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The most common company naming trap is this – creating a new business name that’s accurate and descriptive, but utterly forgettable. And it’s easy to see how it happens. Unlike real life application, naming is usually done in a vacuum -- w

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

ith no context, no accompanying logo, web site or brochure copy. A group of key decision makers sit in a boardroom and toss names around in the air. And with no supporting cast, no background, no props, the good names often seem disconnect

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

Examples of combination products may in

d and even ridiculous. It’s at this stage the mind wants to make sense of the names and without context, without supporting elements, it defaults to free associations from the past. This is what kills off many a great brand name.

Imagine

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

a committee looking for a brand name for a new computer company. Someone suggests the word “apple.”

“Apple?” the group reacts in shock and bewilderment.

“That makes me think of my mother saying ‘One bad apple spoils the whole bunch,’” on

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

committee member protests.

“It sounds like something fruity to me,” claims another. “We can’t be perceived as a fruity company!”

“And what about worms that get into the apples,” a third member agrees. “And the way they rot, and how the

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

Combination pro

uice gets sticky, and how…”

“All right!” the suggestee apologizes, curling up in a near fetal position, vowing she’ll never venture another idea.

And so the group comes to absolute agreement that the name must convey what the company doe

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

s. So the next set of suggestions seem right on target…

“United Computer Manufacturers”

“General Computer Systems”

“Quality Computer Corporation”

“Superior Computer Builders”

“Global Computer Worldwide”

The closer the committee comes

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

to describing the “what” of the company, the more they become homogenized and blend right into the rest of their industry. They sound more like a business description than a brand name, and in doing so they obscure the very identity they a

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

e trying to create. They don’t realize that the new company name will exist in a setting that helps define it, so that the name is free to evoke feeling and emotion. An apple is fresh, approachable, healthy, and invigorating. And so a comp

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

any can borrow on the attributes inherent in a completely unrelated item to convey the way they approach its business.

So if creative company names are so much more memorable and effective than descriptive names, why is it that so many bu

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

inesses make this basic mistake? In large part it’s because we conditioned from childhood to conform, to be like others, and to follow the leader. As much as we don’t like to admit it, most of us would rather follow an established trail th

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

Following aspects would a

n to blaze a new one. One of the first questions I ask potential clients is whether they want their new company name to blend in, or to stand out. Most adamantly say they want to stand out, but when stand out names are presented, the red f

dd to the challenges in developing combination products:

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

lag goes up.

“I’m not sure,” they might say. “These names are unique, but they’re so different from anything in our industry.”

And so it goes. The names continue to blend in until someone names an airline Virgin instead of Southwest. Or

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

n online job site Monster instead of CareerBuilder. Or a massive online store Amazon instead of Books-a-Million.

Not only are descriptive names less impactful, they are more difficult to visualize. I can picture a Monster, but I have trou

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

le picturing a Career Builder. When it comes to beach shoes, I can imagine a pair of Crocs, but not a pair of Keens. These vivid mental pictures provide yet another way to anchor the brand name in the customer's mind for easier recall.

Cr

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

eatives names are also less restrictive. If you have a purely descriptive name, what happens if your company's core products or services being to change? How much additional advertising does it require for Burlington Coat Factory to convin

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

Professional from academic institutions, pharmaceutical industries, health care indust

e customers they sell more than just coats?

Are highly memorable names the only way to go? No. Some small businesses don’t have the luxury of a marketing budget and resort to literal names out of short term necessity. And there are other

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

viable naming strategies that work well. But for those looking to build a brand name that will set them apart, and reserve more space in the customer’s mind, then an evocative, memorable name is the way to go. Seth Godin makes a convincing

.

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

case for memorable company names in his New York Times bestseller, Purple Cow: Transform Your Business By Being Remarkable.

So whether you name company after a river, a fruit, a dessert, a reptile, or even an odd color bovine, chances ar

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

Companies that provide selfless information through particip

you will, on a minimum, make a name for yourself. And once potential customers notice and remember your company, the rest is up to you. If you do your job well, you’ll have a company that’s not only memorable, but one that’s unforgettable

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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Storm clouds are hovering in the drug research domain where Indian companies have raked in the moolah from a string of successful discoveries. Research costs are on the rise and the chances of success in discoveries are less. The time to develop new drugs has also lengthened. A few years ago, it took around two years to launch a new drug; it now takes over six after approvals and clinical trials.

Want to increase your bottom line? You might have hidden money in your business that can only be discovered through proper investigation. Learn why revenue recovery is crucial to your business success...

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