I Advice - Business

The importance of an efficient marketing plan has been fully recognized. The search for a suitable marketing planer or software has already begun. Th

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

e concerned resources are in place. The time frames have been worked out; competition analysis is already taking shape. Target identification, produc

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

Examples of combination products may in

t dimensions, campaign managements, communication planning are all in place. But has anything been left out? Well yes, a clear pricing strategy has b

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

en side lined. The positive enthusiasm and energy towards succeeding could well end in a situation where lack of careful price management could tie y

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

ou down.

Price or MRP i.e. Maximum Retail Price or sales price is what you get when you sell a product. This sole factor along with its derivative i

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

Combination pro

e. corresponding profits determines your survival. Charity is great but mismanagement or lack of planning should not be attributed to the same. At no

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

stage should your long-term expenses soar beyond the firm’s earning capacity. Whatever language you use but the only means to survive in a business

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

ommunity is by earning or making profits. This undoubted fact obviously implies a diligent look into the pricing strategy while working out the marke

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

ting plan.

Pricing and Marketing?? The link between the two terms is quite strong. The price of your offerings decides the level, kind and scope of

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

your marketing initiatives. The prices themselves are however dependent on various factors, the lower end being marked by your cost while the upper e

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

nd depends upon the competitors’ offerings and consumer’s willingness to pay.

Setting up a price acts as an important indicator of the firm’s market

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

Following aspects would a

ing objectives. For instance, deciding the prices in consonance with your competitors, referred to as competitive pricing, is included in the overall

dd to the challenges in developing combination products:

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

marketing strategy to curb competition. Similarly, an exceptionally low price in a specific area or segment to capture the bulk of the market share f

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

alls under the preview of penetration strategy. A reliable and an economical product calls for less marketing attention while a high end, high priced

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

product meant for a cream section certainly demands a carefully designed marketing plan to back it up.

The correlation among the two firms though no

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 directly visible, is so strong that any decision in a department cannot be isolated from the other. Budgeting, an important component in devising t

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

Professional from academic institutions, pharmaceutical industries, health care indust

e marketing plan also works on the earnings and eventual profits earned by a firm which in turn depend upon the pricing strategy.

Priding strategy a

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

nd marketing planning go hand in hand where organizations are concerned. None can be worked out in isolation. A minor change in one implies a corresp

.

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

nding change in the other. It is hence, impossible to ignore the pricing aspect while making a marketing plan and vice versa, which is rightly so. A

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

Companies that provide selfless information through particip

clear price definition and cost estimation assists in making more practical marketing plans which in turn help achieve the planned profits for a firm

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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