Advice You - Business

Our last newsletter series discussed how a website can help grow your brand and your business. We’re going to shift gears a little and consider how we can sometimes get in our own way and actually 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

imit our success.

As business owners and professionals, we made the decision to open our business for many reasons. The first one is (or should have been) because we have a love of what we do. We w

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

Examples of combination products may in

ant a worklife focused on what we love doing and what we’re most skilled at doing. The second reason is often that we want control over our lives: We don’t want someone telling us what we’re worth.W

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

want to control our schedule. We want to control our life.

We start the business and suddenly discover that, in addition to doing what we love, we also have to be the Purchasing Manager (looking f

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

or the best price on office supplies), the head of Facilities Management (making sure the heat is on in the winter and the air conditioner works in the summer), the Vice President of Information Tec

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

Combination pro

hnology, and the Chief Custodian (keeping the “executive washroom” supplied and clean).

As we build the business, we can get caught up in the mindset that we need to perform every task ourselves. W

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

’re hyper-conscious about the need to watch expenses and, even though our revenue is growing, our first reaction is often to do things ourselves.

The more time we spend on tasks that take us away f

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

rom the core of our business – the things that we do so well that others are willing to pay us to do them – the less profitable, the more stressed, the more exhausted we will be.

At some point, eac

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

h of us needs to bring others into the business so our time is spent doing what we do best.

There are grocery stores that will deliver your food; personal chefs that will cook your meals; bookkeepe

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

s who will pay your bills; and plenty of other experts who are willing and able to help you with tasks that need to be done but that don’t necessarily need to be done by you.

You may be thinking th

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

at you can’t afford to hire someone to help you. You can’t afford not to hire someone to help you. Hiring professionals is not a cost. Hiring professionals to help you is an investment. Yes, there’s

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

Following aspects would a

money spent but there should be a specific return on that investment. For every hour gained, you should be able to generate more business, do more work, and increase your profitability. You should

dd to the challenges in developing combination products:

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

lso gain important thinking time: Time to come up with a strategy for landing that sale, to decide how to solve that problem, to create that new product or program. In other words, things that only

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

you can do.

Here’s a challenge for you. Make a list of all the tasks you perform in your business that do not directly produce revenue. In other words, they’re not core business tasks. Between toda

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

y and our next issue, keep track of the time you spend on those tasks. You’ll use the information when you read the next issue.

Pardon us while we toot our own horn
We were re

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

lly blown away when we got the news that the image we created for our client, GGJM Luxury Limousine Service, was named one of the top 100 rebranded images for 2005 by ReBrand 100™.

Coming A

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

Professional from academic institutions, pharmaceutical industries, health care indust

ttractions
We’re very committed to helping you grow your business and your brand. We’ll soon be offering a teleclass designed to help you do that. More on that in the next issue, so st

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

ay tuned.

Pause to remember
Today, June 6th, is the 42nd anniversary of the invasion of Normandy, also known as D-Day. Please take a moment to pause and give thanks to those w

.

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 served and sacrificed so much to give us the life we enjoy today.

© 2006 Abiah Designs. Visit http://www.abiahdesigns.com for additional ar

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

Companies that provide selfless information through particip

ticles and information on building a brand that resonates with your target market and to view their portfolio. Also, visit our BrandReturn blog

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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This article is a practical set of steps to take to prepare a modern meeting agenda. So many meetings do not achieve what they could because of either no agenda at all, or having a poorly constructed agenda. This list will solve those problems. It gives a modern way to make sure that the meeting covers the issues it needs to cover and also gets to the result as quickly as possible without wasting people's time.

In light of the scientific literature and the research findings, the hypothesis that states that there is a positive relationship between brand equity and consumer loyalty is confirmed. This relationship is stronger as the level of involvement is lower. In other words, the more the brand is familiar and established and perceived by the consumer as stronger, the more the consumer will develop loyalty to it and there is a greater chance of the repeat purchase of the product

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Advice You - Is Your Mindset Holding You Back?

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