

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