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E-Folder - Building A Successful Business In Ten Steps - Step 1 - Suss Your Competition
Always remember that your success depends on you and your positive mindset! Knowing what your competitor is doing is helpful, b
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
ut will not ensure your success!
When starting a new business, or thinking of starting a new business, it is very important to
When starting a new business, or thinking of starting a new business, it is very important to
; 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
check out who's already out there, what they're offering, and what they're charging and how they are marketing their services/prod
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
cts.
Learning about your competitors will help you to change, improve, or even reformat your products or services, and your market
Learning about your competitors will help you to change, improve, or even reformat your products or services, and your market
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ing techniques.
There are several ways to learn about your competitors, you can go to their store(s), talk and/or survey to their
There are several ways to learn about your competitors, you can go to their store(s), talk and/or survey to their
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
customers, read up in various industry reports, join industry associations, see where they advertise and of course go on the Intern
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
t.
The best, and easiest way, to find your direct competitors' Web sites, (if you don’t have them already) is to do online searche
The best, and easiest way, to find your direct competitors' Web sites, (if you don’t have them already) is to do online searche
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
s using Google, Yahoo, MSN, or any other preferred search engine. Make sure you search both the names of your competitors, and the
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
general description of your product/service, and if appropriate, the geographic location. If nothing is coming up, you might try
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
sing alternative phrases too.
After you locate several of your competitor’s websites, make sure you look through the entire site.
After you locate several of your competitor’s websites, make sure you look through the entire site.
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
Do you like their site? Are the colors conducive to purchasing? Is it easy to navigate? Is it easy to locate their products? Is it
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
easy to purchase something online? (If appropriate) Do they have a contact us page and/or an about us page? After looking though
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
he website, jot down what you liked and didn’t like, then decide to do something better or different with your website.
Completing
Completing
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
your review of several of your competitor's websites, you should see where the common thread is, are your prices in line with thei
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
rs? Are you targeting the same audience? What are you offering that is different? Then ask yourself, why would someone buy from
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
ou instead of your competitors? Use this knowledge and your positive mindset, (and superior product), and tweak your marketing and
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
sales campaign to enhance your sales.
Make sure that you round out your knowledge about your competitors by finding out how they
Make sure that you round out your knowledge about your competitors by finding out how they
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
fit into their local economies. Do they dominate a regional market where your business will have a presence? Ask yourself if this
.
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
will hurt you, and how you can do something different. Final question to ask yourself is, “How will you be different from your Com
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
petitors?”
For more on business success contact susan@amnenterprises.com for a review of your business strategy and start up ideas
For more on business success contact susan@amnenterprises.com for a review of your business strategy and start up ideas
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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