Useful Advices - Business

Can you articulate the value proposition for your company’s products and services? Value propositions are c

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

ritical in influencing and convincing customers to make a decision to buy. A strong value proposition shoul

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

Examples of combination products may in

be used at every step of the sales cycle, whether it is making the initial call or closing the sale.

A va

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

ue proposition is a clear, concise series of factual statements about tangible results your products or ser

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

vices will deliver. Value propositions are focused on the customer. It’s about the value the customer is lo

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

Combination pro

king for and the value you can deliver. It’s understanding and meeting the needs of the client. The more sp

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

cific and targeted the value proposition is, the better. The value proposition should also differentiate yo

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

ur company from the competition.

Your value proposition should address customer needs, such as:

* Reducin

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

operational costs

* Increasing productivity

* Improving cash flow

* Improving inventory management

* I

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

creasing revenues and profits

* Increasing market share

To be effective, the value proposition must be cu

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

tomized to the customer’s specific needs. A strong value proposition should be mentioned multiple times in

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

Following aspects would a

every proposal. It should be a compelling reason that drives the customer to buy from you. A strong message

dd to the challenges in developing combination products:

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

about what it is you provide will go a long way in every step of the sales cycle.

Value propositions are d

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

signed to either relieve a pain or achieve a dream. Look at some great examples of succinct value propositi

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

ons that have separated these companies from their competitors: Wal-Mart’s “Everyday Low Prices” and Avis’

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

We Try Harder.”

Personal factors can also affect a buying decision. A value proposition for an executive m

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

Professional from academic institutions, pharmaceutical industries, health care indust

ght lead to a promotion, solve a problem that has had the person under extreme pressure, or help the person

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

gain control. Such personal factors are just as important as business reasons when it comes to making the

.

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

urchase.

A value proposition must be crafted to state what your solution does, its benefits, and why it is

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

Companies that provide selfless information through particip

better than a competitor’s solution. If you want to beat your competition, build a better value proposition

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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Useful Advices - The Power or Value Propositions

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