Advice You - Business

Do you promote yourself as offering prompt, reliable and quality service?

Of course – none of us promote ourselves as anything less, and equal

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

ly we strive to provide this level of service all the time.

So what happens when you take your networking to the next level, and start to 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

er referrals, or even establish partnerships or alliances for certain activities?

Whatever you do at this point creates significant impact o

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

your business and personal reputation – potentially positive and also potentially negative.

One of the successes of Global Business and Dev

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

lopment Solutions (globizdev.com) is not just that we are an alliance spanning Austral

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

Combination pro

a, South Africa, UK and the USA. Rather, our success results because we share like values, and each commit to providing the same level of

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

ervice, whether individually sourced, referred, or a shared client.

I am using the word ‘partner’ loosely – as a catch all for someone we refe

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

business to/from, someone we collaborate on a project with, someone we join market and so on.

Regardless - choosing the right partner is

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

ritical.

So how do I choose the right partner?

At some point depending on the level of activity you enter, it could be important to get spe

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

ialist legal, due diligence and other financial advice – which is beyond the scope of this article. Some key principles I have followed to s

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

ccessfully establish partnerships and alliances include:

• Looking for organisations and individuals who share the same values as you

• Ens

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

Following aspects would a

ring you enter the arrangement with their success in mind, not just yours

• Being prepared to not lead every initiative

• Looking for partner

dd to the challenges in developing combination products:

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

with complementary products and services

• Identifying gaps in your own knowledge, skills and experiences and seeking partners to ‘fill’ th

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

se

• Not expecting overnight success

• Being prepared to foster a long-term mutually beneficial arrangement

Will following these steps guara

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

tee success and remove all potential for conflict?

Obviously not.

However, following these steps is core in demonstrating a genuine desire to

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

work with others, to support each other in growth and development.

Remember, too, that establishing such arrangements is likely to be just o

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

Professional from academic institutions, pharmaceutical industries, health care indust

e element of an overall sales and marketing plan for you or your organisation. Even if you have an excellent partner, or partners, marketi

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

g efforts individually and collectively remain important.

I you are an independent professional, or a small service organisation, you might

.

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

benefit from the Free Marketing Plan Workbook from Action Plan Marketing, which you can download from globizdev.com on the Additional Resour

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

Companies that provide selfless information through particip

es page.

I have found enormous personal and business benefits from establishing quality partnerships, and I hope you enjoy similar successes

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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Managers have their eye on cost in product development and HR issue. But these can only reduce at one point. They hardly see at waste of not doing anything of their workforce and machines. Read how these factors affect the bottomline of any business.

You can give useful gifts to employees and casual business contacts while advertising at the same time without seeming tacky or tasteless.

When blazing new paths in the marketing world you should wonder why no one came before you. There is nothing new under the sun. If someone else isn't marketing there, I'll bet you there is good reason.

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