Digg It - Business

More often than not, when times get tough marketing gets the bullet. In some cases where there has been an incorrect allocation of resources within a company this may be justified. Bu

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

t in most cases it is a mistake. Sometimes a very costly one!

Marketing, when done properly, will attract customers to your business and convert their interest into paid sales - mone

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

Examples of combination products may in

y in the till.

When the economy is slow many managers think, "Let's reduce expenses" and look for those expense items that seem to be irrelevant to achieving immediate sales. Marketi

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

ng activities such as advertising, public relations, lead generation, research and sales incentives may be targeted.

However, history has shown that it is the companies who continue

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

with aggressive, yet relevant, marketing during the slow times that are first to emerge when the economic tide turns. The continued marketing efforts maintain a premium position in th

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

Combination pro

e mind of their customers.

When their customers are ready to buy whom will they think of? The company they have heard from regularly and know about, or the company they dealt with ma

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

ny months ago and haven't heard from since (Are they are still in business? The customer wonders).

This isn't to say you shouldn't look for more economical marketing methods to squee

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

ze as much value as possible out of scarce company resources. Quite the opposite! It is during slow economic times that you can often get the best advertising rates, the lowest prices

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

for production, and the most attractive partnership deals. As other companies curtail their spending, suppliers and media owners are desperate to fill capacity. They are more willing

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

than ever to secure regular customers.

When you consider your marketing options, seek lower cost (and more efficient) activities such as:

Look closely at cost per thousand for alte

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

rnative media vehicles and carefully choose your target audience. Try to minimise waste.

Commit to a longer advertising campaign to lock-in a very low rate, and look for value-added

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

Following aspects would a

opportunities for editorial, features or promotions that enhance your standing as a preferred advertiser.

Fine tune your media 'flights' to ensure you are reaching high worth custome

dd to the challenges in developing combination products:

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

rs at the most effective times. Cancel the fringe times.

Use smaller advertisements, but run them more frequently.

Incentivise your sales team to concentrate on new business.

Look

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

for cost effective public relations exercises that will keep your product name in front of prospects. Work with partners in a win-win scenario.

Join forces with a business selling co

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

mplementary products and produce an offer to be sent to each others customers.

Check with publishers for 'remnant' space, and get on their list for last minute cancellations. Let the

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

m know you are interested. Have some standard advertising material prepared to use at short notice.

Shop around for production quotes. Look outside your usual suppliers.

Consider em

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

Professional from academic institutions, pharmaceutical industries, health care indust

ail marketing to maintain communication with customers. It's low cost and flexible.

Do you have a web site?

- How can you use it to generate leads more cost effectively?

- Can you

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

use it for communication with customers, product releases, newsletters etc?

Approach potential partners that you thought were previously unattainable. Their approach may be more flex

.

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

ible now.

Target customers of the opposition. Let them know you are still going strong and want their business.

Maintain your market presence during the slow times and you will be o

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

Companies that provide selfless information through particip

n top of the 'wave' when the market picks up. The multiplier effect of this situation can be quite astounding, ensuring your company has a real head start in the strengthening economy

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/25009/diggit-Smarter-Marketing-in-a-Slow-Economy.html">Smarter Marketing in a Slow Economy</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/25009/diggit-Smarter-Marketing-in-a-Slow-Economy.html]Smarter Marketing in a Slow Economy[/url]

When it comes to inducting new employees into your business you only get one chance. Get it wrong and you have started to sow the seeds of doubt in the mind of your new starter in the first few weeks. Get it right and it will make a huge difference to how the person settles in. Without being perfectionist, the key is to make sure that every new starter feels excited and positive that they have made the right choice in joining your business.

For all of us who have interviewed for jobs, there are certain things that we’ve done that have doomed our chances of getting the job. My following these 10 tips you can go into an interview confidently and not have the interview ruined by not being prepared.

In a franchise in Company, training never stops. There is the initial training, training the trainers and constant ongoing training. This must be done to ensure consistency, quality control and customer service.

Tags

Links

Digg It - Smarter Marketing in a Slow Economy

Related Articles: