Advice You - Business

With the summer heat here and breaking records you are more aware of usin

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

g sun block, wearing light colored clothing and drinking more water. You

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

Examples of combination products may in

wouldn’t even think of sending your kids to the beach without sun protect

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

on on. So why are so many business owners running their business without

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

protection?

This is a classic mistake many new and small business owner

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

Combination pro

make; you start a business that is focused on your product or service an

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

don’t even think about credit terms, policies or payments. You write a

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

business plan, a marketing plan but no credit policy.

A business plan he

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

ps you finance your startup and keep things flowing smoothly. Your marke

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

ing plan ensures you have something going on to generate more sales and m

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

ney for your bottom line. A credit policy ensures you have good paying cu

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

Following aspects would a

stomers that pay on time and are repeat customers.

“For many their busin

dd to the challenges in developing combination products:

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

ss is their “baby” but they don’t take the steps necessary to protect the

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

selves and their business from bad debt, bad checks or slow or non-paying

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

customers,” says Dunn. “In my 17 years of debt collection 9 out of 10 bu

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

inesses did not have a credit policy in place; this is one of the biggest

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

Professional from academic institutions, pharmaceutical industries, health care indust

mistakes you can make.”

Small and new business owners need to be aware t

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

hat customers who have to fill out forms or credit applications when they

.

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

set up an account may also take advantage of direct pay options, which lo

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

Companies that provide selfless information through particip

ers your receivables immediately and creates more sales for 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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Advice You - You Use Sun Protection on your Body – Shouldn't you Use Protection for your Business?

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