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Creating Your Unique Selling Proposition

"Don't tell them what you do. Tell them what you do for them.”

To capture a larger market share and remain profitable, you absolutely, positive

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 need to distinguish your products and/or services from your competitors. In other words, you need to make your business special in the eyes of your clients: You need to create a Uniqu

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

Examples of combination products may in

Selling Proposition, or USP.

So what is a USP?

Simply put a USP is that one distinct idea that sets you and your business apart from your competitors. Or put bluntly it's your respons

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

e to the question “Why should I buy from you?”

The competition out there is relentless and the chances are you already work in a very diluted business sector. So, what is going to make

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

ou stand out, what is going to get your business get noticed?

What's the one clear and overriding reason why I should do business with you?

I'm looking through the Yellow Pages, visiti

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

Combination pro

ng your website, reading your letter, so tell me, “Why the hell should I buy from you?”

Don't say, “because we offer great customer service”, or “we offer a service that's at a price ri

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

ht for you” – don't we all?! Think about what makes you unique – what's the one thing that your business offers, something so compelling that I'm going to contact you and nobody else?

W

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

hy should I, your prospect, choose to do business with you versus any and every other option available to me in your category?

Deciding on your Unique Selling Proposition can take time,

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

and perhaps you don't know what it is… Yet. If this is the case, then I have three powerful ways that you can use to generate your USP.

Firstly, ask yourself these questions:

• What is

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

my business really good at?
• What aspect of my business is totally unique?
• What do I provide that no other competitor does?

Secondly, ask someone else. Ask a client why

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

hey use you – what is it about company that they like? This can be extremely revealing, as very often their objective view point can turn up something very different from your own percei

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

Following aspects would a

ed USP.

Thirdly, imagine you're the customer. Come up with a reason to do business with your company, and then ask yourself ‘So what?' Keep asking yourself this question until you've ge

dd to the challenges in developing combination products:

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

nerated something very unique and special.

For example, let's imagine you run an accountancy firm, the conversation could go something like this...

Why should I do business with you?

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

Because we offer a great service.

So what?

- Well… Because we understand the needs of local businesses.

So what?

- Well… Because our work is second to none. We offer an extremely pr

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

ofessional and accurate service.

So what?

- In fact we believe our work is so good, we offer a full money back guarantee if your not satisfied. In fact , you could say we're 100% accou

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

table to our clients.

You get the idea…

Now once you've generated your Unique Selling Point, there are then two MAJOR factors you must remember and commit to. Number 1) you must LIVE U

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

Professional from academic institutions, pharmaceutical industries, health care indust

P to your USP, you most honour it. It's no good offering, say, a money back guarantee, and then not actually going through with it. Number 2) use your USP in every aspect of your marketi

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

g material – literally scream it from the rafters. Include your USP in your brochures, direct mail, emails, website etc.

It's surprising how many business owners will spend more time (a

.

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

nd money) deciding how their company logo should look, as opposed to working on something as crucial as their Unique Selling Point.

Put it this way, when did a company logo last sell a

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

Companies that provide selfless information through particip

ervice? Or put it another way, how much will it cost you to develop a Unique Selling Point? NOTHING. And how much income could this one concept generate for you? Maybe… TENS of THOUSANDS

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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