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Digg It - Why Your Ideal Client Isn't
Last winter I took a trip to New York City. It was absolutely freezing (remember, I’m from Phoenix where a 120F day is not uncommon) but I’m rea
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
dy to go again (warmer months, please).
There were some great sites to be seen for sure, but I distinctly remember this one fella. He was stand
There were some great sites to be seen for sure, but I distinctly remember this one fella. He was stand
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ng in the middle of the sidewalk, foot traffic swarming around him, and he was just screaming.
Not sure what about, but he was definitely screa
Not sure what about, but he was definitely screa
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ing. And no one paid him any mind.
Odd, eh? Unfortunately, this screaming fella and most businesses are more similar then you may think.
When
Odd, eh? Unfortunately, this screaming fella and most businesses are more similar then you may think.
When
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
most business owners are asked about their target market they may be able to tell you about the demographics of age, martial status, income, ind
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
stry. They may be able to even tell you about the psychographics of values, motivations and goals. Each of these descriptors outline an ideal cl
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
ent but none, however, a target market.
So what’s a Target Market? I could tell you it’s a Foundation piece for effective marketing, but here’s
So what’s a Target Market? I could tell you it’s a Foundation piece for effective marketing, but here’s
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
a better definition:
A group of people large enough to be profitable, yet small enough and interrelated enough so that your reputation can pre
A group of people large enough to be profitable, yet small enough and interrelated enough so that your reputation can pre
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ede you.
“Large enough to be profitable” should be pretty clear. Going after a group that’s too small (”Left-handed albino bowlers from Wichita
“Large enough to be profitable” should be pretty clear. Going after a group that’s too small (”Left-handed albino bowlers from Wichita
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
) isn’t exactly going to create and windfalls.
“Small enough and interrelated enough” because you want to make sure your message can be heard a
“Small enough and interrelated enough” because you want to make sure your message can be heard a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
d not get lost in the marketing maelstrom. You also want these folks to be close-knit and communicating with each other.
“So your reputation ca
“So your reputation ca
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
n precede you.” The holy grail, right? Folks knowing about you, your product or service, and the experience you provide your clients. All becaus
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
they're communicating your message with each other. Call it word-of-mouth or viral marketing. I call it profitable.
Your ideal client can exis
Your ideal client can exis
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
inside your target market. And knowing your target market - where you’ll be spreading your message - makes it much easier to reach them.
The s
The s
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
creaming fella? May have had a great message and an idea on who his ideal prospect may be, but he was definitely putting his message in front of
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
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
the wrong folks.
Here’s a few qualifying questions I use to determine whether a target market is a viable one:
* Is there an association for t
Here’s a few qualifying questions I use to determine whether a target market is a viable one:
* Is there an association for t
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
is target market?
* Are there events, conventions, or groups where these folks hang out?
* Is there a publication for this market?
* Are there events, conventions, or groups where these folks hang out?
* Is there a publication for this market?
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
* Can they afford you the lifestyle you want to live?
Pay close attention to that final question. You may have a Yes on the previous th
.
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
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
ee, but if the market can’t pay you the income you need for the lifestyle you want… you may wanna move on.
Your target market is part of the Fo
Your target market is part of the Fo
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ndation from which to build your marketing campaign. Being clear here saves you time, money and energy. And for our screaming friend, lung power
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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