Advice You - Business

Sales management is a key activity when opening a dollar store. Prior to actually opening your store specific

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

sales goals should have been established. As the store is opened and business operations grow your actual sa

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

Examples of combination products may in

les should be compared to those projected sales. Hopefully the result will be higher than anticipated sales.

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

But what about situations when sales fail to meet projections? What happens if sales are lower than planned?

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

The best place to start is with the assumptions that were used to establish the projected sales figures. Exam

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

Combination pro

ine each of the assumptions and make sure it actually works in the real business environment. At times those

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

assumptions won’t all be valid after actually opening a dollar store.

If your business assumptions were inco

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

rrect, make the appropriate adjustments and then change your business operation to match the actual situation

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

This is generally fairly quick and easy since the incorrect assumptions will be obvious after actually openi

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

ng a dollar store. In most cases this is not where the problem will be found however.

Next examine the locat

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

ion and the traffic at that location. In some cases this will be the source of the problem. However neither o

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

Following aspects would a

f these should emerge as the problem if investigative due diligence was properly performed before selecting t

dd to the challenges in developing combination products:

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

e location for opening a dollar store. It is still important to double check that there isn’t new or differen

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

t data to be considered however.

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

ticles/">opening a dollar store there will be other specific issues driving a sales shortfall. Those issu

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

es may include the lack of key merchandise, an inadequate advertising/ marketing program, poor customer reten

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

Professional from academic institutions, pharmaceutical industries, health care indust

ion, new competition, or other underlying business issues. The correct issue needs to be identified and than

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

appropriate fixes must be identified and implemented.

Are you opening a dollar store? If so take the time to

.

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

establish sales goals. Monitor actual results against those projections. If sales are less than targeted tak

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

Companies that provide selfless information through particip

e the time to investigate and fix the issues that are causing sales shortfalls.

To Your Dollar Store Success

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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