Advice You - Business

I worked with a real estate company to help them increase sales and saw the “tortoise and the hare” fable come to l

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

ife right before my eyes. One of the salespeople (the tortoise) was slow, not highly skilled, not a great communica

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

Examples of combination products may in

tor and she had a long commute to work, which cut into her flexibility. But she was steady, consistent, reliable, v

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

ery enthusiastic and totally focused and committed to reaching her goals. Some of the other “hare” salespeople tend

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

ed to be highly skilled and polished, but they were often erratic and unfocused. They worked in fits and starts. Th

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

Combination pro

ey got side-tracked. The tortoise beat them every single month. The results I see a salesperson accomplishing are i

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

n direct proportion to his or her consistency and focus.

The formula for Momentum is p=mv, where p is momentum, 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

s mass and v is velocity. If we were to translate that into sales, momentum would be branding and results, m would

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

be the amount of effort, action and focus and v would be enthusiasm and belief.

Branding and momentum is not achie

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

ved overnight. It takes consistent sowing and nurturing to build a brand, whether that brand is you, your website,

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

your product or your business. Imagine someone pushing a car up a hill. As they push, they gain momentum and it get

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

Following aspects would a

s easier. If they stop and let go of the car, it starts rolling back down the hill! Momentum is a vector. That simp

dd to the challenges in developing combination products:

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

ly means that momentum is a quantity that has a magnitude, or size, and a direction. Some businesses have momentum

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

in the wrong direction, and they require a turn-around expert to deal with them. We need to be sure that our effort

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

are taking us in the right direction and we need to know why we want to move in that direction.

It’s good to stan

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

d back and take along, hard look at your business. Re-evaluate your goals, look at your activity and momentum and t

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

Professional from academic institutions, pharmaceutical industries, health care indust

he branding you want. Are your sure you’re creating the right image? Most of all, focus and consistency should be b

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

uilt into all your systems. As Michael Gerber tells us in the E Myth, work ON your business, not IN it. And continu

.

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

ally adjust and improve upon every aspect of it. Concentrated effort and persistence is the mark of a winner. Once

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

Companies that provide selfless information through particip

you gain positive momentum in the right direction, make sure you continue to feed the fire, and the sky’s the limit

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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Developing a small business is not an easy task. There are many small business owners who spent years developing their business. Developing a business plan and finding business financing alone can take a large amount of time and it can cause a large amount of stress. Since a lot of work goes into getting a small business developed there are many business owners who would do anything to make their business a success.

No matter how much influence the internet has on our commercial world, most businesses still need to produce some paper-based promotional literature. If you want to create printed material that really works, professional business writer Suzan St Maur shows you how...

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