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Digg It - Growing Your Brand Assets
Okay. Raise your hand if you think brand management is just for BI 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 G companies (like Target, McDonalds or Ford.) Wow! That's a lot of ; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug. Examples of combination products may in hands! Well, guess what? You're all wrong. Brand issues are impor lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together. tant to ALL companies for the simple reason that people buy from o here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe her people. People have personalities. Branding establishes and co d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations. Combination pro mmunicates a company's personality (sometimes referred to as compa 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 y image.) Think about YOUR company. What personality or image do 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 you want to present to customers and prospects? Should it be warm, nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically friendly, and down-to-earth? Polished, knowledgeable, and sophisti 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 cated? Does your company’s current logo and literature design ref ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi ect the image you want to present? Is your company's personality p ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it. Following aspects would a esented consistently in all forms of communication? Are you overw dd to the challenges in developing combination products: Which markets to tap where the combination products can do fairly well? Which combination prod helmed now? Let me simplify. There are four key steps in brand man cts are meaningful and rational? Which therapeutic categories to select? Which Combinations can address unmet needs of the patients? Do combin gement: 1) Positioning - identify your company's unique benefits tions increase the patient compliance? What would be the developing cost? How to tackle the risks encountered during combination product developmen and image. 2) Planning - develop a road map for your brand identi 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 y programs. 3) Protection - guard the integrity of your brand. 4 ping new procedures for reviewing their safety, efficacy and quality. Professional from academic institutions, pharmaceutical industries, health care indust ) Promotion - build awareness of and preference for your brand. B y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products and management is an ongoing process, not a destination. Bad news: . 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 the work is never done. Good news: if you do the positioning and elopment. They need to be wiser in analyzing the market trends and the regulatory requirements. Companies that provide selfless information through particip lanning up front, protection and promotion programs flow naturally 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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