Useful Advices - Business

Association -- It connotes people working together to achieve a common goal. That goal could be anything from i

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

mproving your education, finding a new job, getting more business, increasing your visibility or simply expandin

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

Examples of combination products may in

g your network of support resources.

That works for me! I'm an association junkie. I learned very early in my

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

career that belonging to an association can make or break you. So, if you haven't joined one now is the best tim

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

e to start. For you independents out there, belonging to an association can get you great discounts on services

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

Combination pro

you might not be able to afford otherwise. Or, membership can provide a way to showcase your services and produc

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

ts for a nominal investment.

There is an association for almost everything and it’s important to assess which o

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

ne can do you the most good. Just having your name in the directory is meaningless unless you utilize the resour

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

ces and work as an active member. Active means participation of some kind -- not just sitting on the sidelines w

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

aiting for something to happen.

So what can a professional association do for you?

•    Increase your cre

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

ibility and visibility • Introduce you to new contacts • Position you in the forefront of the industry m

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

Following aspects would a

edia • Engage you in long lasted personal relationships • Provide opportunities to enhance your professi

dd to the challenges in developing combination products:

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

onal skills.

What can't an association do for you? • Do the work for you • Redeem shoddy performance •

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

Repair burned bridges • Get your name out there (you have to do that yourself) • Make you a star if

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

you aren’t willing to shine!

So think about what associations can do for you for the balance of the year and in

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

vest some dollars in resources that can help you.

What’s your best bet? Look for associations that offer a mult

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

Professional from academic institutions, pharmaceutical industries, health care indust

itude of services for the investment dollar. • Listing in a directory • Website hotlink • Free self

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

promotion services • Press release placement • Speakers Bureau • Experts Bureau • Job bulletin b

.

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

oard • Opportunity to submit articles and information • Conferences, events and trade shows.

Make

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

Companies that provide selfless information through particip

sure that you invest in, at a minimum, one association that has the resources and the support to help you shine

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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Whether you keep track with a pencil and a pocket notebook, a PDA, create a spreadsheet, or use one of several software packages, keeping track of every penny coming and going will transform your finances and build your financial acumen faster than any ten books on the subject.

Take a minute and think about the goals you've set for yourself. How close are you to accomplishing them? It's time to take stock and think about where you are, where you want to be, and how to get there.

Scheduling time wisely is one of the keys to succeeding in business. If you spent too much time in meetings, or too much time answering email, the result is the same - slow progress.

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Useful Advices - Are You An Association Junkie?

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