Advice You - Business

It is a very risky business person who believes that the product will create the need. We may argue that IBM and Microsoft with

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

the desktop PC and DOS and then Windows is the exception and, the internet is certainly in many cases creating a need. However,

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

Examples of combination products may in

it could be argued that the need was waiting patiently dormant for the innovators to play catch up. In other words, Sci-fiction

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

movies from the 50's through the 60's and TV shows like Star Trek had already created the need for high tech tools and toys. In

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

my mind, only a fool would risk everything on passion alone. Any amount of marketing intelligence, no matter how little, is bett

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

Combination pro

er than no marketing intelligence at all.

When I first entered into the world of Custom Home Building I took a course which sta

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

rted in the States which upon completion provided me with more letters after my name. CSP, Certified New Home Sales Professional

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

. One of the trainers, a large home development builder in Dallas, Texas, left me with the best advice; don't build the home you

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

want to live in, build the home your market will buy.

From that point on I tried as often as possible to get some information,

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

any information, that would protect my investment. I have found over the years that informal and formal surveys work very well.

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

The informal survey is when you are asking the same questions to your customers and prospects over their desk, over coffee, over

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

Following aspects would a

lunch or over dinner. I would ask questions that try and get a sense of where their future needs may be coming from and would a

dd to the challenges in developing combination products:

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

lso be a mix of finding out what problems they are experiencing and "what do you think of this idea that I'm kicking around in m

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

y head?" The informal survey takes longer so it is generally used for long term plans.

The formal survey is when you actually c

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

reate specific questions to identify if a need exists in a target market you are considering entering into or to identify how to

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

improve sales by identifying the needs of the prospects which in turn will be used later for marketing by addressing their need

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

Professional from academic institutions, pharmaceutical industries, health care indust

s with the benefits of the product or, of course, the services offered. There are many online survey tools you can use which are

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

very user friendly and inexpensive. For larger ventures you may want to consider using a Third Party company which can also pro

.

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

vide great analytics with the reports. The internet of course, with a properly built web solution, can be a great resource for o

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

Companies that provide selfless information through particip

ngoing analytics. Any way you do it, just do it.

Build it and they will come is in most cases...build it and they will NOT come

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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