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Even for well-established companies, I find many businesses have difficulty defining their target market. Yet the size and value of your market is key to plannin

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

g your marketing, to setting your sales targets and to raising money from your investors.

Since precise information is rarely available, I help my clients to make educ

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

Examples of combination products may in

ted guesses based on as much market research as they choose to afford.

How many prospects do you have?

If you can recognise your potential customers, you can p

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

obably count them in various groups and sectors:

Socio-economic - by money, and status
Demographic - by age, gender, racial group, religious belief,

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

ducation level, and risk attitude

Geographic – by state, region, county, and post code (or zipcode)

Life styles – such as yuppy, dinky, single paren

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

Combination pro

, 2P+2K, empty nester, and personal drivers

Quite often, the data (for the past year) is available from various sources: from government statistical r

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

ports, from media circulation audits and advertising surveys. To conflate data from several sources (often with differing periods), you will need to generalise the n

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

mbers into thousands and millions or fractions and percentages, so that the statistics become usable.

How much do they spend?

For each major group, you can

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

then estimate their sales behaviour:

What each customer group prefers.
How much each customer group spends.
How often they tend to buy with

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

n a year.

To help you guess well, I suggest that:

You survey your existing customers to calibrate your experience.
You check your c

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

mpetitors’ turnover to compare your performance.

You google the web to find who is researching your industrial and market sectors.

You

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

Following aspects would a

read market analyses (available from your industry association, chamber of commerce and business investment agencies) to pick up ideas from others.

dd to the challenges in developing combination products:

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

What market share do you want?

Based on this data, you are now ready to set your sales targets and plan how you want to get there.

If you want to doubl

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

or treble your volume, this is a project for which you need dedicated resources to add to your work team.

If you choose organic growth, you can a

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

opt the best marketing strategy for small businesses: learn a bit about your market, then do some targeted sales; then learn more … and sell more.

You might

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

also look for a business coach to help you define your goals well and to create an achievable action plan.

How often do you plan your marketing?

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

Professional from academic institutions, pharmaceutical industries, health care indust

t each exploratory step in your market, as you target your sales, you will gain a better return by focusing your marketing effort on the customers who most benefit from

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

what you want to sell.

For some businesses, you will find that an annual market planning exercise is most appropriate. Where your industry is in technology flux

.

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

or is changing size quickly, you might find that you need to re-plan several times a year.

I find that clients who persist in researching their market, showing curious

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

Companies that provide selfless information through particip

ty about customer trends, are more effective in targeting their market. This leads to more sales and better profits because these clients know what size their market is

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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Are you so serious about working at home that you would pay money to prove it? If you answer yes to that question, you are a prime target for scammers because this is one tactic they love to use.

Don't ask if a company has complaints. But, ask how they handle their complaints.

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