Useful Advices - Business

Many companies over the last 5 years have been forced to cut their marketing staff and eliminate positions that were critical to their operations. Those positions include director, vice-pre

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

sident, and other marketing management positions including product management and product marketing. To counteract this trend and to overcome this shortfall, many companies are increasingly

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

Examples of combination products may in

looking to outsource their marketing management functions to firms that can provide contract or fractional marketing managers at different levels of their organizations.

How can this work?

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

Easily! This is the age of “renting” specific employee expertise, instead of “owning” it. A company that needs a vice-president of marketing who can provide strategy and direction can now

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

ontract that function for a fractional portion of a total full-time employee. Bring that person in on a weekly or monthly basis as necessary in order help plan and direct the marketing effo

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

Combination pro

ts without having to pay for that person a full time salary.

This strategy offers distinct advantages to a small or medium sized company trying to conserve its cash and keep its payroll und

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

r control. A top Vice-President of Marketing could cost $200,000 in today’s economy on a full-time basis. Many companies don’t need nor can they afford such a person on their team, but cou

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

d greatly benefit from fractional portion of that person’s time. So if your company needs this type of talent part time (say a day per week), it could spend $40,000 a year and still have ac

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

ess to strategic thinking and the skill sets of a top marketing executive without having to pay for it on a full time basis.

We see this trend happening through the ranks of director-level

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

arketing management, Internet marketing, product management and product marketing functions. Companies need to have these functions capable of servicing their organizations but don’t neces

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

arily need them on a full-time basis. So they increasingly look to outsourcing or staffing firms that can provide a talented marketing leader on an ongoing basis, but part-time. This is a

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

Following aspects would a

very cost effective strategy for organizations that are trying to grow and need access to human capital and marketing functions, while still being able to contain costs.

If your company is

dd to the challenges in developing combination products:

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

onsidering looking for a new vice-president of marketing but you are concerned about whether or not you can afford the salary of such a person, or if you’re looking for a Product Manager, a

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

roduct Marketing Manager or a Director Of Product Marketing to lead a team, consider the option of outsourcing this function through a marketing staffing firm who can provide you with this s

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

pport, on a part time basis.

Product Management and Product Marketing fit this model perfectly. Many companies don’t need full time Product Manager in order to plan and roll out new produ

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

ts or provide support to their sales force, but they do need some form of product management either on a part-time basis or during peak periods of new product launches. These scenarios lend

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

Professional from academic institutions, pharmaceutical industries, health care indust

hemselves perfectly to hiring a Product Marketing Manager on a part time basis from a staffing firm.

We see many companies that look for this sort of fractional or interim management suppor

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

in order to get the necessary work done, while lowering their overall costs in staff functions that don’t directly relate to driving revenue. A fractional product manager or product market

.

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

ng manager can perform all of the critical functions that are required in order to support new product rollouts, product development, and sales force training without having to be full-time

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

Companies that provide selfless information through particip

n your staff.

Think about using a sales and marketing staffing and recruiting firm as a critical resource to bring in the people that you need in order to fill the gaps in your organization

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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