Useful Advices - Business

That statement might sound a little confusing at first glance, but think about it again.

The c

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

oncept of Loss Leaders is nothing new. Shopkeepers have been offering reduced specials at the e

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

Examples of combination products may in

ntrance to their stores from the time retailing started. Customers love bargains and Loss Leade

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

rs are great for drawing store traffic.

However, you can put them to much better effect by doi

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

ng a whole lot more. Use the exercise to talk to your customers. Introduce products which have

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

Combination pro

just arrived in the store and may be of interest to them. You never know when an add-on sale o

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

pportunity may arise.

A friend of mine remembers the day he started working in a shop which so

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

d soft goods. The manager of the shop asked him to tidy up the place and make it look more pres

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

entable. As my friend started the clean-up at the front door on a junk table full of discounted

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

items, the manager came over and tossed everything back into a heap.

"Customers like to see o

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

ff-priced goods that are untidy and worked over. It makes them think they are really cheap," he

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

Following aspects would a

said.

Drawcards at the front door are magnets to attract store traffic. However, you should r

dd to the challenges in developing combination products:

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

egard the Loss Leader items as no more than a lever to promote more profitable sales. Otherwise

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

, you lose the object of the exercise.

It's no different when you advertise off-priced lines o

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

use the tactic of 'Buy One, get a Second at 50% off'. Selling off-price is not so difficult, b

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

ut never miss the chance to introduce an additional item at regular price.

And it's not really

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

Professional from academic institutions, pharmaceutical industries, health care indust

good enough to say, "Anything else?" That will always bring a "No thanks" reply. Introduce a n

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

ew product. Have a few lines sitting by the register at the point of sale, where customers can

.

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

see them while waiting to pay for their purchase.

Loss Leaders can certainly bring extra profi

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

Companies that provide selfless information through particip

ts. It really depends on how much initiative you employ to bring about that extra add-on sale

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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