Useful Articles - Business

Do you have sacks of money to burn on your marketing and advertising? All of the small businesses that I’ve come across say they don’t. Yet there are a good number of small businesses that have held their own marketi

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

ng and advertising budget bonfires.

How does this happen? A conclusion I’ve come to is that many small businesses burn sacks full of money in advertising with miserable results because they just don’t understand 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

ore basics of how advertising works.

A common mistake made by many small businesses is doing "a little bit here, and a little bit there". Here’s an analogy to think about. Have you ever been around someone who never

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

finishes a full soda or drink before opening another one? You know the ones. The people who have several partly empty/full bottles or cans scattered around their work area or home. If we could visualize the small bu

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

iness that advertises “a little bit here, and a little bit there”, that's what they would look like.

When a business does “a little bit here, and a little bit there” they are ignoring a basic rule of advertising whic

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

Combination pro

h is to have a concentrated message in an area, medium, or market that’s most important to them. The small business owners who fall into this trap usually are the ones who become the most discouraged about advertising

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

I’ve heard them say, “Well, I’ve tried everything, but nothing seems to work. From here on out, I’m going to rely on my sign out front, and word-of-mouth advertising”. By doing so they’ve made the problem worse by

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

aking another mistake of removing themselves from the market and allowing their competition to have it all to themselves. The solution isn’t to withdraw. The solution is to dominate or concentrate the message in one

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

rea, medium, or market that’s the most important to the business with what can be afforded. And you don't add another medium until you can afford another "full one".

Another full one? Yes, fill one glass full befor

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

e you add another one, and fill that one to the brim before you add another one, etc.

One more offshoot of the “little bit here, and little bit there” philosophy is where small businesses market or advertise in such a

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

insignificant way in newspaper, radio, TV, etc. that they don’t make an impact. To demonstrate my point you just need to open up your local newspaper. Look for the businesses that have the smallest newspaper ads (bu

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

Following aspects would a

iness card size). Many times they’re bunched together in one big montage of ads. These montages or cluster of ads are nothing more than an advertising budget bonfire hosted by your local newspaper. It’s great for the

dd to the challenges in developing combination products:

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

newspaper but lousy for the advertiser because no one advertiser stands out from the another which completely defeats the purpose of advertising. It has been my experience that people who buy advertising on that level

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

do so because they think they're reaching newspaper readers without a large financial risk. Yet the risk is actually high because the chance of a reasonable return from one those "big groups of small ads" are nearly

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

on-existent.

If your advertising budget is too small to where you can’t afford the required size and repetition in your local newspaper, radio station, TV station, or other mass media in your local market I suggest th

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 you spend what you can in other ways. Use the money in relationship type marketing until your business grows enough to where you can afford the others. Relationship type marketing includes taking clients out to lun

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

Professional from academic institutions, pharmaceutical industries, health care indust

h, thank you calls, thank you notes, and membership in your local chamber and other community organizations. But just don't send in your chamber dues and expect advertising results. Become active in the organizations

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

you join so you can build relationships face-to-face which in return will build your business.

Marketing and advertising your small business the right way is much more complicated then just buying an ad in your mediu

.

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

of choice. That's because in marketing and advertising you’re trying to influence habits, thoughts and perceptions. To do so successfully takes planning, creativity, and enough time for your repetition to work. Mak

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

Companies that provide selfless information through particip

sure you develop the right message, commit to the repetition needed to make your message work, and develop a plan that has your message in the right places at a cost that will give you a fair return on your investment

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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The equipment of the Internet has disclosed about many changes in the way that we perform our lives and our personal craft. We can pay our bills online, acquire online, bank online, and even go broke online!

No matter how you earn a living, one occupational skill you would do well to cultivate is the knack for getting along with the boss; that dispenser of raises and promotions is probably the key person in your working life.

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