Useful Advices - Business

“Know your customers”. Every business owner knows how impor

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

tant it is to keep your customers happy and coming back for

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

Examples of combination products may in

more.

In “Become the Squeaky Wheel,” Michelle Dunn explains

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

how a credit policy is relevant to their customers. “If th

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

y don’t know their customers and don’t make their policy and

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

Combination pro

forms easy, fast and simple to understand, they could lose

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

the customer, taking the sale with them and any word of mout

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

h advertising,” explains Dunn.

So what can business owners

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

o to make their credit policy effective? First, business ow

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

ners should implement a credit procedure for any new or exis

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

ting customers. They should learn exactly what customers ar

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

Following aspects would a

e looking for when they apply for credit with their company.

dd to the challenges in developing combination products:

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

“Business owners should place new customer packets or credi

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

t applications on their reception desk in a highly visible p

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

lace, with clipboards and pens.” Says Dunn. “When a potenti

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

al customer walks in they can fill this out quickly and easi

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

Professional from academic institutions, pharmaceutical industries, health care indust

y and be on their way to having a new account.”

Catering to

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

a potential new customer is good business anyway, so the ea

.

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

sier you make it for them to spend more money with you, the

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

Companies that provide selfless information through particip

more money and more sales will benefit you and your business

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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Owning your own business can be very rewarding both financially and emotionally. Business ownership provides innumerable opportunities to put ideas into action and reap the rewards (and sometimes the pain).

Does the thought of doing the bookwork send you into a frenzy? Do you find anything to do other than get your finances in order? You may be missing some great communication with your books, which could ultimately guide you to success in your business and your personal life.

Everything you do affects your brand image as seen through the eyes of your customers. Think about that the next time you delete an e-mail without reading it or fail to respond to an e-mail in a timely manner.

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Useful Advices - How Important is a Credit Policy?

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