Advice You - Business

Nowadays, many companies are using social medias as business tools to market thei

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

r products and services.

With easy-to-publish web tools such as blogs, forum

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

Examples of combination products may in

, rating site, and social networks, individuals can openly and honestly provide o

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

inions, thoughts and engage in discussions about products or services they freque

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

tly use. The barriers to entry are internet access and basic tool knowledge.

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

Combination pro

The car manufacturer Toyota has launched a site at toyota.com/hybrids for hybrid

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

wners, giving the proud owners of its hybrid vehicles their very own social netwo

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

rk in order to better do so by inviting them to create profiles of their reasons

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

or owning a hybrid vehicle. Like other social networks, such as Myspace and Faceb

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

ok, the site allows hybrid owners to post videos, share photos and discuss their

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

easons for buying and driving a hybrid vehicle as to give some statistics about t

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

Following aspects would a

emselves and their vehicles.

By providing a space for owners to group togeth

dd to the challenges in developing combination products:

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

r by attributes like age and even vehicle color, Toyota has an opportunity to rea

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

h them with targeted messages in the future and by eventually inviting them to co

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

ntribute to its advertisement.

Social Media empowers anyone to publish their

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

voice and to be easily heard. For negative customer feedback, it will be a disrup

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

Professional from academic institutions, pharmaceutical industries, health care indust

ion of products or services, and an opportunity for positive customer feedback.

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

>

In future, decision makers will primarily have to rely on their social network

.

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

to communicate with customers in order to improve products or offer better servi

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

Companies that provide selfless information through particip

es. It gives customers more power and allows companies to spend less in marketing

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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