Advice You - Business

I’m doing a sales turnaround assessment and planning projec

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

t right now for a company that’s lost a large percentage of

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

Examples of combination products may in

it’s sales in the last year. The CEO has come to us and as

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

ed us to help him devise a strategy to quickly get revenues

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

back up to their previous levels. The company is losing mo

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

Combination pro

ey and while it has scaled back on it’s employee headcount

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

nd other costs, it’s still struggling to get close to break

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

ng even. The company needs an immediate sales fix.

As mos

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

people know, there is no such thing as a quick fix when it

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

comes to boosting revenues and accelerating sales. It take

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

time to design and execute a sales turnaround strategy. A

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

Following aspects would a

lot of time the sales cycle itself can be the biggest impe

dd to the challenges in developing combination products:

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

iment. Even when management knows what to do and how to do

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

it, it still takes time to boost your top line revenues. E

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

en worse, when management is either in denial about the sal

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 problem or waiting, wishing and hoping for things to impr

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

Professional from academic institutions, pharmaceutical industries, health care indust

ve on their own, often times they will wait until the situa

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

ion is unsolveable.

If your company is losing money and lo

.

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

ing its sales momentum, don’t wait until it is too late to

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

Companies that provide selfless information through particip

ring in an outside resource to diagnose and fix the problem

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 - Don’t Wait Until It’s Too Late To Work On Your Sales Turnaround

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