Advice You - Business

The planning and testing stage is the time to research your ideas to figure out if there really is a market for your product. Too many newbies start out with an idea that they th

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

ink it is brilliant, and it may well be brilliant. But you have to test and research to see just what is the interest or demand that your product might generate. How can you do

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

Examples of combination products may in

our homework on something that is new? First you have to take a look around the market to see if there is something similar. Is it being used in a similar fashion? How is it s

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

elling? Is it a good product? What is the selling point? What are the short comings of that similar product and how can you improve on it?

If there is nothing like what you ar

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

proposing out there you have to research in other ways. Many times an idea for new products are market specific so the first question to answer is who are going to be your buyer

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

Combination pro

s? Once you determine that niche market then it’s time to focus your attention on what those buyers want? How do you do that? Ask questions. There are a couple of ways that yo

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

can do that. Get out of your car and walk into your buyers places of business and ask them. Would you use this product if one existed? What would you like to see as some feat

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

ures? What is missing from a similar type product that you have bought in the past? Or call them up and ask them to take a small survey.

Another way to get answers is to design

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

a mock up or prototype of the product that you are thinking of marketing and ask your buyers to use it and to give you good and bad feedback. You could set up a focus group and p

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

ay people who have expertise in that product area to come in and give you their opinions. You could also pay everyday consumers to come in and use the products or give their opin

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

ons of what they think of the proposed product or services. Be prepared though because people will be brutally honest.

Once you have those answers now is the time either to kill

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

Following aspects would a

the idea or make improvements on it and test again. Once in a while you hit upon a brilliant idea and there is no need for improvement so the next thing in that case is to stock

dd to the challenges in developing combination products:

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

up and sell to those buyers that want to snatch it up as soon as you offer it!! In most cases you have to redesign, re-test and create a second and third prototype to get the abs

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

lute best product to the market. This is where most entrepreneurs will spend their money. This is also where most good ideas fall off by the wayside. It can take money to get

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

your product just right so that it will be easily bought and distributed. Many new business owners don’t have the capital needed to make an idea fly, to revamp a good idea or mak

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

it marketable. This is where it takes grit to pass a product into the next phase.

The idea, testing and marketing phase can be costly but it is worth it to know the pull of you

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

Professional from academic institutions, pharmaceutical industries, health care indust

r product. Hold onto your vision and take those calculated risks on blockbuster ideas and drop the ideas that only tested “so so.”

When you have one of those explosive ideas you

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

ave to believe in it so strongly that you are willing to put everything on the line to make it become a reality. Test each phase and each step. Go to your buyers and ask them.

.

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

Last step is to create a big launch event to bring your product into the public and to create a buyers frenzy that your product is something that they have to get their hands on.

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

Companies that provide selfless information through particip

Lots of people, lots of attention, lots of buying and selling is what you will be looking to create. Hopefully your testing stage has paid off and you will start seeing a profit

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/25842/adviceyou-Research-Your-Idea--Do-Your-Homework.html">Research Your Idea - Do Your Homework</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/25842/adviceyou-Research-Your-Idea--Do-Your-Homework.html]Research Your Idea - Do Your Homework[/url]

Going through the motions of a bad interview is like peeling back the layers of an onion. Sally learned this lesson the hard way, hands-on during an interview that should have been a piece of cake. S...

So many choices, so little time. What makes eBay a smart choice for entrepreneurs?

Tags

Links

Advice You - Research Your Idea - Do Your Homework

Related Articles: