Digg It - Business

What’s that, you ask? Well, a USP is a Unique Selling Proposition. It’s a one to two sentence phrase that lets your custo

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

mers know exactly why they should buy your product over your competitor’s products.

Sounds obvious, but think about it. W

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

Examples of combination products may in

hy should your customers buy from you and not someone else? You need a good reason; otherwise, your lack of one will indic

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

ate that you are merely jumping around shouting out “buy mine”, “buy mine” just like virtually everyone else out there (no

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

onder very few businesses ever make it to their 5th year).

Your USP should spell out exactly what your major benefit is.

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

Combination pro

What will your product or service do for the prospect if he or she buys?

Think about all those Pizza jingles you hear adve

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

rtised, those are USP’s.

Whatever you are selling, think of its best benefit. Turn that into a phrase and you will have y

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

ur USP. If you can twist the phrase in a way that makes you appear different than your competitors that’s even better. Re

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

member, you want to focus on your unique appeal.

To further explain, your niche targets one general audience. Your USP go

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

es even further. It can target one specific audience within your niche.

Here are 6 different sample “spins” you can put o

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

your product or service that can help lead to your USP.

1. Do you want to be known for value?
2. How about selec

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

Following aspects would a

tion?
3. What about quality?
4. For speed of service?
5. For a no-risk purchase?
6. For a l

dd to the challenges in developing combination products:

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

ifetime warranty?

You can even use more than one of the above examples in combination. Just make sure you select your “sp

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

in” based on something you can actually follow through on. Obviously, if you aren’t comfortable guaranteeing next-day serv

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

ce because you don’t believe you can provide it to your customers, you don’t want to choose that.

Think about offering a g

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

uarantee and add that to your USP.

To successfully select your USP, you should research your competition first. Character

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

Professional from academic institutions, pharmaceutical industries, health care indust

ize who they cater to (i.e., value-seekers, people who want quality, fast service, etc…).

Then find a void in your niche.

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

Perhaps no one offers value? Well maybe you should think about offering more value than your competition. As you can imag

.

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

ine, filling a popular void might just boost your sales above and beyond anything you’ve accomplished yet.

Unique position

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

Companies that provide selfless information through particip

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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