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Direct marketers from a wide range of industries have found a plethora of opportunity b

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

y marketing to new business owners. It doesn't take a marketing genius to make the con

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

Examples of combination products may in

ection that new business owners have plenty of needs. Office supplies, insurance, sta

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

fing, credit card services, the list is seemingly endless. Business leaders within the

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

e vertical markets don't need to be told that marketing to new business owners is a goo

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

Combination pro

idea.

It is vertical markets leaders in the home security, appliance and automobile i

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

dustries that need to start scratching their heads and thinking about reaching new busi

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

ess owners.

Some less than obvious facts are that new business owners are 150% more li

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

ely to install a home security system in their home within the first 6 months of starti

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

g their business. They are 70% more likely to upgrade their home appliances and they a

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

e 200% more likely to buy a new car. It is these and many other hidden prospecting nug

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

Following aspects would a

ets that marketers in all markets should consider when developing their marketing strat

dd to the challenges in developing combination products:

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

gies.

Knowing the proclivities of this market is a great start. What is even more com

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

elling is that research shows that new business owners spend 20% more time on the inter

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

et and 34% more time listening to the radio than a typical consumer and they are 150% m

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

re likely to respond to a relevant direct mail offer than the typical consumer.

Market

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

Professional from academic institutions, pharmaceutical industries, health care indust

rs should consider a multi-channel approach when reaching these goldmine prospects. A

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

trong direct mail foundation, supported by web based marketing and a local radio presen

.

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

e can lead to new opportunities in a market that grows by over 268,000 prospects each m

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

Companies that provide selfless information through particip

nth.

If new business owners aren't part of your current marketing plan, they should be

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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Digg It - New Business Owners, Looking Beyond The Obvious

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