Advice You - Business

Business groups like the Chamber of Commerce provide many excellent marketing opportunities. The member

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

s of these types of business groups are all business owners and many of them will fit into your sweet-sp

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

Examples of combination products may in

t profile. What better way to get to know the decision makers in these businesses?

Maximize Your Expos

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

ure in Business Groups

Don't simply join a business group and remain a passive bystander. To get the m

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

st out of your business group experience you need to get involved. Here are some tips:

When you join on

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

Combination pro

of these business groups immediately make yourself known to the Executive Director, the office staff an

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

d the officers, as well as the people on the board.

Volunteer for a committee. This is an excellent wa

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

to meet and really get to know some of the local small business owners.

Speak at the meetings and even

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

s.

Exhibit and take out a little table at the next expo or event held by the business group. These are

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

usually inexpensive and are a low risk proposition.

Send a direct mail to the business group members on

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

the master list introducing them to your company and your services.

Invite the whole business group mem

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

Following aspects would a

ership to seminars or events you are holding.

Attend and network at the business group meetings regular

dd to the challenges in developing combination products:

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

ly; 8 or 10 a year is a good number.

There are no sure things but the active members of a business grou

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

, the board, and the committee chairs tend to be loyal to the inner circle of their fellow business grou

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

supporters. It’s almost like a fraternity or sorority.

The Bottom Line on Business Groups

The key 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

getting the most out of a business group is to be an active member. Keep your name in front of the mem

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

Professional from academic institutions, pharmaceutical industries, health care indust

ership. Remember to do your follow up. You want the business group members to know your name and think

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

of you first when they have a computer issue. If you are patient and persistent your business group mem

.

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

bership will pay off.

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

Companies that provide selfless information through particip

Reserved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance

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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