Advice You - Business

As the parent of two school-aged children, it seems like every other day I get requests for contributions for art supplies, computer supplies, pencils and paper, ink cartridges, raffle

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

s, special events, teacher appreciation, club uniforms or church donations for the poor. The list goes on and on.

If you gave every time you were asked, you are either rich,

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

Examples of combination products may in

or are embarrassed to say NO! There must be a better way to raise small amounts of funds for these kinds of requests. Well there is another alternative, Garage Sales.

Ever

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

one has items stacked up in their garages, attics and closets that they no longer use or want. These items can be sold at a garage sale usually with a minimum of effort. Some or all

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

f the proceeds of these sales can then be contributed to the causes mentioned above.

Garage sales are fairly common across the country. In addition to individuals, many hom

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

Combination pro

eowner associations, apartment buildings and even small businesses periodically hold garage sales. The problem that most people have with garage sales is getting people to show up for

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

them. The sellers must usually promote their garage sales in the newspaper, community papers or newsletters. For this they usually have to pay listing fee, sometimes costing $30 or m

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

re. There are now many Internet sites that will allow sellers to list their sales or items. Most of these are free to register and allow the seller to list several items in a classif

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

ed ad format. These sites are mainly focused on selling single items.

What if there was a way to list your garage sale and as many items as you wanted on a website for a sm

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

all flat fee. The fee is less than the cost of a typical ad in a publication. And what if your school, club or other organization that needs to raise funds could split these flat fees.

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

The group wanting to raise funds could promote the idea to their members or friends to hold their own garage sales and list all their items on the website using a special promotion co

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

Following aspects would a

e. The website would then track all the listings and split the earnings with the organizers. This benefits everyone who participates. Those holding a garage sale sell their items t

dd to the challenges in developing combination products:

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

local shoppers and Internet shoppers and keep all the proceeds. The organizer gets their share of all the website listing fees. This is what we call a win-win situation.

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

Let's say that a fifth grade teacher needs art supplies for her fifth grade classes, but the school budget for art supplies has already been depleted. The teacher could send a note ho

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

e with all of her students requesting that the parents hold their own garage sale before some date in the future and list their sale and items on the website. The teacher has 150 stud

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

nts and 40 of the parents decide to participate. The teacher signs up on the website with a promotion code of her choice. When the parents sign up for their garage sale, they enter t

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

Professional from academic institutions, pharmaceutical industries, health care indust

e promotion code given to them by the teacher. The promotion code is then used to allocate funds for the teacher's promotion. After the promotion final date, the website writes a ch

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

eck to the teacher for her share of the fees. Let's say that the teacher gets $5.00 for each garage sale listed. The teacher would raise $200 (40 x 5 = 200) for her art supplies. Of

.

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

course the teacher could also request that all participating parents also give a small portion of their sale proceeds as well to raise even more money.

Currently there is on

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

Companies that provide selfless information through particip

y one website that provides this type of fund raising capability, http://GarageSaleExpo.com/raisefunds. Perhaps more sites will get involved in this type of fund raising in the future

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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