Useful Advices - Business

1. NEED OR WANT- The need buying decision is based on a change in conditions. You purchase somethi

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

ng because you have a need for the benefit of the product. You need to cut a tree..you get a saw.

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

Examples of combination products may in

You need a better way to keep track of your inventory...you get a software program. You have anoth

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

r child..you need a bigger vehicle.

A want decision is based on ego. You want it because it will

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

make you feel better, impress the neighbors or help you. You want a bigger house. You want the lat

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

Combination pro

est electronic equipment. You want a bigger diamond, right ladies? This decision isn't because you

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

need it, you want it.

2. BRAND-Manufacturers spend billions of dollars to advertise and promote b

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

oth product and brand identity. Purchasers, in many instances, are extremely brand loyal and have

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

made the brand decision prior to the actual shopping experience.

3. WHEN TO BUY- This decision is

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

based on lifestyle factors. I don't think people in Minnesota buy lots of outdoor furniture in Jan

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

uary. Have you noticed how many businesses that sell hard goods have big sales around income tax r

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

Following aspects would a

efund season? Your local car dealer advertises the heck out of vans right before summer vacation s

dd to the challenges in developing combination products:

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

ason. You get the point. There are events that trigger buying activity. Be aware of them and incre

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

ase your business.

4. PRICE TO PAY- Within reason most folks know what price range the product th

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

ey want falls in. They comparison shop prices on the internet, look in the newspaper and watch tel

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

vision.

5. WHERE TO BUY- The reputation you and your company have established will guide customer

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

Professional from academic institutions, pharmaceutical industries, health care indust

s to your business. The location of your business has a great deal to do with where people purchas

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

e. Don't you like the convenience of the store near your home? Your dry cleaners? The coffee shop

.

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

ou visit on the way to the office?

You will have customers come to your place of business due to

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

Companies that provide selfless information through particip

location. They will come back and do repeat business if you take care of them in the proper manner

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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