Advice You - Business

One of the challenges that every retailer faces is continually growing sales. Opening

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

a dollar store is no different. It is important to know the current level of sales. It

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

Examples of combination products may in

is also important to have established future sales goals.

Along with those future sal

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

s goals comes the challenge of developing an action plan to achieve those goals. Openi

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

g a dollar store requires that you have an action plan that includes specific actions,

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

Combination pro

dates for implementing those actions, and targeted increases that are anticipated as

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

result of those actions.

For example, if you are opening a dollar store, you may dec

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

de that your action plan includes monthly advertising in the local newspaper. You may

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

xpect the advertising to provide great exposure for your business. However, you should

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

also include a measurable positive impact on sales in your expectations. You could me

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

sure the sales increase in raw dollars of additional sales. However, a more meaningful

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

Following aspects would a

way might be to measure a % increase in sales.

Another example might be a big holiday

dd to the challenges in developing combination products:

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

promotion. Possibly you plan to do some advertising on the radio as well as through ha

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

ndouts that are stuffed into sales bags. Maybe you have some special purchases that wi

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

l be deeply discounted. Or you could have an in-store drawing. All of these actions wo

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

ld combine to support the promotion. If you are opening a dollar store, you would also

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

Professional from academic institutions, pharmaceutical industries, health care indust

need to add an anticipated increase in sales as a result of the promotion.

Opening a

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

dollar store brings with it many responsibilities. One of the most important for succe

.

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

s is continually growing the size of the business. That can happen with good planning

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

Companies that provide selfless information through particip

hich includes specific actions and measurable sales increases.

To Your Retail 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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