Useful Advices - Business

My experience of running my own businesses for over 25 years tells me that the one constant necess

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

ity is to continuously win new business. Networking is one of the easiest ways to do this, provide

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

Examples of combination products may in

that you do it right.

I am often asked: “What is the secret of successful networking?” In truth

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

don’t think there is a single secret. Rather it’s a matter of getting a number of points right.

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

hat I would say is that “Positioning” is right up there with the most important. I think the reaso

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

Combination pro

it doesn’t get more attention is that it’s a difficult subject to pigeon-hole.

You may find that

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

it helps to think about positioning as a specialist subject or specialization. In my opinion peopl

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

e do not specialize sufficiently.

There’s a lot of talk about niche markets nowadays. What are ni

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

he markets? They are simply segments of the market that specialize in certain areas.

The advent o

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

the Internet means that even the smallest niche is now a highly valuable market. In order to appe

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

l to that market surely it makes sense to be a specialist in supplying what the market needs.

The

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

Following aspects would a

e are great advantages in being a specialist. You can study a small subject intensely and thus bec

dd to the challenges in developing combination products:

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

me an expert. Your market is clearly defined. You can position yourself as THE expert for that are

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

.

I position myself as an expert in ways to win new business. This came about because from the mo

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

ment I started my first business I realized that I would always need to be able to win new busines

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

. If you don’t grow and move forward you will slowly die.

Because part of me was always focussed

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

Professional from academic institutions, pharmaceutical industries, health care indust

n winning new business I became a real expert as the years went by. Now I can legitimately positio

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

myself as an expert because I have got the battle scars and won a far greater number of blue chip

.

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

clients than most would expect of a small business like mine.

My advice to anyone who wants to gr

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

Companies that provide selfless information through particip

w their business is: audit your strengths and interests and then position yourself as a specialist

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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The Institute of Pension and Payroll Management (IPPM) has a saying developed and used by its members: “We don’t simply do payroll, because payroll isn’t simple”. Recently the Inland Revenue has introduced major changes which affect payroll and include legislation covering extended maternity leave, new paternity leave and payment rules, student loan repayments and many more.

This TQM article is a continuation of the Part 3b article published on May 25, 2006 06:03:39 pm. In this issue, the author will share with you some of the difficulties faced with the team in carry out this ANALYZE Phase of this TQM project using the D.A.I.C. methodology as described in the article.

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Useful Advices - Networking To Win New Business

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