Advice You - Business

As a kid, did you ever find a shiny yellow rock that you thought might be gold? Well growing up in Ohio I came across a number of rocks that had a flash of golden metal that I thought were

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

exceedingly valuable, so much so that I took the rocks back to my parents to find out how rich I was going to be. As you’ve probably guessed, they weren’t worth much. In fact, they were

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

Examples of combination products may in

not worth more than the paper sack I had carried them in.

While they aren’t looking for rocks, I’ve found that business owners and managers have the same challenge looking for the right d

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

esigner for their company. And like me when I was young, when they find something they think is valuable, they often have no way of knowing how valuable the rock, or in this case the desig

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

ner really is.

The big challenge for business owners is how to evaluate if they’ve made a good choice when it comes to hiring a designer – how can they tell if they’ve picked up a gold nu

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

Combination pro

gget or a lump of coal. I am going to share with you 5 quick things you’ll eventually think and feel that indicate you made the right choice in hiring your designer. You might not say thes

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

e out loud, but over the course of working with the designer you’ll begin to feel them:

You’ll feel you’re important to the designer not just as an accou

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

nt but also as a person. Rather than just being someone who just sells to you, you’ll feel the designer cares about you and your business, and that she/he is building a rel

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

ationship with you rather than making a sale.

You’ll feel you have a partner who can help you with all of your marketing, advertising and design. Instead of feeling y

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

ou have to know it all and do it all yourself, you’ll feel that you have an honest, expert who’s on your side and dedicated to helping you succeed.

You’ll feel

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

comfortable communicating with your designer, that she/he is really listening to what you have to say and eager to provide helpful feedback and insight. You’ll feel energized and

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

Following aspects would a

excited about your business and your business’ future, and talking and strategizing with your designer will be something you enjoy.

You’ll feel confident that yo

dd to the challenges in developing combination products:

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

u’ll never waste money on design projects that won’t produce a good result for you and your company. You’ll begin to feel that you’re under the protection of the designer and tha

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

t she/he will provide you with advice on which marketing and advertising projects will give you the best return for your money.

You’ll feel that you have a profe

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

ssional resource to always advise you when you are confused or wondering about your marketing, advertising and design. For example: where to advertise, how to identify your targe

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 market, how to analyze your competition, which web hosting plan is best and if you should or shouldn’t invest in search engine optimization – the list goes on and on. You

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

Professional from academic institutions, pharmaceutical industries, health care indust

’re going to feel, unlike your competitors that you’ve got someone who’s got inside information that will help you gain a competitive edge.

This of course isn’t an

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

exhaustive list, but I am hoping you start to see what you should expect out of your designer, and you’ll now feel more comfortable and confident when it comes time for you to select one t

.

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

o work with your business. If you’ve hired someone and you already feel these bullet points I’ve listed above – pat yourself on the back, you’ve found a good designer. If you’ve hired som

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

Companies that provide selfless information through particip

eone and you don’t feel these five bullet points listed above. Well, I’d give you the same advice my parents game me about the rocks I thought were gold, “Throw them back and keep looking”

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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