Advice You - Business

My wife and I recently had our second baby, and like all expectant parents we had to go through the often difficult process of picking a name. Choosing a name is one of the first big decisions you mak

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

e for your child and it can have a large impact on their future. Anyone familiar with the 1980s movie The Sure Thing remembers the diatribe of John Cusack’s character in which he expresses hi

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

Examples of combination products may in

disgust for the name “Elliot” who will grow up to be “a fat kid with glasses who eats paste.” He then goes on to explain that “You gotta give him a real name. Give him a name! Like Nick….Nick’s a rea

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

name! Nick’s your buddy. Nick’s the kinda guy you can trust.”

Choosing a name for your company or product is as important as naming your child, so don’t take it lightly. First and foremost the name

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

as to be unique. Growing up in classrooms filled with Davids, Johns and Jennifers, the one thing that set me apart was my last name. Speaking of my last name, that brings me to the next point. You hav

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

Combination pro

to be able to say it and spell it. I know first hand how having a name like Lubelczyk, which is both difficult to say and spell, can be a real pain. In this world of URLs, search engines, and online

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

irectories, being able to spell your company’s name is crucial unless you want to spend a lot of money registering all the misspellings of the name. Before you pick a name, make sure you can get the .

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

COM because chances are if you can only register the .NET, the .BIZ or you have to put in a lot of dashes or an “e” in front of it, no one will ever find you...but they will find your competitor.

A n

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

me also has to fit the personality of the company now and the personality you want it to grow up to be. Unlike Little Rickey who can become Richard the CEO or Rick the Fireman, you are stuck with that

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

name for a long time. So choose wisely. If you have to change it later, the costs both financially and in lost recognition will be massive. The longer you have a name, the harder it will be to change.

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

Just ask KFC who has recently gone back to Kentucky Fried Chicken because despite massive amounts of advertising telling us that KFC was their name and it stood for “Kitchen Fresh Chicken”, no one rea

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

Following aspects would a

ly forgot that this company southern-fried their chicken.

Another thing to remember when picking a name is to avoid trendy names, names based on a fad, names that include current technology, or names

dd to the challenges in developing combination products:

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

that expire. Let’s face it, does anyone get the latest electronic equipment at the Hi-Fi Shack or Computers 2000? I don’t know many people who still want to go to the Cineplex, the Roller Disco, or th

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

Bowladrome. These all may have been great names “in the day”, but now they seem dated and irrelevant. So unless your company offers a retro theme or wants to forever stay in a time warp, avoid these

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

names at all cost.

A popular naming trend is the use of only initials. This comes from the success of companies like GE, IBM and AT&T. But unless you’re a “Blue Chip” company, this is probably not a

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

ood idea. Not many people want to buy from EDP NOW nor do they see ABC Office Supplies as unique. I can’t even guess what ADSP Inc. sells. Finally, AAA Computer Repair may get you the first listing in

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

Professional from academic institutions, pharmaceutical industries, health care indust

the phone book but does it really differentiate your service?

My entire family had very strong feelings about what the baby should be called and your company’s stakeholders do too, therefore you must

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

choose wisely. Always remember to consider if the name is appropriate, will people be excited about it, does it sound good, will people relate the name with the products or services you offer, and is

.

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

t the type of company name people want to associate with. If all else fails, ask for help. There many good companies who specialize in developing the perfect name for your business.

For anyone who is

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

Companies that provide selfless information through particip

interested, the baby’s name is Nickolas and even though John Cusack had very little to do with the name, I hope my son grows up to be a buddy, the kind of guy you can trust, not someone who eats paste

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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