Useful Advices - Business

Who wants a free pen with your company’s name on it? I don’t and I do

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

ubt many others do. I recently advised a small business that was char

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

Examples of combination products may in

ing customers $10.00 if they wanted to purchase a t-shirt with the bu

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

iness’s name on it to stop. Sure they sold shirts to about 10% of the

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

ir members but the profit margin was only $4.00 per shirt.

Instead,

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

Combination pro

advised them that during the initial sign up for each new member the

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

business owner provide a free t-shirt with the business’s name on it

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

in exchange for filling out a short survey designed to categorize who

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

were the business’s customer base. In order to get the t-shirt the cu

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

tomer would have to sign up for a minimum of 6 months.

I did so beca

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

se the business owner was cold calling new potential members out of t

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

Following aspects would a

he phone book and I felt this was wasting not only his time but money

dd to the challenges in developing combination products:

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

The better investment would be to spend the extra $4.00 difference p

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

r shirt. Then, 100% of his members would have and wear the shirts res

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

ulting in free advertising and the business owner would know more abo

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 who his customers were and where his next attack on the market shou

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

Professional from academic institutions, pharmaceutical industries, health care indust

d be. The profit margin on one year memberships was much more than th

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

e $4.00 difference or the cheap marketing he lost to potential member

.

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

. The white pages would no longer have to be his battle ground. Withi

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

Companies that provide selfless information through particip

a week, he was contacting the Census Bureau and business was booming

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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If you have read about Loss Prevention, Retail Security, or Electronic Article Surveillance chances are you wondered about the definitions of one or more of these phrases. This article examines the phrases and definitions on a word by word basis.

So many entrepreneurs that I talk to about customer service tell me that they have great customer service and their customers love them. Yet, when I ask the customers this they often give me a different critique.

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