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Lack of understanding and old thinking has long cost small business owners their competitive edge and despite a steady stream of research proving the effectiveness of Internet marketing, yet again, it has mostly been larger firms taking advantag

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 of this new advertising medium.

According to projections by eMarketer.com, online ad spending in 2005 grew by more than 30%, surpassing the $10 billion mark for the first time. But many small and medium-size business owners (SMEs) are still w

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

Examples of combination products may in

ary of introducing Internet marketing to their business plans. If you listen to their reasoning, the Internet might be considered as the fax machine once was: unnecessary, unproven and not cost effective.

Well, today ignoring the benefits of an

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

Internet marketing strategy can cost them far more in lost profits than choosing postal mail over faxes. Recently a study was done to determine the top 3 reasons small businesses have been reluctant to fully embrace the increasingly relevant In

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

ernet in their marketing plans. The results showed similar misconceptions on both sides of the Atlantic as to what Internet marketing is, and what it can do for their business.

Myth #1: "My business doesn't need Internet marketing" Lack of perc

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

Combination pro

eived need was the most common reason offered up by the focus group participants, but few successful business owners would ever say that their business doesn't need to advertise. Internet search engine giant Yahoo!, whose advertising network rea

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

ches 80% of active Internet users (Nielsen/NetRatings, 2004) has hundreds of business categories in its directory right down to the smallest niche businesses. The reality is that if you have a product or service to sell, prospects are looking fo

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

r it online, even if the actual purchase is made offline. The objective is that your website (or ad) be found when someone is looking to buy, and today's local search algorithms bring those local searches to you, the local business.

Myth #2: "I

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

ternet marketing is too expensive" It's well documented that small business owners are cost sensitive, but it's a misconception that Internet marketing is expensive. In fact, Internet marketing solutions are in many cases considerably less expen

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

sive than most traditional advertising media that business owners are more familiar with. For example, a modest display ad in a yellow page phone directory can cost a company thousands of dollars per year while offering virtually no way to targe

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

t specific customers or track the quality of leads produced (if any). With that kind of budget--or in most cases considerably less--a Pay-for-Performance search engine marketing campaign can deliver precisely targeted (they are interested or the

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

Following aspects would a

y wouldn't click) leads to a business' website, while documenting which ads produce which sales, and even directly tying specific activities such as telephone calls, e-mails, and/or online forms directly to a specific ad for real-time analysis a

dd to the challenges in developing combination products:

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

d action. Direct mail and print advertising can be replaced or supplemented with email marketing and online promotions for pennies on the dollar, again offering better customer targeting and performance tracking capability. And because Internet

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

marketing solutions can be deployed far more quickly than other forms of advertising, business owners are better able to respond to changes in the marketplace and adjust on-the-fly.

Myth #3: "I don't know where to start" For those small busines

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

s owners that do see the value in Internet marketing, not having an Internet marketing strategy comes down to a matter of choice--or too many choices. Unfamiliar with the topic, getting help can be quite daunting. They can't afford to make the w

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

rong decision, so sometimes they play it safe and stay out of the game altogether. But that decision is shortsighted, and limits their potential in today's market. The best advice is to approach the situation the way you would when seeking out h

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

Professional from academic institutions, pharmaceutical industries, health care indust

lp in any other area: Ask around, get referrals from friends or acquaintances; don't make a decision based solely on price, and beware of offers that sound too good to be true. Ask questions about the company and their experience, and read throu

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

gh their own website. Find out how long they've been in business and ask for client testimonials and/or case studies. Also think about whether they are locally based - it is much easier to get help if they are close by and willing to visit 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

place of business.

As in the past, it's important that business owners become proactive and not let old thinking stifle their growth. The internet has been called the great equalizer, and in many respects epitomizes the very fabric of our free-

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

Companies that provide selfless information through particip

market society. Companies who continue to ignore Internet marketing opportunities risk being left behind by competitors that have looked past the myths and discovered that sometimes changing the way things are done can be quite a profitable move

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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There are three simple things that you can do to combat time leaching activities.

It doesn't matter if you are a small firm offering computer parts to local businesses or sell clothes to a wide range of international consumers, launching your bricks and mortar venture across the Internet will most definitely work in your favor.

The evolution of reverse logistics for manufactured products is developing in direct proportion to the rapid advancements in technology and the subsequent price erosion of products as new and improved products enter the supply chain at a faster pace. With such thin margins and so much competition, mismanagement of the supply chain can be devastating. Those organizations with the infrastructure to capture and compare the composite value of components with real time intelligent analysis and disposition based on changes in refurbishment cost, resale value, spare parts, repair and overall demand will not only become more profitable, but such flexibility and scalability will allow them to outmaneuver and eliminate the competition.

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