Useful Advices - Business

The who, what, where, when, why, and how

Knowing your competition allows you to identify a niche and develop your own unique selling prop

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

osition (USP). Clearly defining and understanding the core value you offer your clients can depend on your having a firm grasp of your com

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

Examples of combination products may in

etitors' strengths and weaknesses.

Where do you start?

1) Make a list of your competitors. Think big in this step. Don't just think abou

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

your direct competition; think about indirect competition in other industries as well. For example, as a copywriter I could list my compe

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

itors as fellow copywriters that do freelance work. But I don't want to stop there. Other potential competitors may include large ad agenc

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

Combination pro

ies, small ad agencies (each may play a different role with clients), technical writers, a company's in-house writers, journalists, and ev

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

n fill-in-the-blank templates you can purchase on the Internet.

2) From this broad-based competitive list, list specific companies you co

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

pete with. For example, in the "other copywriters" category, I may list Sally Field, Shelby Foot, and Joe Blow. Under the large agency cat

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

gory, I may have only one or two large agencies I run up against when bidding on projects. Follow this procedure until you've gone through

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

all the competing industries. Some may have no direct competitor and that's OK; acknowledging the potential is there--and getting the "bi

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

picture" of where competing business may lie--is what's important.

3) From this long list of competitors, pick your top three and do a d

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

Following aspects would a

tailed competitive analysis. These are the three you should also use for your marketing plan.

Gathering information

The next step in a c

dd to the challenges in developing combination products:

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

mpetitive analysis is gathering information through competitive intelligence (CI). CI is the practice of gathering, analyzing, and dissemi

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

nating information on what the marketplace requires (the demand), about how and you and your competitors meet these requirements (the supp

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

y), and how each strives to meet market needs better than others (the competition).

Gather marketing materials, visit stores, call and as

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

questions. These are common ways to collect competitive data. I go straight to Web sites and find almost everything I need there.

Here a

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

Professional from academic institutions, pharmaceutical industries, health care indust

e a few things to look for while gathering competitive information:

What products/services competitors produce Who their target audience

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

is Guarantees, pricing, hours of operation, and delivery options Overall, how do they position themselves (cheapest, best value, fastest,

.

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

nique, patented, etc.)? What is their USP? After collecting this data, do a little analysis. What is your competition really good at and w

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

Companies that provide selfless information through particip

at is it not so great at? Are there any holes in their product offerings? A niche they're missing? How does your business fill in the gaps

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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It is extremely important for Small Business Owners to understand how Merchant Account Rates work before choosing their Payment Processing Provider. This article will give detailed examples of how most Canadian Payment Processing Providers set-up their rates/fees for Merchant Accounts.

Are you opening a dollar store? If so never lose sight of the importance of cost reduction. In fact cost reduction efforts should take place from the day you start your planning. One of the major areas of cost reduction focus is the lease agreement for the store.

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