Digg It - Business

The good news is that advertising works. I’ve witnessed real, measurable results making me a big believer in advertising. The

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

bad news is that it’s the most expensive way to grow your business – you are literally buying new customers. Don’t get me wr

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

Examples of combination products may in

ong, adding new clients to your customer base is critical to the success of your business and advertising is the means to do

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

that.

While so much attention is focused on growing your customer list, what is often overlooked is that your current custom

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

r base is your best source for additional revenue. It’s most likely to be the most valuable asset of your business and unfort

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

Combination pro

unately every year a percentage of that customer base stops doing business with you. What you need to do is limit that loss b

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

ecause the longer you hold on to a customer, the more money you make.

Consider this:

1. It costs six times less to retain a

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

existing customer than to acquire a new one.
2. Your customers know your business and are comfortable doing business wi

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

th you. You’re the incumbent supplier, a known quantity and inertia usually prevents them from switching. Most likely, they a

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

re less price sensitive (and picky) than new customers and prospects.
3. Loyal customers usually place bigger orders bec

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

use they trust you.
4. Loyal customers give you referrals.

So, what’s the secret to keeping your customers and how do y

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

Following aspects would a

ou prevent them from defecting? You have to give them exactly what they want. And how do you find that out? You ask them.

T

dd to the challenges in developing combination products:

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

hat sounds so simple, but when was the last time you picked up the phone, called a customer and said “Hey Bob, how are we doi

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

ng?” Think about it, an objective, marketing-minded customer survey for your company could pay huge dividends. Here’s what yo

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

need to find out:

1. What are your customers' perceptions of your company?
2. What can you change to improve the overa

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

ll customer experience?
3. What kinds of products or services they are looking for?
4. What is the likelihood that

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

Professional from academic institutions, pharmaceutical industries, health care indust

your current customers will purchase from you again?
5. How are you viewed in relation to your competitors?
6. Are

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

you making decisions based on your most vocal customers or your entire customer base?

Use the data from your customer survey

.

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

to help you understand how your relationship is currently perceived by your customers and what actions you may need to take

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

Companies that provide selfless information through particip

to improve the relationship - and to enhance customer satisfaction, loyalty, and desired business outcomes with all customers

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/28628/diggit-Client-Surveys--How-Something-So-Simple-Can-Make-Such-A-Huge-Impact.html">Client Surveys - How Something So Simple Can Make Such A Huge Impact</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/28628/diggit-Client-Surveys--How-Something-So-Simple-Can-Make-Such-A-Huge-Impact.html]Client Surveys - How Something So Simple Can Make Such A Huge Impact[/url]

Do you know what a courier delivery messenger service can do for you? Read up on some of the things to consider when choosing a courier delivery messenger service to do the job for you.

We need to look at the China phenomenon in the context of economic history - it's a wake up call that we must never forget. The customer comes first and unless we become Lean Enterprises we will lose the competition game, not to other nations, but to competitors in business everywhere, including our own back yard.

A new twist on online advertising - pixel marketing. The web has profitably parceled into blocks of pixels that advertisers are snapping up to promote their brands.

Tags

Links

Digg It - Client Surveys - How Something So Simple Can Make Such A Huge Impact

Related Articles: