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“Never underestimate your competition.” Today, that old business adage holds more meaning than ever, but many companies do not take time to objectively assess their company or products an

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

d compare them to their adversaries in the marketplace. Worse yet, some companies even feel that their products have no competition. Though it can be daunting to look at the realities of

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

Examples of combination products may in

your market, understanding your competitive business environment is critical when planning for your company's future profitability.

Hammers Vs. Crowbars
First, let's clarify: everyon

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

e has competition, though it may not always seem obvious. Marketing experts cite two categories of competition: indirect and direct. Every company has indirect competition, no matter how

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

unique or high-tech their product or service.

Indirect competition provides the same benefit the customer obtains from your product, only in a different form. Take, for example, the Acm

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

Combination pro

e Hammer Company. Acme's indirect competition comes from whatever customers use instead of hammers. Those more creative in the craft of carpentry might use a crowbar to drive a nail into

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

a board or pry it out of wooden siding. That makes a crowbar manufacturer an indirect competitor.

Looking at it this way, the possible indirect competition seems almost limitless, but i

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

t is critical to acknowledge all the options your customers have to meet their needs. You can use information about indirect competition to realistically target your markets, create your

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

positioning and messaging or creatively and efficiently developing new products and marketing strategies. Remember, even though the indirect competitive product is not at all like your pro

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

duct, you can still lose an order because of it.

Hammers Vs. Hammers
Acme's direct competition might come from other tool manufacturers such as Stanley, Husky and Craftsman. Because

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

direct competitors are easier to identify and research, you may want to start your analysis here.

Gather as much information as possible including the competition's sales materials. Hav

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

Following aspects would a

e your employees keep their ears open for anecdotal data they obtain from discussions with industry experts, manufacturers' representatives or trade show participants. Ask your customers a

dd to the challenges in developing combination products:

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

bout the quality of the competition's products, services and management.

You should also gather quantitative data such as information about the competition's gross revenues, ownership, nu

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

mber of employees, legal issues, new products, industry awards and relevant trade articles. Libraries, databases, trade literature and Internet web sites can help you fill any gaps in you

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

r knowledge.

Orders are won or lost over small advantages or disadvantages. Knowing your competitors' strengths and weaknesses allows you to tailor your products and services to get that

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

critical advantage. More specifically, you use this information to strengthen relationships with your customers, stay informed about your competitors' activities, remain knowledgeable ab

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

Professional from academic institutions, pharmaceutical industries, health care indust

out industry trends or acquisition prospects and identify potential product problems.

What’s an example of using competitive information? Let’s say your new competition has recently lower

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

ed their pricing, leading you to pricing pressure. However, the competitor is having legal problems due to inferior product quality. In this case, you can emphasize the high quality of yo

.

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

ur product in your sales materials to take advantage of the weakness of your competition, rather than meeting the price point of your competitor.

Knowing your competition leads to new pro

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

Companies that provide selfless information through particip

ducts or product improvements, sales tools positioning your product positively against your competition’s weaknesses, finding new distribution strategies and many other business decisions.

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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