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Do you have your own USP? To stand out from the crowd, your business needs a unique selling point. Unless you have invented your own product, you will have competi

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

tion. Depending on what your business offers for products or services, you must present the aspect of your business that makes what you bring the market that is Uni

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

Examples of combination products may in

ue. When you develop your own unique selling point, the best place to start is with your competition.

Make it a priority to know your competition. Sit down and vi

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

sit the most popular web sites of your competitors to make notes of what they promise their customers. From free shipping to lowest prices, your competition will br

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

ng their own unique selling proposition to your niche market.

Brainstorming for your own unique selling proposition

Create a two column worksheet. Start with a li

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

Combination pro

t of the different selling points that the competition is using to build their customer base and encourage repeat sales. Is your current business able to provide th

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

e same level of service? If not, remember that your unique selling point needs to be stronger to remain competitive in the same market.

Now, write down and compare

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

what your business brings to the same niche market. Your brainstorming worksheet should end up with a list of what your competition offers on one side and what your

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

business offers on the other. You will be see more clearly how your business compares to the competition. If other successful businesses within your niche market

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

ffers incentives that you don’t currently offer, then look at your business to see if you can be competitive in these areas.

The beauty of a unique selling proposit

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

on is that your business may not be offer deep discounts or 24 hour live support BUT even if it’s not possible for you to be competitive in some areas, your unique s

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

Following aspects would a

elling point can separate you from the pack to garner a customer base that is looking for what you offer.

By developing an aspect of your business that isn’t offere

dd to the challenges in developing combination products:

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

by the competition, you will be able to fine tune your offering with a unique spin that will generate interest first. Your unique selling proposition may garner new

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

customers but it will be your fulfillment of the promise made that KEEPS your customers.

Through your unique selling proposition and customer satisfaction, you wil

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

build a reputation as the place to go. Once you have developed your own USP, you can integrate it into all aspects of your business then put measures in place to e

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

sure your business Delivers!

Branding and your USP

Once you have determined your unique selling proposition, set out to BRAND your business with this focus in mind

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

Professional from academic institutions, pharmaceutical industries, health care indust

. Your unique selling point should be included in your tag lines, your web site, business cards and all correspondence to customers. This will become your selling

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

oint – your business will become known within your niche market for what you offer that is unique and customer focused.

Your business is yours to define. How you p

.

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

resent your business to your niche market will either hinder or explode your sales. Set your business apart with a unique selling proposition that meets your potent

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

Companies that provide selfless information through particip

al customer’s needs then fulfills your promise. The process of developing your own unique selling point then making it WORK is all part of effective niche marketing

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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