Advice You - Business

Is being first to market really that important? I believe that the amount of energy and time purporting this myth is somewhat unner

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

ving in that being first to market is not always so great. Indeed, I have been first to market many times and yes, no one can deny

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

Examples of combination products may in

that often that is a total advantage. But it is also somewhat costly to chase hunches and the cost to build a prototype that crashe

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

and burns is not so funny, especially when the future of your company hangs in the balance.

As a veteran of the high stakes game

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

of entrepreneurship, I completely concur with the comments that First to Market should not be the primary goal. You see it costs mo

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

Combination pro

ey, lots of it, or lots of grass-roots hard work to do a test market roll-out and introduce a new product or in my case "a new serv

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

ice" and after refining your techniques someone else can come into the market without having to pay for all the mistakes and hard-k

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

nocks and not have to worry too much about getting kicked in the teeth from having to straddle between non-existent regulations, wh

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

le competing with the old guard (industry association status quo) with all their little political connections.

Now if you have you

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

r act together and have done it a few times, being first to market can be a good thing, but all eyes are on you and if you screw it

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

up (Zap Mail - FedEx example), well they will never let it down.

In 1997 I was in Las Vegas for the International Franchise Associ

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

Following aspects would a

ation (elite club meeting) and everyone who is anyone in the Industry was there and yes many household names. But one thing that I

dd to the challenges in developing combination products:

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

got the most out of was the "mini-round table" seminar only 20 people in the room, all founders of franchise companies and up to ba

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

was the International Marketing Team from Dominoes Pizza, Tom Monahan appeared to be quite proud of them in fact.

Well to make a

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

long story short they discussed why they did not desire and preferred not to be "first to market" because if you went into a countr

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

and put in a few outlets, example; Nairobi, Kenya for instance. No one knew what a Pizza was. What is this thing with cheese on to

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

Professional from academic institutions, pharmaceutical industries, health care indust

p and all these food items melted in place? See the point. They indicated they wanted to be second or even third to market.

Why? W

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

ell after the first company (ies) spent all the money offering discounts, advertising and free-sample marketing, they simply came i

.

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

competed head to head in the "Enterprise Rent-a-Car" style and took massive market share, since people already knew what a Pizza w

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

Companies that provide selfless information through particip

as and they knew who to market better and followed time-tested efficiency strategies refined from over 10,000 previous outlets. Yah

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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