Advice You - Business

Let's say you are a small business owner or a professional such as an attor

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

ney, CPA, engineer, insurance broker, or engineer and someone gives you a g

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

Examples of combination products may in

od business referral that results in a sale. The referral may have come fro

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

m a colleague, an associate, a friend, a client, or a member of a business

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

etworking group that you frequent. You earn a commission or a fee from the

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

Combination pro

sale. What do you do? Do you say thank you? Yes, of course you do. Anything

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

else?

You pay for the business referral.

Business referrals should nev

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

er be free.

When someone gives you a business referral that results in

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

a completed sale you should always pay that person. Pay them in cash. Pay t

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

hem handsomely. What happens when you just say thank you? The referrer feel

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

appreciated. What happens when you pay that person with a handsome some of

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

Following aspects would a

money? That person feels even more appreciated. Further, when you pay cash

dd to the challenges in developing combination products:

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

for a referral that person will always be on the look out to get you more r

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

ferrals and sales leads because he will expect to be compensated.

Imagine

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

having an entire network of people on the lookout to generate more business

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

for you. That is what would happen if you pay people for business referrals

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

Professional from academic institutions, pharmaceutical industries, health care indust

. It would be having your own personal sales force generating new business

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

or you. That's what business networking should be all about. What you could

.

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

do own your own could be multiplied significantly. It would increase your

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

Companies that provide selfless information through particip

ommissions and fees in the long run and, subsequently, increase your income

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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Advice You - Business Referrals Should Never Be Free

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