Advice You - Business

It's tough to get consumers to adopt innovations – and it's getting harder all the time. As more markets take on the characteristics of networks, once-reliab

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

le tools for introducing new products and services don't work as well as they used to. The efficacy of advertising, promotions, and the sales force has decli

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

Examples of combination products may in

ed; it is more difficult for innovators to rise above the din of information from competing sources; and only hard-to-manage relationship skills seem to make

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

difference.

Executives need to rethink the way they bring innovations to market. By using game theory, they can develop new strategies for playing in today

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

s networked world. By understanding how social, commercial, and physical networks behave, innovators can develop new tactics. And by working back from an en

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

Combination pro

-game, they can change markets from foes to allies.

Nature's Way

Markets, by their very nature, resist new ideas and products. Despite the risks involved w

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

th developing and launching new innovations, companies love them because they drive profits, growth, and shareholder value. Innovations reap such handsome re

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

wards because they are risky. Markets, meanwhile, kill most new products and services and accept the rest only grudgingly. For instance, television took mor

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

than three decades to become a mass medium in the United States – from the first experimental broadcasts in the late 1920s to widespread acceptance in the 19

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

0s. Likewise, the number of transistors on a semiconductor chip has doubled every 18 to 24 months, as Intel cofounder Gordon Moore predicted, but the product

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

vity gains from the improvements in information technology have come at only half that speed – a rule one might call demi-Moore's law.

Markets are inimical t

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

Following aspects would a

innovation because they crave equilibrium. Equilibrium, as defined by the beautiful mind of Nobel Prize winner John Nash, is a situation where every player

dd to the challenges in developing combination products:

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

n a market believes that he or she is making the best possible choices and that every other player is doing the same. Equilibrium in a market lends stability

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

to the player's expectations, validates their choices, and reinforces their behaviors. When an innovation enters the market, it upsets the players' expectati

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

ons and choices and introduces uncertainty in decision making. For example, the U.S. wireless communications industry had found equilibrium by 2002 with seve

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

al big players, relatively stable technologies, and steady consumer-switching rates. But the government's decision in November 2003 to let consumers take the

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

Professional from academic institutions, pharmaceutical industries, health care indust

r telephone numbers with them when they changed carriers seemed likely to disrupt the status quo, which is why markets resist them.

A market's hostility to i

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

novations becomes stronger when players are interconnected. In a networked market, each participant will switch to a new product only when it believes others

.

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

will do so, too. The players' codependent behavior makes it tougher for companies to dislodge the status quo than if each participant were to act autonomousl

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

Companies that provide selfless information through particip

.

"The New Rules for Bringing Innovations to Market", Bhaskar Chakravorti, Harvard Business Review, March 2004. Visit CJPS-Enterprises for more information

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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Here's a quick tip for securing temporary office space without spending a bundle of money or getting involved in a lot of hassles. Just remember these three words- 'shared office space'.

Storage and warehousing can be a dangerous business if important safety rules are not adhered to.

There is a new trend taking hold in business today which translates into amazing productivity, results, and a happier workforce. It’s easy, positive, and some say transformative; best of all, it’s something you and every other individual charged with the responsibility for getting results through others can learn to do. It is…coaching people instead of managing them.

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