Advice You - Business

If your company has a good product and a hungry market for that product, you’re closer to success than 90% of the rest. But

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

to take that final step, some of the most successful companies in the world have hired a Branding Company to craft their com

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

Examples of combination products may in

any’s brand image into the sales and loyalty-generating machine it needs to be.

How have these successful companies—take yo

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

ur pick from the Fortune 500—found these branding companies? There’s no one-stop resource or fail-safe formula. Fact is, fin

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

ing one worth its salt is exceedingly difficult. But if you’re going to take your brand to the next level, there’s no way ar

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

Combination pro

und it—you need one. So, here are some things to remember when you’re out there on the hunt:

1. Know your needs and have an

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

idea about how you’d like them met. This will give you the self-knowledge you need to better gauge the work of the branding

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

agencies you'll encounter to determine if they really can deliver what you need.

2. Go ahead, be a fan. If you admire the b

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

randing efforts of a certain company, call around and find out who did the work.

3. Go with a referral, not a blind hire. C

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

nvass your contacts. This is always better than hiring someone with no frame of common reference. If they left a favorable i

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

pression on one person, chances are it’s a trend, not an exception.

4. Throw a few companies a bone & see what they do with

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

Following aspects would a

it. Give them a general question or problem scenario. See how responsive they are and how much time it appears they put int

dd to the challenges in developing combination products:

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

crafting their response. This isn't the same as asking for free or speculative work, which is bad form. Don’t do that. Rath

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

er, this should give you a preview to how they think and their work ethic…and whether they would really value your business

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

nd do a good job for you.

5. Money isn't taboo. Once you’ve found a company you’d like to work with, discuss it from the ou

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

set. It’s better to agree on financial terms from the start than for either of you to be in a precarious position somewhere

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

Professional from academic institutions, pharmaceutical industries, health care indust

down the line. This may start with a simple question, like: “What’s your budget?” or “What would you typically charge for th

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

s kind of work?” If they ask you, give a number if you one in mind, but don’t pull it out of nowhere. Be sure you’ve educate

.

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

d yourself on the costs involved with the kind of work you need, and don’t expect them to give you a discount just because y

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

Companies that provide selfless information through particip

u have kind eyes. If you ask them, try to be specific. Ask how much it cost to produce a specific project in their portfolio

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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