Digg It - Business

Most individual innovators – inventors, authors, software developers, artists, etc. -- assume there is a logical, sequential process involved in getting their products to market. So, most of their initial activities usual

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

ly focus on getting the invention from the brain to the drawing board to prototype.

Unfortunately, once the prototype is complete, a very large percentage of inventors “hit the wall” and are stymied by how to market thei

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

Examples of combination products may in

r product.

This situation doesn’t need to happen! In fact, many marketing steps can – and should – be taken concurrently, or even prior to, the product taking shape and form.

So, where should you start?

Here are 5 key

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

steps that will help you build a strong foundation for marketing:

1.Begin networking early.

Well-known Minnesota businessman and author, Harvey McKay, says it all in the title of his networking book: Dig Your

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

Well Before You Need It. If you have not cultivated key contacts in your area of expertise by the time your product is ready to market, you will waste precious months, even years, knocking on doors that probably would

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

Combination pro

have swung open to you if you had developed key relationships while working on perfecting your invention.

2.Conduct initial market research before you approach the drawing board.

While some innovations don’t see

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

m to make any sense at all, most are designed to solve some sort of problem. As the innnovator, your problem is to be sure that there are enough other people who are seeking your solution. If there are not enough p

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

otential consumers, do you really want to spend your time and money for things like prototypes and patents or editors and copyrights? So, head for the library or retail outlets or any other place that will give you a sen

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

se (a) if something similar already exists or (b) if retail buyers or customers are looking for what you can create.

3.Protect your product as soon as it is feasible to do so.

Just recently I talked with an inven

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

tor who had some interest in coaching. What I soon discovered was that a major magazine was about to feature his invention in depth (Great for marketing, right?), but he had not yet secured a patent! At the end of our co

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

nversation, I referred him to a patent attorney and suggested we discuss coaching at a later time. Of course, not every product carries a patent, copyright or trademark, but if your idea has strong market potential, as th

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

Following aspects would a

is man’s did, you will want to be sure that you have retained an intellectual property attorney and that all of your legal protections are in place.

4.Discover a wide variety of vendor resources.

While innovation

dd to the challenges in developing combination products:

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

can be a lonely process, it’s not something you can do successfully by yourself. As soon as your idea takes shape in your mind is the time to connect with prototype providers, raw materials vendors, manufacturers, publi

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

shers, art dealers, marketing consultants, a coach, accountants, and other professionals you will need along the way. If you don’t know anyone in these fields, start asking questions and attending meetings of local profes

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

sional groups, the Small Business Administration and tradeshows. Then, start talking to the vendors you meet, so when your product is ready, you will already have these key relationships in place.

5.Planning to self-m

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

arket? Educate yourself now, reserve your domain name and find ways to connect with your potential market.

We’ve all heard the stories about internet marketers who make $500,000 “overnight”. While some may actually h

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

Professional from academic institutions, pharmaceutical industries, health care indust

appen that way, there is almost always a “story behind the story” in these situations. Usually, you will find that the Internet entrepreneur has spent months or years learning the secrets of Internet copywriting; works wi

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

th a technical assistant to produce the marketing website; supports the website with product “pre-launch” communications; and has a loyal following of 1,000 or more customers already in place. So, what appears to be an “

.

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

overnight success story” is frequently the culmination of becoming computer and Internet savvy over a long period of time. In short, just as with networking, you need to “dig your internet well before you need it”, and t

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

Companies that provide selfless information through particip

he time to start digging is while you are creating your product.

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Copyright and bio paragraph must be included when reproducing this article.

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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Digg It - Successful Marketing Begins During Product Development; 5 Steps Innovators Need To Take Now!

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