Advice You - Business

Taking Off Your Rose Colored Glasses can be profitable

How our filters cause us to miss out on good opportunities

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

Here is Florida where I live it is a necessity to wear sunglasses outside much of the time. The sun here is very bright and with

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

Examples of combination products may in

ut good sunglasses two things happen and neither is good: You cannot see due to the bright light and you can develop cataracts.

In

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

our businesses and lives we also have colored glasses on. These are our filters that we have developed to keep out the things we ar

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

not interested in and things that could harm us.

How did we get these filters? They were formed by our routines as we grew up. We

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

Combination pro

found things in life that we liked and that were were either comfortable or uncomfortable to us. As these things occurred we autom

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

tically set up filters to say good or bad. This is how we seem to ignore some of the clutter of advertising going on around us ever

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

where.

If you are looking for a new car, suddenly you would start paying more attention to the car ads on T.V., radio and print. N

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

rmally you would usually filter these ads out as you are not looking for a new car. If you are single you would be attuned to other

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

single people. Conversely, once you are happily married you will tend to filter out that someone is single as you are no longer lo

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

king.

For a businessperson sometimes our filters work against us as they cause us not to have an open mind when new ideas are pres

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

Following aspects would a

nted. We must learn to keep an open mind and not simply filter out new ideas without listening.

Being open minded is an area I am

dd to the challenges in developing combination products:

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

orking on as it is too easy to simply dismiss a business idea without listening. We tend to think “Oh, I know all about that or tha

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

t’s one of those things!” If we can turn off our filters for a few moments and simply pay attention we may find that we are overloo

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

ing good opportunities because our filters are set too tight.

The book of proverbs says “He who answers before listening—that is h

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

s folly and his shame.” What this means is simply we need to be more open to listening before we make a judgment about any matter.

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

Professional from academic institutions, pharmaceutical industries, health care indust

What made me write this article? Recently, I took the time to go back and look again at a business my friend recommended. The first

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

time he brought it up I said “Oh, I know all about that!” Well, I did not. That was because I had not taken the

.

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

ime to get all the information and carefully consider it. How often we miss out on opportunities simply because we think (due to ou

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

Companies that provide selfless information through particip

filters) that we know all about something or we think we are too busy to take the time and carefully and fully check something out

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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This article allows you to take charge of your files, rather than the other way around.

Achieving success in life is simple. These are 4 simple, fundamental steps at the core of success.

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Advice You - Take Off Your Rose Colored Glasses

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