ts and the possibility of high profits. Bidders on online auction sites are drawn to the unique shopping opportunities and potential to purchase hard-to-find items at low prices.
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
get="_new" href="http://www.mauritiantrader.com">www.mauritiantrader.com . As an online marketplace, MauritianTrader offers a window of opportunities to businesses and individuals by allowing them to buy and sell al
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
most anything online. It even gives buyers the opportunity to request a specific item from sellers (reverse auction). Items sold can be new or used ones and they cover all categories from electronics, fashion items, boo
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, cars, antiques, furniture etc.
What makes online auctions so attractive to businesses is the number of people bidding against each other. It provides an instant audience that secures the seller the best price. As fo
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
r the buyer, the speed, simplicity and variety of goods on offer can vastly speed up procurement.
Benefits of buying on auction websites
Bidding for products has advantages over traditional purchasing for both buyer a
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
nd supplier. Businesses save time spent on procurement by finding, comparing, ordering and paying for products in one sitting. Repeat orders can also usually be made quickly and cheaply. Experienced bidders save time b
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
y using software to keep track of several auctions at once, setting up automated searches and bid alerts.
Many businesses use online auctions for buying items that are non-critical to their business such as office furn
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ture, or to track down specialist equipment, that can be picked up second-hand at a keener price.
As for individuals, the convenience of sitting at home and shop for something is thrilling. Just a few clicks and you ca
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
n find what you are looking for at great prices in a matter of seconds.
Benefits of selling on auction websites
Businesses selling products or services at an online auction are likely to see reduced marketing costs, a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
s they are tapping into a ready-made community of buyers at a well-established auction. Moreover, they get access to a much wider market – small suppliers gain a worldwide audience.
Many companies find selling at aucti
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
ons gives them useful feedback on their products and services – they treat it as an opportunity to test products and gauge value. Another key benefit is being able to offload excess stock quickly and cheaply. It can als
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
help cut out the middle man.
Some individuals go for auction websites simply because they want to make some extra money. So, they buy products on sale and sell them at a slightly higher price but lower than the regula
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
r market price. Other people may just want to clear up clutter around the house by selling second hand items or even may want to start their own business by advertise their products online.
Mauritians have been lagging
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
behind on online trading mainly because there was no local auction website in the past. Moreover Mauritians still hold on to their traditional ways of doing business. They feel the need to see-touch-feel a product befo
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
re buying. However, with a local website like MauritianTrader, where users are mostly Mauritians, they can arrange to meet and view the item before making any payment.
Mauritians may feel skeptical at first to adopt th
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
s new way of doing business. Just like millions of people around the world buying and selling online, Mauritians will quickly realise the benefits they would derive from online trading. The uncertainty of a buyer’s or s
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
eller’s reliability may be another cause for not choosing online auctions. However, like eBay, MauritianTrader has a feedback feature. The buyer/seller gets a feedback at the end of each transaction. The more transactio
.
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
ns, the more feedback and therefore the more a buyer/seller’s “reputation” can be evaluated accurately.
It is high time Mauritians make use of this service, especially small businesses that do not necessarily have the
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
powerful tools for effective marketing. Not only will they be selling to Mauritians but also obtain global exposure. Mauritius should make the next step and catch up with the latest methods of doing business effectively
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
