Useful Advices - Business

Retailers face an intense competitive environment. With the growing availability o

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

f retail space there are more stores joining the marketplace. At the same time the

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

Examples of combination products may in

re is also a great deal of money to be made at the retail level.

Consumers have m

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

re disposable income to spend, and have become accustomed to experience shopping a

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

s a form of recreation.

Here are some strong selling strategies that can be used

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

Combination pro

by retailers to produce more sales.

Retail Selling Strategy #1

Display the origi

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

al retail price, or manufacturers suggested retail price, next to your price. Make

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

the two prices very clear so that shoppers will realize what a great bargain they

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

are receiving.

Retail Selling Strategy #2

Offer free promotional items. If you

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

ant to increase your retail sales you should strongly consider using promotional i

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

tems. Promotional items should have a high perceived value, such as a free DVD or

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

Following aspects would a

CD. Give them away with every purchase over a certain amount. You can offer a high

dd to the challenges in developing combination products:

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

r priced value giveaway for larger purchases.

A clever retail idea is to figure o

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

ut what your average retail sale is, then offer a give away for sales higher than

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

that average. This strategy should increase your average sale since people will wa

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

t the giveaway.

Retail Selling Strategy #3

Offer a loss leader. A loss leader is

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

Professional from academic institutions, pharmaceutical industries, health care indust

a product which you sell to bring attention to your store. If customers are used

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

to paying $1 for a pair of socks, but you sell them for .05 each, you will have cu

.

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

tomers lining up to buy them from you.

You will be losing money on the socks, but

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

Companies that provide selfless information through particip

think of how many other items your customers will buy once they are in your store

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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