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Digg It - Unique Selling Proposition - Your Competitive Advantage!
To capture a larger market share and be viable, sustainable
and profitable, you absolutely need to differentiate or distinguish your business, products and/or services from your competitors.
In other words, you need to make you
In other words, you need to make you
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
r business special in the
eyes of your customers and/or prospects.
You can do this by creating what's called an Unique Selling Propostion or USP and then effectively convey that USP to your target market via your marketing
You can do this by creating what's called an Unique Selling Propostion or USP and then effectively convey that USP to your target market via your marketing
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
efforts and business
performance.
This is particularly crucial if you're operating in a highly competitive market.
What Is An Unique Selling Propostion?
Your USP is the one thing or idea that sets your business fav
This is particularly crucial if you're operating in a highly competitive market.
What Is An Unique Selling Propostion?
Your USP is the one thing or idea that sets your business fav
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ourably apart from your competitors'. It's a statement
of Advantages you bring to your customers that differentiate
you from your competitors.
It's the focal point around which the success and profitability of your business i
It's the focal point around which the success and profitability of your business 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
s built and so you must be able to state it
and fulfill it honourably and effectively. It's always stated
in terms of the benefit it delivers to your customers.
Think about this:
"What's the one thing that makes your business
Think about this:
"What's the one thing that makes your business
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
unique and
distinct? Why should people buy from you and not from your
competitors? Do you promise great value, benefits or service?"
Advantages could include factors like a broad range of product selection, superior customer
Advantages could include factors like a broad range of product selection, superior customer
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
service, highest quality, best
prices, and so on.
Effective USP Components
When formulating and implementing your USP, it's crucial that you bear in mind the following components:
1. Your USP must be truly unique
Effective USP Components
When formulating and implementing your USP, it's crucial that you bear in mind the following components:
1. Your USP must be truly unique
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
2. It must be strong enough to excite your target market and
get them talking about it.
3. It mustn't be easily imitated or copied.
Look, anybody can claim that they provide the best service in town - "We're The Numbe
3. It mustn't be easily imitated or copied.
Look, anybody can claim that they provide the best service in town - "We're The Numbe
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
r One Service Provider In America". Do you think this is credible? Of course not, people can see right through it; it's lukewarm and is an empty promise because you can't measure it and you can't hold them accountable. USP such as
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
this can in fact harm your business instead of helping it.
Your USP really needs to pack a punch.
Now, let's take a look at good example:
"Your Parcel Delivered To You The Very Next Day, or It Costs You Nothing!"
The above i
Your USP really needs to pack a punch.
Now, let's take a look at good example:
"Your Parcel Delivered To You The Very Next Day, or It Costs You Nothing!"
The above i
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
a powerful USP. As you can see, you can
actually measure it and hold the Company accountable; the company actually guarantees the delivery of your parcle the very next day or it doesn't cost you a cent.
Can you imagine what th
Can you imagine what th
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
is will do to the Company? It'll put it
head and shoulders above its competition.
Many business owners often wonder why they should be unique. They wonder what's wrong with being a "me too" business.
The fact is that if you're
Many business owners often wonder why they should be unique. They wonder what's wrong with being a "me too" business.
The fact is that if you're
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
unique, you're almost guaranteed
to outperform and outdistance your competition. It's also a fact
that a "me too" business will eventually go to the wall.
Let me ask a question:
Do you set up shop before identifying and form
Let me ask a question:
Do you set up shop before identifying and form
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ulating your USP?
If you do, don't!
Here's an illustration why...
You set up a provision shop in an area where there're already four of them operating in it.
The current market share is being split amongst the four provision
If you do, don't!
Here's an illustration why...
You set up a provision shop in an area where there're already four of them operating in it.
The current market share is being split amongst the four provision
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
shops, and out of the four, three of them are struggling.
By setting shop in that area, it means that the current market share will have to be further split amongst the five of you.
What makes you so sure that you'll be profita
By setting shop in that area, it means that the current market share will have to be further split amongst the five of you.
What makes you so sure that you'll be profita
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
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
le if you're not
unique and operate as an "also ran"?
The fact is that the odds is really against you because you're no different from the rest of your competitors.
The days where businesses compete on price and service alone
The fact is that the odds is really against you because you're no different from the rest of your competitors.
The days where businesses compete on price and service alone
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
is
no longer that effective because the potential customers can
always get what you have to offer much cheaper and with a better
service somewhere else.
What you really need is to be different and unique in order to outperfo
What you really need is to be different and unique in order to outperfo
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
rm your competitors.
By now you can see how powerful a statement of USP is to your business. As I've mentioned in the beginning, it is the focal point around which your business is built. It forces you to be clear and define exac
By now you can see how powerful a statement of USP is to your business. As I've mentioned in the beginning, it is the focal point around which your business is built. It forces you to be clear and define exac
.
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
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
tly what advantages your customers can expect from doing business with you.
And as such, it'll drive your marketing efforts and have a profound impact on your operations.
Coming up with a clear statement of your USP doesn't cost
And as such, it'll drive your marketing efforts and have a profound impact on your operations.
Coming up with a clear statement of your USP doesn't cost
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
you
money - just some of your time and thoughts. At the end of the
day, it'll be time and thoughts well spent because of the
increase in sales and profits that you'll reap.
Just do it today; this step is absolutely crucial
Just do it today; this step is absolutely crucial
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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