Digg It - Business

I’m just like you. I’ve put off making certain marketing decisions because I didn’t want to spend money. Sometimes that was a smart thing to do. But other

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

times it just cost me money… and time… and I bet some future clients as well.

What do I mean?

For example – my recent changeover to an email service prov

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

Examples of combination products may in

ider (ESP) to deliver NousNEWS, my monthly email newsletter. Not an earth-shattering decision on it’s own. But this one decision will save me hours of work

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

and enable me to market my business more effectively. This will mean thousands of dollars in revenue to me over a 12-month period.

Not only will I save ti

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

me in future, but guess what? I’ve wasted plenty of time in the past. Wasted time by being inefficient. Wasted time by thinking I was saving money. Wasted

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

Combination pro

ime by waiting.

In fact, because I waited to make the changeover, the task is much bigger now than it would have been if I had done it earlier.

Although

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

it’s not always that simple. Take my ESP decision for one. There are also technology issues to be considered. And there’s integration with my web site. And

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

there are the procedural issues (systems) that need to be altered. It’s easy to see how decisions get put off until “some day”.

Beware... Waiting can ban

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

rupt your business.

Example 2.
I have a client in a computer support business who is non-stop busy for a few months straight, fixing client problems

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

, responding to urgent phone calls, and putting every client request first. Things look rosy. Clients are invoiced. Revenue rolls in.

Then it stops. The f

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

ast-famine cycle has hit again.

It stopped because decisions were delayed. “Busy-ness” got in the way of effective marketing management. Decisions that co

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

Following aspects would a

uld have created future revenue were not taken.

Example 3.
A client had been operating his consulting business for two years. Initially his clients

dd to the challenges in developing combination products:

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

had come from ex-colleagues, industry contacts and business associates. But a few years down the track my client had lost faith in his abilities. Although

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

e is very good at what he does, prospects had dried up and his confidence had faded.

So what went wrong?

Yep... you guessed it. He waited to get his mark

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

eting organised. He waited until he wasn’t so busy. Trouble is, he also waited until funds were tight and he didn’t feel like he could “risk” spending any

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

oney. Waiting was bankrupting his business.

The solution.
The good news is that my client reorganised his finances and used my assistance to develop

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

Professional from academic institutions, pharmaceutical industries, health care indust

and prioritise his marketing tactics. Then he spent money on essential marketing tools. In this case it was a few thousand dollars on re-designing his bus

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

iness cards, letterhead and creating a much improved web site.

So there you have it. Waiting costs you money. Waiting can also cost you time, clients, and

.

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

visibility in your market.

The remedy is to plan ahead and make sure you have a constant stream of marketing activities happening. It’s not that hard to d

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

Companies that provide selfless information through particip

o.

All it takes is some focus and commitment – before it’s too late.

If you need help to prioritise your marketing and improve your sales, give me a call

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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