Useful Advices - Business

There are powerful strategies that business owners can use to dram

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

atically improve their sales, income and bottom line.

In a brand

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

Examples of combination products may in

new book, “Become the Squeaky Wheel” by Michelle Dunn, she describ

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

es these strategies at length. With her ideas in hand, business o

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

ners can hone their credit polices and maximize the number of pros

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

Combination pro

pects they turn into credit approved customers immediately.

Says

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

Michelle Dunn, “The first strategy is to increase awareness within

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

your organization about your credit policy. Have a written Credit

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

policy and make sure everyone abides by it; if just one departmen

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

t or person doesn’t it can all fall apart.

A second strategy is h

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

ving one person in charge of all credit applications and new accou

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

Following aspects would a

nt information. “All of the information obtained is extremely con

dd to the challenges in developing combination products:

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

fidential” says Dunn. “One person should be handling the processi

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

ng of all the new account forms and credit applications and report

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

and keeping them in a locked file cabinet.” Some businesses owne

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

rs have a Credit Manager who would be in charge of all the credit

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

Professional from academic institutions, pharmaceutical industries, health care indust

information.

Speed is another issue that is important. Consumers

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

oday are looking for fast, easy answers. The more streamlined you

.

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

r credit policy is, the happier your prospects will be. If it's e

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

Companies that provide selfless information through particip

asy and it's fast, your customer will be happy and spread the word

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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Useful Advices - How to Turn Prospects into Credit Approved Customers

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