Digg It - Business

Let’s start at ground zero: Markets are Conversations. You’ve probably heard that before -- it’s the opening of the popular book http://www.cluetrain.com. The Cluetrain Manifesto. But what does that catc

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

hphrase really mean, and how can it affect your business?

Markets exist largely because people talk. Although we like to think of ourselves as free-thinking individuals, in fact we rely on other people to do

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

Examples of combination products may in

a fair amount of scouting and evaluating for us.

What people say to each other in a market context usually matters far more than any advertising message or branding/PR strategy. If the market conversation turns agai

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

nst you or dismisses you, all the brand awareness in the world won’t save you.

Market conversations have always been important to any business. But today, with the prominence of weblogs, forums, podcasts and other ty

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

pes of widely available conversational media, no company can afford to ignore or devalue them.

No one can control market conversations. In fact, no one ever could – despite popular PR delusions. However, you can

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

Combination pro

capture market conversations -- measuring, analyzing, implementing and engaging in a communications strategy based on real-time, real-world data. This is the path to true influence and healthy market relationship

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

s.

HOW TO CAPTURE YOUR CONVERSATION

Capturing a market conversation goes beyond merely taking a snapshot of “buzz” via web site statistics or article hits. It means consistently listening

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

losely, analyzing what people say, and participating constructively in key online and other conversations within your existing or potential markets. It means leveraging conversations to build relationships and gain in

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

sight that will sustain your business for the long haul.

Start integrating your online/offline model for sales, marketing, communications and communications to “Capture the Conversation.” Enter the brave new world of

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

“Bring it on, I’ve got nothing to hide” communications based on return on investment (ROI).

Following, joining, and even starting constructive, authentic market conversations can yield diverse long-term benefits. Fo

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

r instance:

Customers will find you. When people talk about you online, much of the content of those conversations gets indexed in Google, Technorati, and other popular places where people se

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

Following aspects would a

arch for information on products or services. The more you’re discussed, the higher you’ll get ranked in those search results.

An accurate, moving picture of your market. You’ll gain an acc

dd to the challenges in developing combination products:

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

urate, real-time perspective of what your market thinks of your offerings, company, and competition. You’ll know what they honestly like and don’t like, and how you measure up.

Keep up on trends:
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
strong>Almost every important market issue gets foreshadowed in online conversations. That’s generally where the trendsetters and watchdogs gather. When you capture the conversation, you’ll get early warnings of impor
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ant customers wants, needs, problems, and questions.

Generate good will. When people can see that you genuinely care about what they think, that generates invaluable goodwill. Every company

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

attracts public criticism at some point. If you’re a known and valued contributor to the public conversation, key influencers in your market will me more likely to give you the benefit of the doubt when you hit inevi

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

Professional from academic institutions, pharmaceutical industries, health care indust

table bumps. By now you probably realize why creating a “Conversation Analyst” job inside your company is probably the most valuable addition you can make to your array of key business services. Virtually ev

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

ery organization now has a pressing need to:

Analyze relevant online conversations
Interpret that data
Use that insight to develop strategies to address, improvise, and adapt in real time --

.

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

through creative, integrated communication strategies and by successfully engaging your customers (or their influencers) in constructive dialogue.
Keep up this cycle, and keep Capturing the Conversation, as

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

Companies that provide selfless information through particip

a regular aspect of how you do business. To learn the necessary skills, or to do it yourself, visit http://www.capturetheconversation.com

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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