Advice You - Business

When Phil hires a new helper for one of his construction projects, he first watches to see whether or not the newcomer has the right attitudes an

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

d habits to keep him as an employee. And, if the newcomer meets expectations,' Phil introduces him to his philosophy about work by telling him th

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

Examples of combination products may in

e woodcutters story.

Two woodcutters who are working together for the first time, set off in the morning to cut down trees. One woodcutter works

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

very hard, and aside from a couple of breaks, works steadily all day.

The other woodcutter, though, seems to take many more breaks, at least on

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

every hour. So the first woodcutter expects he'll have cut down many more trees by the end of the day.

But, when they quit for the day, the fir

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

Combination pro

st woodcutter finds, to his surprise, that the second woodcutter has done more, despite taking all those breaks. And, in his frustration, the fir

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

st woodcutter wonders out loud how the second woodcutter did it.

The second woodcutter couldn't help but hear the first woodcutter's question, a

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

nd replies, "Yes, I take many more breaks, but every time I take one, I sharpen my axe."

Phil uses this story of the woodcutters to explain his

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

deas about productivity, and he doesn't relate it to the productivity which economists refer to in their statistics.

Phil thinks of productivity

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

in a very immediate way: how many nails you can drive in one hour, for example. The economists are talking about the same thing, only they're ta

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

lking about it as the sum of many millions of businesses and organizations, so they're talking about productivity in an abstract way.

Whatever t

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

Following aspects would a

he case, productivity simply refers to the amount of value you can get from labor, land, or capital (invested money). As we'll see in the next se

dd to the challenges in developing combination products:

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

tion, Phil's income goes up when he (and his helper’s) productivity goes up.

Increasing productivity across a whole nation is also good news. It

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

means everyone in society becomes more prosperous, that everyone (or almost everyone) will have more money to spend or save.

Increased producti

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

vity can also mean lower prices. For example, if carpenters and home building companies increase their productivity, then house prices will go do

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

wn. Generally speaking, though, consumers, owners of businesses, and workers in those businesses all share productivity gains.

And what about pe

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

Professional from academic institutions, pharmaceutical industries, health care indust

ple without job? Well they often gain, too, because when businesses owners and workers make more, they pay more in taxes. In turn, that makes mor

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

e money available to governments for social programs.

Having heard all that, you may be skeptical, thinking your prosperity hasn't gone up much,

.

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

if at all. But you'd be wrong. Productivity has gone up, and gone up a lot over the past two hundred years, and especially over the past 50 year

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

Companies that provide selfless information through particip

s.

It may be invisible to most of us, but productivity is one of the silver bullets that have given us our prosperity and so many of our choices

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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Advice You - What is Productivity? And, Why Does It Matter?

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