Useful Advices - Business

Ever since our team returned from last year’s major SEO conventions our team has been ignited with new, bold and innovative ideas. I don't think there has been any point in our eight year history that we have had a better team

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

assembled. We've got more ideas on the table than we'll be able to implement within the next twelve months. That's both good and bad. Many of the ideas are simply spectacular but we lack the resources to implement them while m

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

Examples of combination products may in

aintaining focus on our core business. The price of innovating minds, I guess!

One of the things that has come up over our conversations and strategy meetings is our mission statement. We battled it around a bit and came up wi

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

h a mission statement that we like and one which everybody in our office can get behind as our overriding purpose:

To provide accelerated, sustainable business growth for our clients through the development and imp

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

lementation of innovative marketing strategies.

Each word in that statement was carefully chosen. We didn't want anything that was simply mumbo-jumbo but really reflected how we feel we want to serve our clients.

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

Combination pro

We don't consider this a final draft however, as we continue to mull it over.

One thing I wanted the mission to convey is that we are in business to serve our clients, not ourselves. But the more I thought about this the more

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

realized that this sentiment is not entirely true. While we want our purpose to be client-centric we realized that in order for us to properly server our clients we have to serve ourselves as well.

Do what is in the client

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 best interest

While I'd like to think tat business is as simple as doing what's in the client's best interest, its not. More accurately, we want to do what's in the client's best interest provided it does not go against

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

our own best interest in the process. Think that's the wrong approach? Then go try running a profitable business giving away all your services or products, and not just as a sales gimmick! Wouldn't your client and customers b

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

better served by such a move? Wouldn't that allow them to get a higher profit margin or keep more money in their pocket?

It certainly would, but that also conflicts with what's in your best interests and believe it o

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

r not your best interests are also tied to what is best for the client. Clients want us to help them make money. That's what they pay us for and that's what we want to deliver to them. But we also want to make money for ourselv

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

Following aspects would a

es and its in our client's best interest that we do so. Why? because if we are not making money, then anything we do for our clients will be on a short-term basis. If one company does not remain profitable, this effects many ot

dd to the challenges in developing combination products:

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

ers and their ability to remain profitable.

Balancing the best interests of both

Business is about balance. If you only look after yourself then you'll find that you're not doing what you're paid to do. Soone

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

r or later people stop paying you and you'll closing your doors. On the other hand you can't only do what is best for others otherwise you'll wind up in the same place, just for different reasons.

Over the years we've struggle

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

d with balancing pricing with service. We have consistently improved our services by adding increased value to them but have always struggled to keep them affordable at the same time.

My philosophy on our services has been to

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

ever offer a service that is not wholly complete. I don't want to sell something and then have to tell the client, "well, if you want to succeed now you'll have to buy this other service too." And while everything we offer in o

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

Professional from academic institutions, pharmaceutical industries, health care indust

ur services is not always 100% necessary 100% of the time to make our clients successful, it is absolutely important to the overall goal of improving the performance of our client's websites. Many come to us wanting top ranking

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

s but we want to deliver to them "accelerated, sustainable business growth."

So the balance is to offer services that serve our clients at a pricing level that is affordable but also profitable for us. We strive to provide ser

.

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

ices that do more than meets the eye, to achieve more than superficial results and to help the business improve in areas that they had never thought about. It's to serve our clients best interests without neglecting our own. Th

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

Companies that provide selfless information through particip

at's the most important part. The next time someone tries to get you to do something for them because its in their interest to do so, remember this: if it goes against your interests, it often goes against their own as well.

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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Tonight, in gathering some quotes to use in a seminar brochure, I had to wrestle with a few important questions: (1) How old is too-old, if you have a reference or testimonial? (2) If the reference’s company has been purchased by another entity, do you use the original company name, the updated one, or both? (3) Can you count on someone to be willing to back-up a reference he wrote, say more than five years ago?

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