Useful Advices - Business

To know which of incentive and rebates would work better with your customers, you need to ask yourself five key questions:

Question #1 Is Majority of Your Customers Wom

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

en?

If so, then either’s fine because women love to shop, and they love to shop more if you’re offering them additional benefits to do so. You need to understand that w

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

Examples of combination products may in

omen – most but definitely not all of them – need no reason at all to shop so they’ll love you more if you’re offering them a legitimate reason to shop.

If majority of

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

your customers are men, however, then it might be better to offer them an incentive of sorts instead of rebates. Unless you’re willing to offer them instant debates – fu

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

nish the coupon and voila: the process of shopping is finished! – it’s rare for men to take the time to carefully cut out coupons, fold it and keep it inside their walle

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

Combination pro

ts – if they even use wallets that is and not the ever-so-compact money clip.

Question #2 Where are You Selling?

If you are selling your products and services in the 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

nternet, you’ll probably enjoy better marketing success by offering your customers an incentive. The correct incentive can even give you a competitive advantage. If, how

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

ever, you’re offering them with a rebate then be prepared to give them cash rebates instantly because that’s already what most websites are offering. If you offer anythi

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

g less than that, it should be more than compensated with the product or service you’re selling.

Question #3 State the Terms and Conditions Clearly

You’ve heard about

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

unethical stores or companies being sued for using illegitimate or deceptive marketing strategies. But have you heard about consumers eager to sue legitimate companies b

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

y twisting their words and winning hundreds or thousands of dollars from lawsuits?

You have to be prepared for similar eventualities when formulating incentive and reba

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

Following aspects would a

te strategies for your company. To avoid legal complications, always make sure that you file the appropriate licenses before offering any sales promo. Secondly, state th

dd to the challenges in developing combination products:

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

terms and conditions clearly and have a legal counselor check on it to ensure that there are no loopholes.

Question #3 What Is the Income Class Level of Your Customers

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

?

If majority of your customers belong to the lower or middle income class level, they’ll probably appreciate it more if you’re offering cash benefits. It doesn’t matte

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

r whether it takes the form of incentive or rebate just as long as it allows them to pay for something for a lower price.

The same rule applies for teenage markets. Con

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

sumers belonging to that age group generally don’t earn enough to spend huge amounts of cash and as such, they’ll no doubt appreciate rebates more than other incentives.

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

Professional from academic institutions, pharmaceutical industries, health care indust

Incentives may still work with the younger generation, however, just as long as you know what the latest trends are. Remember that younger generations prefer fashion ov

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

er usefulness and durability.

If, on the other hand, your target market belongs to the upper income class level, most people in this category usually prefer to pay for

.

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

their purchases by credit card. And since you need to base your marketing strategy on that, an incentive will probably work better in this instance than rebates. If you

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

Companies that provide selfless information through particip

are affiliated with a particular bank, you can then give your customers an incentive for using that bank’s credit card. Rebates will normally prove useless in this score

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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