Advice You - Business

Every business has competition. Every business, no matter how unique. There is always some other business that is taking away customers from you, taking your customers money from yo

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

u. The majority of your competitors you don't even think of as competitors, and surprisingly it is these competitors that are taking away most of your business. As soon as you devel

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

Examples of combination products may in

op an idea, it already has competition. Competition isn't something to be ignored, it is something to be contended with.

Businesses compete for market share. Market share is

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

the portion of all sales in your market area that go to you. For example, if you have a lemonade stand (interesting example, aye?), and there are four other lemonade stands (five l

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

emonade stands total), and people buy $10 worth of lemonade at your lemonade stand, and they buy $20 worth of lemonade at all the other stands. That means there's $90 worth of lemon

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

Combination pro

ade bought, and $10 of that is from your business. So, $10/$90 = 11%, therefore you have 11% market share. You could also calculate it by customers, say, there are 40 customers tota

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

l, and you each have 8 customers, so you have equal market share in regards to that. However, your customers are buying less than the others, so one way to improve your overall mark

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

et share in this situation is to get your current customers to buy more lemonade, instead of trying to take customers away from other businesses. In this situation and in real life,

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

it is always easier to get current customers to spend more money rather then trying to recruit new ones.

Another kind of "share" is the share of customer, also called share of bil

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

lfold. Let's take the lemonade example again. Maybe you also sell cookies, but people buy only lemonade. This means you can expand your share of customer by getting them to buy cook

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

ies as well as lemonade (or, more lemonade). As you can see, you are taking more of their money, meaning you are taking more of their "bills" (hence, share of billfold). Again, this

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

Following aspects would a

is the easiest way to increase market share.

There are three types of competitors. The first are direct competitors, which are other businesses selling exactly what you are sellin

dd to the challenges in developing combination products:

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

g, therefore directly competing with you. Then there are indirect competitors, which are businesses that are similar to yours. For example, a business that sells CDs is indirectly c

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

ompeting with iTunes, which also sells music, but in a different way. The final type of competitor is the toughest of the bunch, the phantom competitor. This is basically the "alter

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

native" competitor. Back to the CD business. Someone could simply choose not to buy a CD, and that in itself is a competitor. Or, they could decide they want to buy a video game to

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

satisfy their entertainment needs. This type of competitor is so hard to deal with because it's impossible to compete with. You can't anticipate every single alternative that a pros

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

Professional from academic institutions, pharmaceutical industries, health care indust

pect will have to your business, and that's why phantom competitors are the strongest of all the competitors.

While it has been stressed that it is much more important to try to ke

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

ep customers rather than focus on gathering prospects, it still is important to recruit new customers, and especially to take them from your competitors. This takes away market shar

.

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 from your competitor and gives it to you. The key to doing this is convincing them that you're better than they are, and it's hard to do, especially if the customers are becoming

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

Companies that provide selfless information through particip

loyal. As long as you develop your product (or service) to the finest quality, and introduce it to your prospects in an efficient way, it will become all the easier to convert them.

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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While we know exactly the role played by a physician, who is a physician assistant (PA)? Is he one who simply assists a physician in his or her clinic? A PA can be defined as one who is licensed to practice medicine under the guidance of a physician. This guidance, in most cases, need not be direct or on site as in the physician's clinic or hospital. It can also be available for a PA who wants to practice in remote areas that are far removed from major towns and cities. PAs can treat patients and, in most states, prescribe medicine. In some states they are authorized to prescribe controlled medications like narcotics or those drugs that can have harmful side-effects if taken without proper analysis or study.

Use caution when signing a pre-employment background check permission form. This article explains what information you may be divulging.

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Advice You - The Hard Facts: Every Business, No Matter How Unique, has Competition

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