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Advice You - There's Always A Big Market For The Average!
A few years ago, one of my consulting clients, a large, independent appliance store gav
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 me an education in the marketing of refrigerators.
Walking me past a lineup of mostl
Walking me past a lineup of mostl
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
y white machines, the president said, “Look at the pricing, and tell me the one that mo
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
t customers will want.”
I can’t recall if I guessed right, but soon enough he gave me
I can’t recall if I guessed right, but soon enough he gave me
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
the answer.
“The middle one,” he said. “They don’t want the cheapest, and they don’t f
“The middle one,” he said. “They don’t want the cheapest, and they don’t f
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
el they can afford the most expensive, so they take the one that’s priced, in between.”
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
That makes sense, I thought. But the fun was just beginning.
“Now,” he continued, “G
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
uess which machine is the most profitable to us; the one with the fattest margin.”
”Th
”Th
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
most expensive?” I guessed.
“Wrong; it’s the middle one!”
He went on to tell me that
“Wrong; it’s the middle one!”
He went on to tell me that
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
his margin was the thinnest on the “best” machine, and he really hoped buyers wouldn’t
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
select it.
Interesting, isn’t it? The average grade is the winner.
He noted that the
Interesting, isn’t it? The average grade is the winner.
He noted that the
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
costliest is the best value, having a longer warranty, disproportionately more features
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
, better energy efficiency, and so on. In fact, it is the cheapest to own, in the long
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
un.
My boss in the leasing business shared this notion:
“Gary, do you know the only w
My boss in the leasing business shared this notion:
“Gary, do you know the only w
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ay to beat the car business? Buy the very best car you can get, and then keep it runnin
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
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
, forever!”
But that’s not what we do, generally. We buy a middle grade vehicle, becom
But that’s not what we do, generally. We buy a middle grade vehicle, becom
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
e dissatisfied quickly, trade it frequently, and our overall cost of driving might exce
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ed that of someone who owns the Bentley or Rolls for a few decades.
The lesson, for al
The lesson, for al
.
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
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
of us is pretty clear: whether you sell goods or services, offer a middle grade, then
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
step back, and let people convince themselves that it is the reasonable choice for them
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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