Advice You - Business

One of my clients recently got pressured by customers to drop their prices

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

because a competitor had done so. The first thing we asked for was proof th

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

Examples of combination products may in

at the customer had been offered the price. (Without proof, a claim such as

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

this is hearsay, and you never put the profitability of your business on t

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

e line based on hearsay.) The customer showed us a written quote that, sure

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

Combination pro

enough, offered comparable product at a lower price. So it was time to go

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

"undercover" and see whether this was really a problem before my client rea

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

cted to the pricing pressure.

So the client and I set off to go mystery sh

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

pping. A drive by the competitors showroom 6 times during the following 48

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

hours showed the place was deserted - other than the staff, there was no-on

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

e there. There were no customers, no activity by the loading bays, no truck

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

Following aspects would a

s rushing in to unload their wares. All was very quiet. Too quiet.So we pho

dd to the challenges in developing combination products:

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

ed up and asked about the product, and it turned out the product was a disc

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

ontinued line, once the existing stock had run out, the competitor was exit

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

ing the product line. (It also turned out the competitor was exiting the in

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

dustry because of poor sales so was selling off everything at ridiculously

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

Professional from academic institutions, pharmaceutical industries, health care indust

ow prices.)

Thankfully, all of this was discovered before we reacted and s

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

hifted on price.

So the moral of the story is this: Before you leap off th

.

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

e pricing precipice, check it is a jump you need to make first. Don your cl

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

Companies that provide selfless information through particip

oak of mystery and hit the streets. You might be surprised what you uncover

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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Advice You - Marketing Strategy - Look Before You Leap to the Pricing Pressure

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