Advice You - Business

One of the most overlooked methods of doing business is using the barter system. People assume that you have to pay money in exchange for the receipt of something of value. Not only is thi

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

s not true, it makes good business sense to barter for the exchange of goods and services. Bartering is a great way to get and give something of value without spending a dime.

Just exactl

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

Examples of combination products may in

does it mean to barter anyway?

Barter or trade is a powerful tool that represents a solution for companies with available inventory or services. By accepting payment in trade dollars ins

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

tead of cash, a business maximizes their efficiency by increasing inventory turnover or billable hours. Using the trade dollars earned, the company can purchase the goods or services they

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

ant – without paying cash.

Bartering can occur with almost anything. Any product or service can be bartered and it doesn't have to be a business only trade. In planning to barter, it’s im

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

Combination pro

ortant to think creatively. What have you got to offer that someone is willing to trade for? What do you need in exchange? When planning to barter it’s also important to understand that it

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

never hurts to ask. Inquire and ask a supplier if they barter. Don't be embarrassed. You don’t barter because you don't have the money to spend. You should do it because it’s one of the s

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

artest and fastest growing ways of doing business.

You can barter at any time. It’s an excellent way to build relationships while conserving cash. Excess goods and services can be traded

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

for things and goods that you need.

Here are some examples:

You are an expert in marketing. You need a new brochure; you can barter your marketing expertise to a printing company in exch

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

nge for them printing the product.

You are an expert in customer service. You need a vacation; you can trade your expertise at the hotel destination in exchange for free rooms.

You have

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

yard sale and a painter comes by who wants some of your stuff. You need your house painted. You can offer to trade the stuff you are planning to sell for their painting services.

Here ar

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

Following aspects would a

e some methods for more successful bartering:

Be flexible in your thinking.

Bartering will not always deliver exactly what you want, when you want. You must be willing to change vendors,

dd to the challenges in developing combination products:

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

try new ways to promote your business, or perhaps look into different options. If you can be flexible bartering will not only work for you but it will make life more interesting and advent

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

urous.

Be creative.

Creativity means you must be willing to look beyond the obvious. You must see new ways of doing things. Don’t only think cash as the answer. You might find that tradi

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

g can be an even more powerful motivational tool. Using trade to settle debt, close sales, travel, or charitable contributions are just a few of the creative applications of bartering.

Be

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

willing to wait for the right opportunity.

As with patience, with bartering, good things come to those who wait. Nine times out of 10 you will get you what you want, but you may have to w

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

Professional from academic institutions, pharmaceutical industries, health care indust

ait for it.

Be quick to respond.

While you must be willing to wait, you must also move quickly when something comes along that is not normally available on trade. Those who do not respon

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

quickly are often left sitting on the sidelines. It’s like a taking advantage of a great sale. Don't spend time mulling it over; grab it the first time.

Think barter first.

In the norma

.

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

l, everyday world you are always thinking about how you are going to increase sales to pull in more dollars into your business. In the barter world, the sell-side is easy. Now you need to

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

Companies that provide selfless information through particip

xpend the same kind of time and energy on using your dollars. You must think trade before spending cash. Think trade all the time.

So lets get started bartering. What do you have to offer

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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