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Considering their features and capabilities B2B marketplaces are still quite underused. However, the trend is changing and many companies started to realize the immense potential these promising online channels store. Now the common view considering adoption of a marketplace as a sales or purchase channel will change the way a compan

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

y handles its sales and procurement bringing improved productivity and sustained profitability to its bottom line.

What is a B2B marketplace?

Business to business marketplace is an online venue where buyers and sellers come to communicate, collaborate and do business transactions. A B2B marketplace handles a large number 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

articipant companies as a community. The main objective of a marketplace is to organize a business platform filled with features that allow members to conduct various business processes over the Internet and increase company productivity.

Two primary indicators of company productivity are Increased Revenue and Cost Saving. Both of t

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

ese two indicators will show improved result if a company incorporates marketplace features in possible fields of its business operations.

Let’s check out some compelling reasons why companies should start using B2B marketplace without hesitation:

1. B2B marketplace is a large community of buyers and sellers

By becoming a m

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

mber of a B2B marketplace companies get instant access to thousands of prospective buyers and suppliers. An average B2B marketplace has over 100 thousand members. This gives an opportunity to expand business by finding new customers and suppliers from this new community. Working closely with the members of the new community companies

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

Combination pro

get every chance to increase their businesses dramatically.

2. Real time marketplace allows buyers to take quick decision

Buyers can study, compare and research a product offered on a marketplace without leaving it. This ability of a B2B marketplace to give key information necessary to make a purchasing decision helps buyers

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

to take a faster buying decision.

Study shows that a full 47 percent of the buyers visit a site without having all the necessary information needed to purchase a product. Products offered on a marketplace are integrated with the eCatalog and seller’s Web Store. This helps to increase buyer conversion rate significantly.

3. Sophi

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

sticated eCatalog helps display comprehensive product features

An eCatalog is an Online product content management solution with powerful user interface which provides efficient navigation, searching and integration capabilities to organize and publish product information and enable real-time handling of business processes relat

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

d to buying and selling.

It stores product content in a single database and organizes product information under a predefined categorized hierarchy. It also has sophisticated search capabilities so that buyers can locate products easily.

Studies show, in many cases, buyers are unable to take conclusive procurement decisions due to p

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 content of the product resulting lost business opportunity for companies. To avoid this all B2B marketplaces adopt one kind or another advanced eCatalog system which delivers a compelling value proposition. As a result, companies can expect increased revenue, better customer satisfaction, and shorter sales cycle.

4. Sales solu

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

ion expedites selling process and reduces overhead costs

The sales chain integrated into a B2B marketplace covers every stage of selling process including quotation, negotiation, billing and shipment tracking. Electronic sales process considerably reduces sale’s cycle enabling lower processing costs. Electronic sales solution al

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

Following aspects would a

o helps minimizing document errors often associated with paper based systems.

5. eProcurement solution makes buying easier

Electronic procurement is the method of conducting transactions between buyers and suppliers over the Internet. An eProcurement system is an integral part of a B2B marketplace. Procurement through a B2B

dd to the challenges in developing combination products:

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

arketplace has many undisputed advantages. Transaction costs get reduced thanks to streamlined transaction process. It saves time and stops rogue spending by employees.

Aberdeen Group estimates that automating procurement activities will save midsize companies $2 million per year. And that's not to say anything of the cost savings r

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

sulting from better supply chain collaboration.

6. Web Store brings new opportunities to company’s retail business

While through the marketplace you can tap into the wide range of B2B buyers, B2B marketplace feature that allows participant companies to build their web store using the same eCatalog gives a magnificent opportu

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

nity to target a totally different market segment. This by itself is a unique opportunity as recent studies showed that an increased number of small companies with less than 20 employees are making more than 25 percent of their sales online.

There are other benefits that a company can recieve from participating in a B2B marketplace

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

s well.

For buyer participants a B2B marketplace offers:

Lower transaction costs – streamlined transaction processing.

Access to new suppliers – B2B marketplace participation removes

geographical barriers and provides access to new suppliers.

Time savings – provides for faster appro

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

Professional from academic institutions, pharmaceutical industries, health care indust

al, ordering processes and

delivery tracking.

For suppliers, it offers:

Reduced inventory costs – Clearer visibility and forecasting

ability allow companies considerably reduce inventory keeping costs.

Access to new buyers and markets – B2B marketplace provides a new

sales channel wh

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

ch opens up many new opportunities for suppliers.

Increased sales – with access to a wider market, suppliers have

the potential to increase revenue.

Reduced overhead costs – Thanks to streamlined supply chain

overhead costs can be reduced up to 30 percent.

Reduced order processing co

.

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

ts – The supply chain solutions of a

B2B exchange may allow sellers to reduce order processing cost significantly.

Studies show that cost of processing a purchase order can be reduced from

US$ 70 down to US$ 6 only.

Reduced sales and support costs – By automating sales and

customer support processes companies

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

Companies that provide selfless information through particip

can reduce over head costs around

25-30% easily.

B2B marketplaces are one-stop business solutions for many of the company’s needs. Usually a marketplace offers a huge range of features and functions. Participant companies can select required functionalities, use them effectively and reap all the benefits mentioned above

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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