Digg It - Business

Before you run your first ad, before you send out your first email, there are two important questions you need to answer.

1. Who is y

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

our target market?

2. What makes them buy or sign up with an organization?

The easiest and cheapest way for you to find the answer t

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

Examples of combination products may in

o these two questions is through testing and tracking. These methods will highlight your advertising strengths and weaknesses and allo

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

w you to maximize your marketing dollar.

Testing:

The purpose of testing is to increase the response rate to your ad or offer. For i

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

nstance, you could write a sales letter and test out different headlines for the ad. Often a headline can make all the difference in y

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

Combination pro

our response. Many marketers have increased sales by as much as 200% simply by changing their headline. Remember, even if your ad is p

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

roducing steady sales, you should always test. A small change could move your sales from steady to overflowing!

Tracking:

You should

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

keep track of everything you do in your business. Not just your profit and expenses, but also your promotional and advertising campai

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

gns.

Let's say, for example, you're running an ezine ad. What kind of information should you keep track of? The most essential are:

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

Where you placed the ad including the name of the ezine and date the ad was run

How many subscribers to the ezine

The cost to you

T

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

he number of responses generated by the ad - Dividing this into your cost will show you how much you paid for each response

The numbe

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

Following aspects would a

r of sign ups you got as a result

Contact person and email address for ezine

The URL of the ad you used. This is especially importan

dd to the challenges in developing combination products:

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

t if you promote more than one program

Any comments or notes you'd like to keep

Headline used in the ad

You could also keep track o

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

f other items, depending on how detailed you would like to be. The important thing is to study the numbers. Some ads may produce great

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

interest but if no one buys, your profit is zero. Other ads may produce only a few click throughs but generate more sign ups. Which a

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

d was worth the most to you? Obviously, the second one.

You will also probably use other forms of advertising, such as maybe a pay pe

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

Professional from academic institutions, pharmaceutical industries, health care indust

r click program, and it is just as essential that you keep track of these numbers as well. Set up a spreadsheet in Excel or keep one o

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

n paper. Every dollar you spend on marketing should be tracked so you don't waste precious money on things that aren't working.

Also,

.

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

don't forget, if you have a prospect and you're not sure how they found you, ask them! You must keep track of all your leads.

Do not

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

Companies that provide selfless information through particip

underestimate the power of testing and tracking! By following these techniques, you'll know exactly where you're making money online.

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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Taken from the book; Protecting Your Corporate Assets by Martin Maylor info@insurium.com Losses through theft and fraud vary considerably by the type of operation and the efficiency of their management. To fully understand the cost lets look at the following example:

Guerilla marketing, targeted PR, SEO, electronic mail and online advertising give clients looking for media exposure a new arsenal for branding their firms that is diverse, inexpensive and effective - if handled the right way. These latest electronic branding techniques, combined with traditional PR methods have brought corporate visibility to a new level. Now any company can become newsworthy and every company can be in the consumer's eye.

Do you really know what it takes to be a CPA? This article shows you how to break into this lucrative career!

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