Advice You - Business

There is a phenomenon that is available to you that helps sell your

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

preferred and more profitable product/service more frequently. If it

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

Examples of combination products may in

is possible, and it usually is, when positioning your pricing struct

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

re, it has been found effective at producing a higher level of profi

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

s to have a three-choice menu.

Choice #1 - is the "no frills" produ

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

Combination pro

t/service with minimum but acceptable profit margins. 25% care only

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

for price, no matter what the added values and how wonderful they ar

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

described.

Choice #2 - This should be the "deluxe" model with extr

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

values and very tasty profit margins. This is the one you want to s

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

ll as much as possible Remember, most people will spend more to get

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

ore.

Choice #3 - This puppy has to be almost ridiculous in price, (

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

Following aspects would a

not stupidly ridiculous) and with added features only suited for the

dd to the challenges in developing combination products:

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

rich and famous, the "worksburger"! You are not really looking to se

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

l hardly any of these widgets.

Plan #3 has two real big advantages

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

or you. One, it makes plan #2 look a lot more appealing by price com

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

arison. They really want plan three but weren't expecting to spend t

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

Professional from academic institutions, pharmaceutical industries, health care indust

hat much, so, plan #2 is a lot more appealing than plan #1, now that

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

they have seen Plan #3 and don't want to spend that much. Two, every

.

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

once in a while, some image conscious spender with deep pockets will

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

Companies that provide selfless information through particip

actually buy a plan #3! You can go to Aruba on a couple of Plan #3's

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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