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You have a great product or service… Now, how should you market it?

You have to make others know about what you have to offer. There is no good in having a great idea if you don’t know h

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

ow to sell it, right?

Your motivation is financial independence (MONEY); you establish a quality product (your service), and you go out into the harsh competitive world and sell it (MARK

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

Examples of combination products may in

TING) while you also sell yourself (ME)!

Here are a few tips and a real example which you should keep in mind in order to prospect.

MONEY:

Let’s admit it: Money makes busine

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

s and business makes money!

If you are looking for venture capital, try to get investors interested in your product/service by attending venture capital forums such as “Keirets

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

” or “Angel”.

Do your homework: look for the best bank loans and compare them all before you finally choose one.

Procurement sessions (one-to-one meetings with big Co

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

Combination pro

porations) could also be beneficial for your business.

Take advantage of the fact that you are a woman and that you own a business; find procurement contracts for women and mino

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

ity owned business.

Find a strategic partner who you can do business with: together you will be stronger.

MOTIVATION / ME:

It’s not what you know that c

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

unts… but WHO you know!

Always update yourself and your knowledge, so that your Competitors don’t win the race.

Be part of Committees with which you may feel identif

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

ed with (e.g. National Latina Business Women Association) and learn from other people’s experiences.

Get connected to your community and gain exposure.

Be detail orie

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

ted, show your customers that you care. Do a good job with follow ups and remember people’s names when you first meet them.

Remember that all leads count; be there for your clie

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

ts 24/7… don’t make them play telephone tag with you. Always take care of their calls and needs.

Feedback: listen to what your customers suggest.

Never imprison yourse

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

Following aspects would a

f at your office and never forget that there are no physical limits: internet! MARKETING:

Take great care and time in building your webpage.

Make attrac

dd to the challenges in developing combination products:

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

ive business cards and brochures.

Display your brochures on a display-table from where people can pick up some literature regarding your Company.

Attend all the networ

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

ing sessions that you can, and try to be the speaker in some of them.

Attend expos and shows where you can get to talk personally about your product/service with your customers.

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

/li>

Try to get business mentoring.

After taking in mind these tips, a cheap and effective way to market your business could be to organize an educative seminar related

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

o your business where you could get to speak to an audience of potential customers (e.g. a financial planner who gets to talk about retirement). Your motivation and attitude will be cruci

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

Professional from academic institutions, pharmaceutical industries, health care indust

l to your seminar’s success, make them trust you. After all, you want to make business with them, but you also want to help their own business grow thanks to your product/service.

Get th

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

most out of your seminars by having all the data of the people who are going to attend, so that you will have quality leads. In order to prospect some more, you will need a web-based app

.

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

intment scheduling tool. You could advertise your current phone number to which potential clients could call to and book into a seminar reservation on a given day to come and listen to yo

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

Companies that provide selfless information through particip

speak on how you could for example, plan a retirement if you were a financial planner.

To sum up, Money, Marketing & Me is real easy:

Be Motivated

Be prepared, and always

Be hands on

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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