Advice You - Business

People are the life-blood of your business and talking to as many people as possible will

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

keep your business dynamic and fresh. Fundraising events such as craft fairs, school f

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

Examples of combination products may in

tes, office displays at lunchtime, Christmas bazaars, ladies pampering evenings and chari

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

y fund days are a fantastic opportunity to promote your business at a local level.

W

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

hy? Well, what's exciting about fundraising events is that they are a massive market of

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

Combination pro

ifferent groups of people that your business wouldn't easily get to - charity groups, sch

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

ol PTA members and parents, mothers from the playgroup, church groups, sports clubs, leag

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

ue of friends, church groups, people in offices, local businesses, local hospices, specia

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

interest groups, women’s groups, Brownie and Cub packs to name a few.

I spent over

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

years in party plan and during that time I developed a system for ensuring that I never

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

an out of sales, new customers and leads. I made sure that a significant proportion of m

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

Following aspects would a

y business was fundraising based. I attended school fetes and Christmas craft bazaars.

dd to the challenges in developing combination products:

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

gave talks and demonstrations at ladies coffee mornings, charity lunches, social evening

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

and had displays at lunchtimes in office blocks. Usually, the charity received a percen

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

tage of my sales or charged a small fee for my display space. It was a win-win situation

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

for my business and the fundraising groups - they raised funds and I grew my business!

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

Professional from academic institutions, pharmaceutical industries, health care indust

By attending a fundraising event you can raise the profile of your business locally, ge

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

nerate new customers, sales, leads and bookings. It really is a very cost-effective way o

.

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

promoting your business at a grass-roots level in your local area, without paying for ad

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

Companies that provide selfless information through particip

ertising. Try it! You'll be amazed at the results!

Good luck with your business.

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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