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Useful Advices - Magical Numbers for Increasing Sales
Many of us are aware of the marketing strategies many consumer based organisations use when getting people t
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
o buy their products at selected price structures. The most common price structure used to win over competit
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ion is the number 99 which has been proven to increase sales but have you ever considered other pricing nume
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
rals which may be just as advantageous over your competition.
Numbers in pricing products are more than mer
Numbers in pricing products are more than mer
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e quantitative data and numbers also have psychological values which should never be underestimated when bea
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ing your competition.
Many people are religious around the world, certain numbers have a religious signific
Many people are religious around the world, certain numbers have a religious signific
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
ance such as 12 for disciples and jurors and folklore.
The number 3 is associated with bad luck and the num
The number 3 is associated with bad luck and the num
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
ber 7 associated with being lucky. If you take these numbers into consideration when pricing your products o
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
r services you may tap into the psyche of the consumer and win sales by merely adjusting your prices accordi
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
ngly.
The number 3 should be avoided, a recent study into price setting tested consumer products with diffe
The number 3 should be avoided, a recent study into price setting tested consumer products with diffe
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ent prices other than 3 which concluded that the prices which sold best were 495 and 295 which equalled 34%
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
sales.
The price of 395 sold worst in the study which equalled 17% of sales with the number 7 in 9.97 sold
The price of 395 sold worst in the study which equalled 17% of sales with the number 7 in 9.97 sold
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
10% more than 9.98 or 9.96.
Small numbers generally promote simplicity, large numbers mean masculinity and
Small numbers generally promote simplicity, large numbers mean masculinity and
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
complexity. Even numbers, particularly the number 2 usually promotes femininity or convenience. Odd numbers
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
means power and happiness. A good marketing pricing structure when targeting the male market would be to use
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
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
large, odd numbers.
When targeting a female market, it would be more appropriate to use small, even numbers
When targeting a female market, it would be more appropriate to use small, even numbers
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
. The number 8 coveys power so use this number if you want to project a powerful impression.
However choosi
However choosi
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ng wisely is a recommendation when pricing products as generalising can be dangerous. Remember to consider p
.
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
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
sychological factors when choosing your numbers, a case study would be beneficial first using one of your pr
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
oducts as this would provide damage limitation in your sales market if this information did not work for you
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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