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What is a brand?

The dictionary defines it as follows: A distinguishing symbol, mark, logo, name, word, sentence, or a combinati

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

on of these items that companies use to distinguish their product from others in the market.

Further, it goes on to say once a brand has c

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

Examples of combination products may in

reated positive sentiment among its target audience, the business is said to have built "brand equity." Some examples of businesses wit

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

h brand equity are Microsoft and Coca-Cola.

So, then, what is a commodity?

According to the dictionary it's any bulk good traded

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

on an exchange or in the cash market. If it's a product or service it means it's not distinguishable from any other product or service

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

Combination pro

in its category.

Commodities are usually bought and sold based on price. Meaning if you've got the lowest price you get the sale and if

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

you don't, you don't.

So let me ask you a question ... Are you and your business a brand or a commodity?

Take my quick Brand Quiz t

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

o find out.

If you answer yes to these 5 questions, odds are you've got a brand.

(1) There is something unique about you or the product

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

or service you offer.

(2) Your marketing focuses on this uniqueness.

(3) You're known among your ideal clients for this uniqueness.

(4)

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

All your marketing supports this uniqueness and has a definitive look and feel so it's easily recognizable as yours.

(5) You see yourse

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

lf as a leader and the last thing you want to do is follow the crowd when it comes to marketing.

If you answer yes to these 5 questions,

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

Following aspects would a

you and your business likely fall into the commodity bucket.

(1) You know you're good at what you do but you haven't identified or crea

dd to the challenges in developing combination products:

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

ed a unique attribute to set you apart from others in your field.

(2) You tend to market yourself using the same language and style as o

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

thers in your industry.

(3) Your marketing materials are a bit of hodge- podge of looks, colors and personalities.

(4) You've had a tough

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

time crafting a compelling elevator pitch.

(5) You find in competitive situations you only get the sale if your price is the lowest.

If

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

you answered "yes" to the first 5 questions of the Brand Quiz, congratulations! You know it's important to set yourself apart with a cl

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

Professional from academic institutions, pharmaceutical industries, health care indust

arly defined brand.

If you found yourself answering yes to more of the commodity questions than the brand questions, all is not lost.

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

As they say, the first step toward change is recognizing the need to change.

You now know you've got to create a brand.

Yes, even if you'

.

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

re just a solo-professional and you don't have a big business or a lot of products. Because if you're a coach or a consultant, you've g

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

Companies that provide selfless information through particip

ot to give prospective clients a reason to hire you over all the other coaches and consultants out there.

(C) Copyright 2006 Debbie LaChus

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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Just Other Articles - Are You A Brand Or A Commodity?

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