Cases - Business

Want to increase sales within your company? It’s not as hard to do as some might have you believe. Though we as a nation are in the midst of an economic down

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

turn these past two years, your company does not have to be. What follows are three simple steps to increase sales, no matter the economic conditions.

1. Si

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

Examples of combination products may in

mplify your advertising

Consumers today are inundated daily with advertising campaigns and solicitations. Frankly, most of these advertising campaigns are n

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

t worth the money spent on them. Why? Because they continue to use the same methods as their competitors (direct-mail, billboards, internet advertising, tele

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

vision advertising, and radio advertising) and in the same manner. What has resulted is a society immune to “pitches”, “angles”, and “tricks” that get them t

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

Combination pro

o become consumers of your products. Some tips to simplifying your advertising:

-Avoid cliches. Most are overused anyway.

-Be better, not best. Most produc

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 are pitched as “the best” of their kind. Consumers don’t always need the best, however. They just need products that are better than most.

-Less is more.

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

Don’t allow your message to become lost in the tidal wave of stimuli thrown at consumers. Shorter, succinct messages work well.

2. Target the few

Once you

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

have begun to simply your advertising, focus your message on those few people who begin trends rather than follow them. Perhaps you have friends like this-th

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

y revel in finding new products to love. They enjoy having the “newest” product, the “coolest” ideas, the “different” gadgets. These types of consumers becom

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

e walking billboards, and should be the focus of your advertising. They actually do most of the advertising work for you. Some tips:

-Know what makes your p

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

Following aspects would a

roduct better. Make it the theme of your advertising message.

-Know what makes your product different. Emphasize this.

-Worry less about those who are apat

dd to the challenges in developing combination products:

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

etic towards your products. Worry more about those that are extremely enthusiastic. Cater to them.

3. Build the relationship rather than the sale

Becoming

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

a better salesman is easy: improve your relationship skills. Most consumers are looking for peace of mind rather than products anyway. Seek to first build tr

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

ust and understanding in your relationships with consumers. There are over a dozen hair salons within five miles of my house, yet I always drive twenty minut

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

s longer to get my hair cut each month. Why? Because I enjoy my relationship with the individuals that cut my hair at this particular shop. We talk, we laugh

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

Professional from academic institutions, pharmaceutical industries, health care indust

. I enjoy the experience. Thus, I return, even though it is over ten miles from my house, and somewhat inconvenient. I don’t pay for the haircut as much as I

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

do the relationship. Im a loyal consumer.

Some tips:

-Focus on producing value more than selling products. Make quality products, hire quality people.

-L

.

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

arn about your customers at every opportunity

-Talk price last, not first. If price is the determining factor for buying your product, you’ve lost control o

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

Companies that provide selfless information through particip

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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