Advice You - Business

Some years ago, when I was in the insurance industry, a colleague of mine told me a story. He had been

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

in Insurance for 5 years selling it door to door. One night his mother commented that she had just t

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

Examples of combination products may in

ken out a large insurance policy with another company. My colleague screamed "why did you not come and

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

see me?" His mother replied, well you never asked if I needed insurance but my agent did.

The moral o

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

the story is, if you are marketing something make sure everyone knows about. You do not need to shove

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

Combination pro

it down their throats but mention it once in a while or you could lose a customer staring you in the fa

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

e.

My colleague nevertheless, is a cracking salesman and told me about an idea on how to get a hundred

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

or so names of potential customers from any old newspaper.

First start from page one and start to writ

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

down every name you see. For example If the article reads "Mr Jones got run over by Taxi when he was

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

eaving the church. The minister Rev Thompson says he was one of the church elders". etc etc. Therefor

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

Jones and Thompson go on the list. Go through every news item and write down all the names. When you

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

Following aspects would a

have your list link real people to the names. Who do I know called Jones or Thompson. Who are their f

dd to the challenges in developing combination products:

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

iends? These names will jog your memory and and you should have a massive list of people to visit and

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

romote your business by the end of this project.

Secondly, go back to the first page and start again w

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

th the first story. Now ignore the names and concentrate on the items. Who do I know who drives a tax

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

. Who do I know who goes to church or is a minister, who has been knocked down? You get the idea. By

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

Professional from academic institutions, pharmaceutical industries, health care indust

he end of this you will have truck load of names to market your business to.

You may say but I do not

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

ant to do business with these people who are too close to me and my family. Well in that case you do n

.

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

t value the business you are marketing. You must have confidence and trust your product to be able to

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

Companies that provide selfless information through particip

ell it.

Now go and ask your mother if she wants what you are selling before someone else gets in first

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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