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Digg It - The 4 P s of Marketing: Effective Marketing Programs Depend On Them
There is no shortage of marketing programs, many with great profit potential. The challenge is to sift th
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
rough and choose the ones that are right for your situation -- the ones that have the greatest pot
; 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
ential to grow your business.
A key to knowing which marketing programs to choose involves thoroughly un
A key to knowing which marketing programs to choose involves thoroughly un
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
derstanding how to leverage the 4 P s of marketing -- price, product, promotion, and place -- to reach an
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
d appeal to your target audience(s). When you have addressed these strategic issues, you are better able
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
o choose marketing programs with the most potential to increase your business.
4 P s of Marketing --
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
Price, Product, Place, and Promotion
Too often, we tend to focus on "promotion" to the detriment o
Too often, we tend to focus on "promotion" to the detriment o
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
f other P s in the marketing mix. When choosing programs for your marketing plan, consider each of
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
the marketing 4 P s -- price, product, place (distribution), and promotion. You are likely to find the r
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
esults much better than if you include promotions alone.
The opportunities for incorporating all 4 P s i
The opportunities for incorporating all 4 P s i
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
to your plan are numerous. You may find, after studying the competition, that increasing or decreasing yo
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
ur price is likely to result in better profits for your business. Perhaps there is a distribution channel
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
(electronic delivery or mailorder, for example) you haven't fully integrated into your business. With re
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
spect to products, developing a new product or giving an existing product a facelift are examples of busi
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
ness-building programs.
You are likely to have se
Target Your Audience Using Marketing's 4 P s
You are likely to have se
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
eral potential target audiences. Choose which to focus on by considering the 4 P s. Which audience will y
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
ou be able to offer an attractive product to, while also charging a competitive price and earning accepta
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ble margins? Will one audience respond better to promotions? Are you able to reach some more easily with
.
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
existing distribution channels than others?
By answering these and other questions related to the 4 P s
By answering these and other questions related to the 4 P s
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 will be better able to make marketing decisions and choose effective programs for your marketing plan
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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