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Many business owners get very worked up about the issue of "The Competition". But there are many things to keep in mind about "Them" as you define your competition and plan marke

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

ting materials that stand out:

Big businesses aren't your only competition. Be sure to think about the smaller businesses that offer similar products or services-sometimes they

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

Examples of combination products may in

can be more of an issue than their size indicates.

Your competitors are not just the other businesses that provide similar products or services to yours. Your competition also i

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

ncludes the other things that your customer could purchase to solve their problem, even things that aren't in your immediate field. For example, massage therapists and chiropract

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

rs could be in direct competition for relief of back pain. Also, look for alternative solutions that might give your clients more pleasure-for example, a married couple having pr

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

Combination pro

oblems might be more likely to go on a vacation than to seek counseling.

Your competitors are often afraid of you, because you're their competition, too! So, keep that in mind-y

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

ou don't need to be terribly concerned about them in many cases. Don't make yourself a wreck over it.

Inaction, indecision, and postponement are other often-overlooked competito

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

rs. What happens if a client decides not to undertake the project or make the purchase? In these cases, you still don't get the sale, making this a valid form of competition that

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

you should be concerned about. Your competitors can even help you in many ways:

Direct cooperation: Partnering with your competition can expand the services that you offer, enha

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

nce your product offering, and allow you to brainstorm and leverage the knowledge of others in your industry. Cooperation can often be more powerful than competition.

Educating

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

your target market: The competition's articles, websites, and marketing materials can help to educate your clients so that they come to you with enough knowledge to make an infor

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

Following aspects would a

med decision. You can even think of your competition's articles and information as work you don't have to do, as long as you agree with their viewpoint and find their pieces well

dd to the challenges in developing combination products:

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

written. You could form an alliance with them to sell their information products as an affiliate, and make some extra money that way. Or you could link to their articles from you

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

r website to give your visitors more information on your industry.

Creating a stir: Competition between your business and other businesses can generate publicity for your servic

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

e or product offering, which can generate more perceived need or desire for the things that you offer. You might even get mentioned by name in an article!

Providing information

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

about what you are not: You can contrast your business with well-known competitors to point out what makes you different. By stating how you're different from a competitor who is

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

Professional from academic institutions, pharmaceutical industries, health care indust

widely known, you can often more easily express your differentiation.

As you can see, there's more to identifying The Competition than just finding other businesses that offer s

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

imilar services to yours. You have to consider small and large businesses in your industry, and you have to think about the other businesses that provide other solutions to your

.

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

clients' problems or give them more pleasure. You also shouldn't worry overly about your competition-they're often concerned about you as well. And watch out for inaction-clients

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

Companies that provide selfless information through particip

might do nothing instead of purchasing your solution. Finally, remember that your competition can provide you with quite a bit of help-competition doesn't have to be a bad thing

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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Technology is taking us into the future at a pace that is faster than we previously imagined possible. Our ability to conjure an image of what the world may look like five to ten years down the track is improving, thanks to new strategic planning theories and tools. However, it is our willingness to consider emerging, new categories of risk that is still a stumbling block for many business planners. Some executives and business owners are “risk adverse”, preferring to deal with a business interruption as and when it occurs. Yet it is through the discipline of Risk Management that we can improve our ability to survive in the cutthroat world of the modern economy. Risk management, when employed as an integral part of business operations, can improve both the quality and reliability of technology and how it is applied in real life.

Lean six sigma can improve the bottom line of many companies. The extra profit can amount to far more than you may realize.

The most important principle of marketing is to approach everything you do within the context of strategy. Most businesses make the critical mistake of only using tactical methods to craft their marketing. The question that must be addressed is: are you strategic or tactical?

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