Advice You - Business

Everybody talks about innovation but not many firms can “walk the talk” and turn a creative idea into something of value. According to the Harvard Business Review o

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

nly 1 in 10 new product introductions succeed in the market.

But what makes the difference between success and failure? If we knew the answer we could use innovati

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

Examples of combination products may in

on to drive faster growth and superior profits.

I asked 65 companies world-wide to look back at their recent projects and decide why some projects worked and some

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

didn’t. They include IBM, Microsoft, Lloyds Bank and the RAF. Here are the conclusions of the study:

1. Know exactly who will buy your product, under what circumst

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

ances and at what price.

2. Make sure the product is high on the list of priorities for your customer and they need it urgently.

3. Your product should at least s

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

Combination pro

ave time, save money, be the easiest to use or the most stylish.

4. Get evidence of these benefits so you can demonstrate them easily to the customer.

5. Build a

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

team with one vision and one goal, where there is trust and everyone is motivated to succeed.

6. Make sure everyone in the team has a clear understanding of the ai

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

s and objectives of the project, as well as awareness of their own roles and responsibilities in achieving them.

7. Understand the geographics, demographics, psych

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

ographics and behaviours of your target market.

8. Know exactly how much your customer will profit or otherwise gain from using your products or services.

9. Make

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

sure your team has inexorable energy, strong self-belief, confidence, integrity, self direction, initiative, commitment, drive and determination.

10. And make sur

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

e the team takes 100% responsibility for getting done what needs to get done, no matter where in the organisation they have to go.

When asked to rank the critical

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

Following aspects would a

success factors, some of the comments from innovation managers were profound:

“I would take the right people first, that’s my number one. I would take an ability t

dd to the challenges in developing combination products:

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

o understand the markets as number two. And I would take the resources to do the job as number three.

Because I believe that with the right people, you generate th

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

e ideas and the leadership and form a strategy – The team can put a structure together, and with the resources they can do the implementation properly”.

So can you

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

walk the talk?

Overall, successful new products had considerably more time, money, and energy devoted to market-oriented activities than did failures.

In successf

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

ul projects, three times as many man-days and twice as much money were devoted to preliminary market assessment than was the case for failures. Twice as much market

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

Professional from academic institutions, pharmaceutical industries, health care indust

research (measured in both man-days and pounds spent) was conducted in successful products as in failures. But in both cases, the amounts were still small.

Succes

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

sful products had more than twice as much money spent on customer tests of the product, as did failures. Six times as much money and twice as many man-days were spe

.

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

nt on the launch of successful products as for failures.

Innovation requires time - time to think, to experiment, time to talk about possibilities and ideas. Peopl

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

Companies that provide selfless information through particip

e need to share their vision through curiosity, talent and motivation.

Leaders need the wisdom to manage & evaluate ideas, recognising and rewarding those involved

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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