Advice You - Business

You balk as you look at the phone bill. In the three months it took your company to branch out to a location three continents away from where you are, you've spent enough money on phone bi

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

lls to buy both an apartment in New York and a Porsche. What worries you the most is that you know this isn't the end of the story, or your phone bills. With key members of your staff call

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

Examples of combination products may in

ing each other almost every hour, you know those bills would remain as high as your blood pressure level.

With this pressing reality in mind, why not turn to teleconferencing? Teleconfere

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

ncing is a meeting involving people in various places around the world. They talk to teach other using telephones or video links to communicate with each other. The good thing about teleco

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

nferencing is that it lets you keep dynamic lines of communication open for only a fraction of the usual costs. In recent years, more and more companies are turning to teleconferencing for

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

Combination pro

their communication needs.

Good News The good news is that teleconferencing is a competitive market. To edge their competition out of the picture, more and more teleconferencing

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

service providers are offering rates that cut your phone bills by as much as 40%.

You can use such cutthroat competitive practices to your advantage. After all, not only is teleconferenci

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

ng cheap enough as it is, promos and discounts make it even more so. Clearly, you can turn to teleconferencing to stretch the value of your business dollar.

Benefits of Teleconferencin

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

g You already know teleconferencing lets you save on phone bills. But there's more. It lets you save on transportation costs, too. With teleconferencing, your supervisors and speciali

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

sts need not fly from the main office to the branch. You need not dispatch a troubleshooter at the first hint of problems in your branch. Neither will your managers need to hop on a plane

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

ust to brainstorm for a possible solution to slumping sales.

With teleconferencing, no one needs to leave his or her seat. Your company's key players can talk to each other over the speak

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

Following aspects would a

erphone!

Another benefit of teleconferencing is that it lets you speak to a roomful of people without the hassle of jostling for breathing air or leg room. It also lets you share document

dd to the challenges in developing combination products:

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

s, reports, and files in real time through downloads. This lets you save on one other crucial aspect of the company budget: courier services. With teleconferencing, you can say goodbye to

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

costly courier services. Bulky reports that have to be sent to the main office before any general meeting can be forwarded over the Internet, thanks to teleconferencing.

Pitfalls

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

While teleconferencing has certainly revolutionized the way companies do business, it is not without its flaws. Topping the list of complaints is poor connection. There are calls that don'

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

t go through, and documents that don't find their recipient. This problem, however, can be easily remedied by an in-house technician.

Another drawback to teleconferencing is the informal

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

Professional from academic institutions, pharmaceutical industries, health care indust

atmosphere that it conveys, particularly during meetings. Because participants do not meet each other in the same room, the corporate hierarchy is challenged. Many junior executives are lu

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

lled into a false sense of "we are all equal here" security. This can be easily solved, however. By strongly enforcing company culture during meetings other than teleconferencing, teleconf

.

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

erences need not become an informal affair.

Teleconferencing just might be the push your business needs towards a brighter and more cost-efficient future. With teleconferencing, you can s

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

Companies that provide selfless information through particip

ave funds and spend these on more worthwhile ventures, such as dominating the online education market, or setting up your own dictatorship. Yes, even would-be tyrants need teleconferencing

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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