Useful Advices - Business

Picture this scenario. You walk into your local hardware store to see advertised in the shop window “The brand new iRodentia – Digitally e

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

nhanced mousetrap with USB connection”, the mousetrap has the latest sleek chrome design and the product packaging is impressively decorat

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

Examples of combination products may in

d with the latest branding and big names. The mousetrap is endorsed by a celebrity superstar and the price of the product is ?89.95 (Or ar

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

und $179 US). Is this product going to be a success?

Sales and marketing departments have been known to spend excessive amounts of time e

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

amining, exploring, dissecting and cogitating for ways to find a ‘unique selling point’ for a product. The obsession with many is that the

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

Combination pro

e has to be, at all costs, something that differentiates their product from the multitude of other similar products on the market. This is

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

important, but what really is a unique selling point? Some of the biggest marketing disaster’s have been in not understanding this very qu

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

estion.

The answer to this is quite simple. The unique selling point is anything that triggers the customer’s buying cycle, i.e. that his

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

problem can be solved by your product. Our digital mousetrap fills a need in a customer, it catches mice. Is this product going to be succ

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

ssful on this premise? Of course not, normal mousetraps also fill this need, and at a fraction of the cost. If the digital mousetrap perha

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

s added the extra benefit of electronically disposing of the mouse after catching it then this is different. The unique selling point of t

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

Following aspects would a

is item changes to solving the need of people who don’t like touching mice.

The biggest problem encountered in selling a product is when

dd to the challenges in developing combination products:

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

ales people and marketers concentrate on the features of a product without identifying the need of the client. In a car salesman’s reperto

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

re, he will usually talk about the engine performance, miles to the gallon, fuel economy etc. but he will never sell a purple car to someo

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

ne who doesn’t like the colour purple. In this case the focus is on the engine performance and not on the colour purple.

Getting back to

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

ur mousetrap, is this the end of the story? Is the electronic mousetrap idea a non-starter? Probably not. The insanity of this product tog

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

Professional from academic institutions, pharmaceutical industries, health care indust

ther with a global brand name and celebrity endorsement could mean that this product sells in its millions. Why? Because, there is a targe

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

audience that loves the latest gadgets and toys. Were this product to become a fashion item or status symbol then people would buy it. Ho

.

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

ever, what is important to remember is, that the unique selling point of this item is no longer in catching mice but is in being a cool ac

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

Companies that provide selfless information through particip

essory. You will still not sell to someone who just wants to get rid of mice.

So, what is unique to one customer is not unique to another

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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Many small companies are trying to empower their employees and alleviate some of the hardships of over regulations, taxation and paper work. Often these small businesses will attempt to make their employees Independent Contractors. Where this might sound like a good idea it is also a very gray area of law and can get you into a real bind if not done correctly.

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