Advice You - Business

Would you pay a Hugo Boss suit’s price to get a G2000 suit…?

I think it is a pretty common sense answer. Unfortunately, nowadays common sense is pretty uncommon; espe

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

cially in business. In their bid to frantically create a meaningful difference for their businesses in a razor-sharp competitive market; many companies forget the mos

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

Examples of combination products may in

basic common sense such as: Congruency.

Congruency is not only critical to create and build a powerful positioning and brand, but without it your company is built

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

n a wobbly foundation that can give way any second. Without it you are sabotaging your own business!

Here’s a powerful and clear example: Recently I read in my natio

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

al newspapers, the closure of a restaurant that had opened barely 10 months ago amidst much fanfare and a blitz of publicity. ?berburger—whose claim to fame was its re

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

Combination pro

uted USP of being “Singapore’s first gourmet burger restaurant”, was also featured in the media for its signature $101 prime wagyu beef burger. In fact, the $101 wag

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

u burger was part of their branding. Almost every time they were featured in the media, the $101 wagyu burger would be mentioned.

So in simple terms, their positionin

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

g is: “Singapore’s first gourmet burger restaurant”. And they have 2 distinct factors going for them namely:

1. The word “?ber” of ?berburger comes from the German la

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

guage that means super. So their name essentially means superburger, which is supportive of their claim of a gourmet burger restaurant.

2. Their signature dish is a 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

emium $101 wagyu burger. The extravagant price of the burger also supported the gourmet restaurant’s image.

BUT…

When you arrive at the place, you would be surrounde

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

in what would seem to be a typical American diner filled with a big screen TV tuned to the ESPN channel, plastic chairs and bright lights.

An absolutely jarring cont

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

Following aspects would a

adiction of the positioning they were trying to create! Shocking incongruity!

Do you expect to go to a “gourmet burger restaurant”, paying premium prices, expecting s

dd to the challenges in developing combination products:

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

perburgers… only to sit on plastic chairs? You see, positioning and any other marketing activities are about the perception created in the minds of the prospects. Unfo

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

tunately, the d?cor as described above connotes “cheap”. Frankly, they also look uncomfortable to sit in. A while ago, my wife asked me to try the place out after we

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

finished a meeting nearby the restaurant. We walked passed the place and saw the interior from the outside, and I decided to go elsewhere. I remembered thinking tha

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

some of favorite casual dining restaurants seemed like a much better place to dine. In fact, one diner who ate at ?berburger once even commented that the place was li

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

Professional from academic institutions, pharmaceutical industries, health care indust

e an “American diner” instead of a gourmet burger place.

Perception is an extremely powerful force. Generally, if it is expensive, we will expect it to be exclusive,

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

uxurious, comfortable, great-looking and all the other characteristics attached to luxury. Consumers nowadays think nothing of digging into their deep pockets to pat

.

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

onize high-end places like these and enjoy the experience of tasting gourmet food. The question is…

Do they want to? If they do, they will be expecting to be pamper

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

Companies that provide selfless information through particip

d. And that is just plain common sense, isn’t it?

Let me ask you again:

Would you be willing to pay a Lamborghini’s price for a Nissan?

The answer is pretty obvious

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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