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According to the International Medical Spa Association there are over 1,000 open medical spas in the U.S. Jeff Russell, CEO of MedSpa Financing says, “Competition is definitely setting in, and it’s n

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

ot only direct competition from other medical spas, but indirect competition from businesses that offer the same services. You have salons that offer hair removal, day spas that offer dermal filler i

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

Examples of combination products may in

jections, and mall outlets that offer microdermabrasion.” If you are going to not only succeed, but thrive in this new environment, you are going to have to be better than your competition. Following

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

these 5 tips will help you get that extra edge you’ll need to stay ahead of the pack.

Are you marketing to the right customer?

First and foremost, you need to look at your current customers and ens

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

ure your medspa is operating at capacity. If your IPL room is sitting empty half the day, it may be time to create a marketing campaign specifically designed to increase your hair removal clients. Th

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

Combination pro

re are many articles written about baby boomers and their perfect fit for the treatments performed in a medical spa, but don’t leave out the Generation X’s and Y’s, they make very good customers as w

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

ll.

Get to know your neighbors

Do you know all the businesses surrounding yours? You may need to take another walk around the neighborhood, and see what new business building opportunities are avai

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

lable. As you are walking around, ask yourself these questions: Do they compliment my services? Can we help each other increase business by referring customers between us? Specifically look for compl

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

mentary businesses that share the same target demographic as you. It may be a women’s fitness center, jewelry store, or a natural foods store. No one has too many customers, and they are most likely

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

mall business owners just like you!

Network within your community

Many people associate networking with schmoozing. As a MedSpa owner, you need to always be networking. In its simplest form, it is

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

onnecting with people to exchange ideas, information, and resources. Where to network? There are many places from the local chamber of commerce, community groups, industry associations, or you can jo

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

Following aspects would a

in a board or peer group. Not only will you gain great ideas to help you with your MedSpa business, but you are sure to get some new clients out of it as well.

Develop your communication skills

As

dd to the challenges in developing combination products:

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

MedSpa owner, you interact with people everyday: staff, clients, suppliers, and the media. If there is one thing you need to master, it’s your communication skills. You need to be able to clearly ar

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

iculate your key message consistently. You not only need to be heard, but you also need to actively listen as well. Communication is a two-way street, it includes both speaking clearly and listening

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

closely. To begin, you may want to select a few key messages and take every opportunity to communicate them through personal interactions, newsletters, and your web site.

Recharge regularly

Quite o

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

ten you are so focused on your customers, you forget about yourself. As a MedSpa owner, you are going to find yourself absolutely drained. How are you going to grow the business? Should I advertise w

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

Professional from academic institutions, pharmaceutical industries, health care indust

th this magazine? I just don’t have enough time. You need to achieve a balance between the MedSpa and your personal life. They may appear to be inter-related, but you will need to set aside some time

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

for yourself or you will burn out. It may be as easy as attending a Yoga or Pilate’s class at the local gym, or by taking a 30 minute walk every morning in the park. You may even want to visit that

.

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

ew resort spa you just read about. Hiring the right people to work at your MedSpa will greatly assist you in feeling as though you can take the time off.

“As you develop and grow your MedSpa you are

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

Companies that provide selfless information through particip

going to experience the same growing pains common to any new business, the key is identifying them and responding to them” says Russell. By following these 5 tips, you will see your revenues increase

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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