Advice You - Business

Ever wonder how to put more jingle in your pockets? Recently I was invited to join the “staf

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

f” of a local accounting firm, under the sheer guise of increasing business and profitability

; 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 a company with consistent net gains in their profit margin. The owner’s intent is rather

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

lear; he wants more money jingling in his pocket.

While this isn’t a bad thing and nobody is

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

condemning him for his intentions, a better objective might be “improving service”, or “broad

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

Combination pro

ening the market”. Either of these or more money in your pocket would appeal to most busines

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

owners, because the bottom line is simple, more jingle.

Improving service, broadening the m

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

rket, and bringing in more business consistently are common results of a solid business marke

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

ing plan with high numbers of contact within the client market of the business. It’s all a n

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

umbers game, is probably an understatement.

Proposing a miraculous solution for this issue r

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

quires thought and planning, and is definitely a can do project. Just follow the steps:

*

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

Following aspects would a

now your product. Have an identifiable and recognizable name for your product; know what it

dd to the challenges in developing combination products:

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

oes, how it can be used, and specifically how it will help the client.

* Know your market.

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

Have a specific description of who will purchase and use your product. Know your clientele a

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

d have a good plan for communicating with them personally.

* Know how to promote your produ

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

t/service to your client.

* Be willing to go the extra mile to promote your business or prod

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

Professional from academic institutions, pharmaceutical industries, health care indust

ct.

The purpose of business is to make money. If that is not your intent, your business pro

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

bably won’t make any money, and it’s NOT a viable tax shelter either.

Put your marketing ski

.

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

ls into effect, by pursuing your client with thoughtful well planned market directed advertis

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

Companies that provide selfless information through particip

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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There are various benefits to staying in an airport hotel during your business trip to London.

Failure is something that none of us ever plans for but it is a part of the human condition. As we go through our lives there are few if any who have never experienced this phenomenon. So as we experience failure, how do we accept it and move on if we are unable to admit it?

This article is based on the following book: Taming the Paper Tiger at Work By Barbara Hemphill Kiplinger Books, 2003 ISBN 0938721984 182 pages

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