Advice You - Business

Just recently I joined forces with a marketing consultant in Massachusetts to help me open

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

up a new market. I believe in learning from those who know more than I do!

Now marketing c

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

Examples of combination products may in

onsultants don’t come cheap. But instead of paying him a hefty fee up front for his advice

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

and not knowing exactly what I’ll get and whether it’ll be worth the money or not, this is

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

set up as a joint venture. That means I profit from his expertise and grow my business in a

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

Combination pro

n area that I’m unfamiliar with, and in return we share the rewards.

That’s what joint ven

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

turing is about: partnering up with people with different strengths and assets to produce g

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

eat results.

In this model I’m partnering with someone who is helping me grow my business

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

and will share in the profits. But he’s also sharing the risks.

I really like this model.

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

He is motivated to do a good job because he only gets paid if I get results. Because of tha

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

t I know he’ll hold my feet to the fire and I’ll achieve more than I ever thought possible.

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

Following aspects would a

The temptation to goof off or to give up when obstacles come along will be much less and i

dd to the challenges in developing combination products:

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

t’s a win-win situation for both of us.

There are many ways to set up these kinds of partn

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

erships.

You can find someone who has something you don’t have e.g. time, money, expertise

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

an extensive mailing list, products. Or someone who has a inroad into your target market b

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

ut is not in competition with you. See how you can cooperate to create a win- win situation

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

Professional from academic institutions, pharmaceutical industries, health care indust

. It’s a very simple but extremely powerful concept: you give up part of your profit to som

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

eone else in order for them to help you get customers.

Anyway I’m once again seeing the wi

.

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

sdom of joining forces with someone else for the benefit of both – and it feels really good

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

Companies that provide selfless information through particip

to cooperate in this way. I’ll be keeping my eye out for more joint ventures 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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When we surf through the web we see many entities selling American corporations and other structures that they consider to be called asset protection strategies. These run the gamut of corporations in the states of Wyoming, Delaware or Nevada, trusts of various types and other structures all based in the USA. What is wrong here is that nothing in the USA can protect you.

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The weakness of many of the fads is the superficial appearance that something profound is happening, but the substance is not there. The reality is that there are no quick fixes to significant process improvement. Its Six Sigma who understands that...

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Advice You - The Power Of Joint Ventures

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