Advice You - Business

Do you have a great idea for a product? Are you thinking of launching a new product or service in the market place? Below is the

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

first part of 12 questions you definitely want to answer and prepare for before you "go live".

1) Who i

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

Examples of combination products may in

s the target market?

You'd be surprised how many folks create a product before targeting a specific market. Targeting a

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

market is the first step. If you do it the other way around, you just might find that a market for your product or service may n

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

ot even exist.

2) What is the product/service?

Define it. Does it fall under a category? Is i

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

Combination pro

t a single product or a multiple line of products? A single product can be "one size fits all" if practical. WD-40 is a perfect e

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

xample of a single product with multiple uses. When the WD-40 company first started out, they only had that one product. Today, t

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

hey have multiple brands.

You can also create different flavors of your product. Think of shampoo. There's one for every hair ty

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

pe. The benefit of having a multiple product line, of course, is that you can expand your market reach.

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

>3) Does it satisfy a market need?

Does your product or service actually solve a problem? If you did y

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

our market research correctly, then it should at least solve a problem to a certain degree. If the problem may continue to exist

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

Following aspects would a

after your product launch, and the need is urgent, you might consider releasing your product as a temporary solution. However, yo

dd to the challenges in developing combination products:

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

u should continue to refine it until it completely solves the problem.

4) Will your product or service

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

maintain market appeal?

"Here today. Gone tomorrow." So goes the saying. Think for the long term when it comes to your

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

product. You'll ultimately reap huge rewards while other products around you fade away.

5) Is your prod

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

uct or service useful?

No, really. Is it? Don't get beside yourself when answering this question. There are many produc

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

Professional from academic institutions, pharmaceutical industries, health care indust

ts out there that folks can't justify spending one dime for. Other folks, for some reason, see those same products and they just

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

have to have it. Either way, useful products and services are the ones that last.

6) How much competiti

.

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

on exists?

You do not want to join a flooded market, but there might be a reason why NOBODY is pushing a product or ser

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

Companies that provide selfless information through particip

vice like yours.

***In part 2, I give you six more questions you should ask yourself before going live with your product launch.

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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As any successful entrepreneur will tell you, your choice of products is crucial to your success or failure. Many products are simply bogus ideas with no hope of working. And many others are designed to produce maximum profits for their creators, and minimum profits for people like you and me who sell them.

Managers are supposed to be leading employees to greatness. However in these days employees are sometimes needing to lead their employers. This article will help those who need guidance and a better understanding of management.

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Advice You - New Product Launch - Questions To Ask Before Going Live: Part 1

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