Useful Advices - Business

From Bank of America to your local Corner Store, taping in to the growing Hispanic market 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

s becoming more important every day to improve their Bottom Line. With the rapid growth of

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

Examples of combination products may in

he Hispanic population, (Hispanics accounted for about half the growth in the U.S. populati

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

n since 2000), NOT knowing Spanish can actually be a liability to your business.

In the pa

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

t, the only reason to learn Spanish was to get “Comida” and a “Cerveza” during a trip to Me

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

Combination pro

xico or to show off while ordering food at a Mexican Restaurant, but that has changed drast

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

cally. In some cities in the US, the Hispanic population is so big, that you regularly see

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

igns at stores that say “English Spoken”.

The growth of the U.S. Hispanic population, now

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

umbers 40 million - 13.7 percent of the U.S. population, according to the U.S. Census. Demo

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

graphers forecast that figure will at least triple by 2060. Jupiter Research predicts 8 mil

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

ion Hispanic households will be online by 2007, almost twice as many as in 2001. The group'

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

Following aspects would a

buying power is expected to top $926 billion by 2007.

With numbers like that, even if you

dd to the challenges in developing combination products:

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

currently don’t sell to the Hispanic Market, learning Spanish could make a big difference t

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

o your bottom line. Yankelovich Inc., a leading marketing research and consulting firm, sta

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

es in its 2006 predictions that the Hispanic market is "a main driving force" and "catalyst

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

for growth" in the American economy, and that it will receive greater attention from market

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

Professional from academic institutions, pharmaceutical industries, health care indust

rs this year and beyond.

A strategic advantage you can gain against other companies, who a

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

re targeting the Hispanic market, is to speak “Their” native Spanish, not regular “Castella

.

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

o Spanish” taught traditionally. A majority of U.S. Hispanics are from Central and South Am

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

Companies that provide selfless information through particip

rican descendants and speaking directly to them will dramatically improve your success rate

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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