Advice You - Business

One of the biggest challenges that faces the entrepreneur who is opening a dollar store is m

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

aking a profit on the tight margins found with many products. In fact, almost all of the day

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

Examples of combination products may in

to-day necessities are in huge demand, yet they come with very little profit. The smart stor

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

e owner knows that the balancing act between demand and cost requires constant attention.

F

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

ilure to maintain the high demand merchandise in stock results in lost sales and lost custom

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

Combination pro

rs. If the day to day items such as paper goods, household cleaners, shampoos and hand soaps

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

are not always in stock, shoppers will start buying from those who always maintain the item

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

in stock. Never allow these items to run out of stock when you are opening a dollar store.

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

On the other hand, when opening a dollar store, the owner cannot afford to tie up huge amoun

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

ts of money in low-profit inventory and then wait until it finally sells. Having mountains o

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

low profit items is not the way to manage money. Work to maintain only the required invento

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

Following aspects would a

y levels to ensure that on hand inventory approaches, but never reaches zero.

When opening

dd to the challenges in developing combination products:

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

a dollar store develop a method to track day to day sales of these low profit day to day nec

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

ssity items. With that knowledge in hand, weekly and monthly sales can be tracked. Be sure t

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

at the balance between inventory on hand at all times and minimal investment is maintained.

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

Consider creative methods for managing this balancing act. Weekly deliveries of these items

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

Professional from academic institutions, pharmaceutical industries, health care indust

r possibly local purchasing will help.

It is wrong to ignore the demand that exists for day

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

to day staple items. These items can generate some profit. Of more importance, they bring tr

.

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

affic into the store. That traffic can be converted into buyers of many other high profit it

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

Companies that provide selfless information through particip

ms while there. Never forget that when opening a dollar store.

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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