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Digg It - Marketing Tips- Who Are You Competing With?
Before you can market, you need to know who you are marketing to. Who is your customer? How will you mark
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
et? Will you cold call, mail, set appointments or employ a walk in approach? Be careful with the walk in
; 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
pproach as many businesses do not permit soliciting. You might just want to drop off information and foll
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
w up with a telephone call.
In order to determine who your market is look at your business plan. How d
In order to determine who your market is look at your business plan. How d
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 you define your average customer? What was your estimate of total market size? What territory did you i
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ntend to service? You might want to make a table for the following: Product/Service - list your product(s
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
or service(s). If you offer a variety of models or types, list them separately. This will more clearly d
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
fine your market. The more specific the answers to these questions, the easier it will be to determine a
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
arketing plan. What marketing techniques did you delineate in your business plan? Are you using them, and
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
if so, how effectively?
One of the best ways to determine what works best is to look at your competit
One of the best ways to determine what works best is to look at your competit
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
on.
What is your competition doing.? How are they marketing? What services do they offer? How do their
What is your competition doing.? How are they marketing? What services do they offer? How do their
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
prices compare to yours? Some of the ways to determine this information is to talk to prospects who are n
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
w using your competitors products or service. Ask them, "How can I offer and deliver the same things my c
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
ompetitors do - or better?" Obtain and study your competitors literature, for example, promotional materi
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
ls that outline price, what services they offer, products they are selling, etc. Keep all the materials o
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
tained on your competition and update this information on a quarterly basis. If there is a industry publi
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
ation that contains information on your competition, subscribe and read it. You may be surprised to find
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
stories that reveal important information on your competition. Attend trade shows, exhibits, and conferen
.
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
es for your industry. Read the local papers and papers in the area your competition is located. Ask your
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
ustomers what they like and dislike about your services or products.
Copyright DeFiore Enterprises 200
Copyright DeFiore Enterprises 200
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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