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There's a well-known truism in business: You get what you measure. So if you aren't measuring the results of your investment in marketing dollars—in terms of cur

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

rent and predicted future revenue and profit results—then essentially you're investing blindly. Let's say you follow the established norm for your industry and i

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

Examples of combination products may in

nvest in marketing as a percentage of revenues. By not establishing a direct relationship between marketing investments and revenues, you do your organization a

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

disservice. Your marketing efforts will be more successful if you insist that they are measured based on net contribution to the bottom line.

Marketing budgets

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

should be divided into three primary areas:

Product Marketing/Management

Sales tool creation and production

Driving new business o

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

Combination pro

portunities (leads) into the sales funnel

The ROI from Product Marketing is measured by win/loss ratio, successful product transitions, product marg

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

ins, and on-time delivery of new products to the market. All of these can be measured in terms of revenues and profits as related to R&D and product marketing in

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

vestments. Be sure to take stock of your successful projects completed on time and analyze the lifetime revenue per new product on the market.

Sales tools, such

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

as collateral, videos, websites, channel training materials, competitive analyses, industry segment analyses, even POP displays, are geared toward speeding pros

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

pects through the sales funnel. With lead generation databases and Sales Force Automation (SFA) tools, you can measure how fast prospects move to the finish line

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

You can assess the trends over time by prospect source, product interest, and channel. You can calculate the immediate value of shortening the sales cycle, or i

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

Following aspects would a

ncreasing the win rate. But confirm that your SFA collects the marketing information needed to accurately measure your marketing programs (e.g. average sales len

dd to the challenges in developing combination products:

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

gth cycle and win-loss ratio) and that your channel teams are rewarded for providing the correct data.

Driving business opportunities into the sales funnel is t

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

he fundamental reason why Marketing Communications departments exist. They are not there to simply “build awareness”, “create a buzz”, or get local newspapers in

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

terested in a story. Monthly hit reports based on magazine readership or website visitors by themselves are virtually meaningless. Instead, measure your Marketin

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

Communications ROI by driving the sales channel to report where ALL leads come from and relate this to revenue. Collect and track leads from events, seminars, t

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

Professional from academic institutions, pharmaceutical industries, health care indust

rade shows, and direct mail, and insist on conversion mechanisms for website visitors.

The goal here is manifold: to know how many leads you need to get one new

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

customer; to show how much the average lead costs based on source; and to understand the best source of high-quality leads and your total marketing cost of new

.

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

customer acquisition. Then you can easily discern what it costs to generate the number of qualified leads you need—and to turn those leads into new business for

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

Companies that provide selfless information through particip

your company. This is the bottom line for measuring marketing ROI. Once you measure it, you are now in a position to better control it for your company's benefit

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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