Cases - Business

Why is building a business foundation important to marketing?

It will not matter how slick or effective a marketing program is if the business foundation

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

is not in place. As a consultant the tendency is to look after other people’s business and not our own. It is like the proverbial cobbler and the shoes. On

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

Examples of combination products may in

y the cobbler’s children go barefoot. This is very true for most consultants. The structure used quite often will not lead to effective execution of a mark

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

ting plan and to also follow-through on the results of the campaign.

Look at the current structure for your consulting business. Do you have an organizati

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

nal chart based on job function? This does not mean hiring others to do work, it simply means there needs to be a basic understanding of the jobs that are

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

Combination pro

ecessary for the company to move forward profitably.

Here is a structure that may fit a small one person consulting firm:

Business Overseer – drives the

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

irection of the company, determines what the best course of action may be when taking a look at the big picture.

Business Development – researches potenti

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

l markets and analyzes feasibility of these markets. Marketing – creates and uses tools to drive the corporate message to existing and potential business.

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

uts together an effective plan with a timeline and rollout dates. Project manages each step through development of collateral to client interest.

Sales –

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

ollows-up on marketing efforts to connect with new prospects, networks at appropriate venues as dictated by the marketing department, cares for and nurture

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

existing clients, asks for referrals from clients, gathers testimonials, sets appointments to complete the sales process including signing of contracts. T

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

Following aspects would a

he ultimate responsibility is to make sure the company has a full pipeline at all times and that sales are constant and consistent.

Consulting – closes th

dd to the challenges in developing combination products:

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

loop between big picture, marketing, and sales through execution of the project. Manages the project, finds the appropriate resources to complete the proj

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

ct, and stays within timelines and budget as set out in the contract. Is responsible for thrilling the client through going above and beyond the requiremen

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

s. Also needs to ask for referrals to help fill the sales pipeline plus getting the testimonial from the client. Must scout out more work while still engag

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

d in the contract. Passes most sales leads back to the sales department for follow-up.

Administration – responsible for the financials of the organization

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

Professional from academic institutions, pharmaceutical industries, health care indust

Keeps track of schedules of one or more consultants, looks after the running of the office, knows what is happening on all projects including current mark

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

ting and sales initiatives. Acts as a conduit to the consultant.

There are more positions that need to be added to the structure as your consulting practi

.

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 goes. Once the jobs are placed into an organization chart, a descriptor of the job functions need to be determined. Once this is accomplished, it will be

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

Companies that provide selfless information through particip

much easier to allot time to the components. You can never leave out a component, if you do, then the job will catch up with you and become an onerous task

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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This article explains what identity theft is and gives advice on the best ways to prevent becoming a victim of identity theft.

Knowing your competition allows you to identify a niche and develop your own unique selling proposition (USP). Clearly defining and understanding the core value you offer your clients can depend on your having a firm grasp of your competitors' strengths and weaknesses.

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