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In my years of marketing, I have found that people are often confused about value builds. Some have never even heard th

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 term before. Many people simply don’t know how and why they should put a value build into their marketing offers. Sa

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

Examples of combination products may in

ly, if you don’t know the “how’s and why’s” of a value build, you risk losing a sale.

So let’s take a look at the value

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

build, just what it is, and how to write one. A value build is simply building the value of your offer before you ask f

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

r the sale. This is a basic sales tactic, and it’s an important tactic to know if you’re going to build a business on t

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

Combination pro

e Internet.

For example, let’s pretend that you sell floor mats. You know that the local stadium buys specialized floo

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

r mats from your largest competitor. The stadium’s mats are made of the exact same material as yours. When writing an

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

ffer to sell your floor mats, your value build should read something like this: “Our floor mats are made exactly the sam

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

way as the floor mats in the stadium, but the stadium pays more than $100 a mat. You can have the exact same floor mat

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

or only $31.99.”

Now your customer is thinking, “Wow, this is a $100 floor mat.” You have just built the value of the i

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

em before asking for the sale. The value build strategy applies to all products, from physical to digital products, and

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

Following aspects would a

services alike.

Once you write a value build, then you tell them the price: “And for today only, you can receive an ex

dd to the challenges in developing combination products:

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

lusive discount and pay only $24.88. That’s a $100 value for only $24.88!”

Now that you have stated the price, it’s ti

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

e to beef up your offer by adding in some bonuses: “But wait, if you buy today you will also receive two floor mat clean

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

rs and this state-of-the-art floor mat brush, absolutely free.”

Now you can also build the value of your bonuses. With

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

the value of the bonuses, you have a higher total value, and then you discount your offer again: “That’s a $75 value, ab

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

Professional from academic institutions, pharmaceutical industries, health care indust

solutely free for a total savings of $150!” The idea is to add bonuses and then restate your price. “If you order today

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

you can get this exclusive offer, a $175 value, for only $24.88!”

Watch any number of infomercials and you’ll see the

.

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

alue build done again and again, (But wait, there’s more!). There is a reason they all use the same technique: it actual

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

Companies that provide selfless information through particip

y works. Do this simple value build and you will significantly increase the number of people who buy from your web site

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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Ever wonder if Six Sigma has had positive impact on your employees? This article will show you how to find the answer by conducting a step-by-step employee assessment!

It appears that most gurus if you want to call them that represent themselves as experts. In several statements that I’ve read, they refer to other marketers as making mistakes. Yet, when they make the same mistakes, they call it testing.

As a Manager is the feedback you get the truth, or is it what the workforce think you want to hear? How do you know the difference?

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