Useful Advices - Business

Only one of every 5 businesses makes it to its 5th year, and fewer still make it to 10 years. What do the succe

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

ssful businesses have in common?

1. The experience and skills of the top managers. Over half of business failu

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

Examples of combination products may in

es are directly related to managerial incompetence.

2. The energy, persistence and resourcefulness (the will t

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

make the business succeed) of the top managers. Many business owners have failed or come close several times b

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

fore their “instant” success. Don’t give up.

3. A product that is at least a cut above the competition and ser

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

Combination pro

ice that doesn’t get in the way of people buying. There must be a compelling reason to buy; the product is grea

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 people love to provide service, and the buying experience is easy and fun.

4. The ability to create a “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

uzz” around the product with aggressive and strategic marketing. Make scarce marketing resources count. Do as m

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

ch homework about your customers and their choices as you can before investing your marketing dollars.

5. Deal

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

making skills to sell the product at the highest possible price given your market. It comes down to your custom

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

rs’ perception of the value of your product and sometimes the power of your personality.

6. The ability to kee

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

Following aspects would a

developing new products to retain and build a customer base. Consider gradual product development based on imp

dd to the challenges in developing combination products:

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

ovements to the current product line and sold to the current customer base.

7. Deal-making skills to work with

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

resource suppliers to keep costs low. Keeping costs lower than competitors’ and continuing to look for cost red

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

uctions even when the business is profitable is key.

8. The maturity to treat employees, suppliers and partner

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

fairly and respectfully. Trust and respect result in productivity increases in ways that may be difficult to s

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

Professional from academic institutions, pharmaceutical industries, health care indust

e and quantify.

9. Superior location and/or promotion creating a connection between your product and where it

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

an be obtained. Studies have shown it can take seeing your product or name seven times before a customer is rea

.

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

y to buy.

10. A steady source of business during both good economic times and downturns. Over the long term, d

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

Companies that provide selfless information through particip

velop a product mix that will include winners during good economic times and other winners when times are tough

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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Customer Loyalty, we all want it. Don’t we? Some people say it’s dead - they say that customers are fickle, that they don’t want loyalty, that they just want the lowest price and the fastest way to g...

Participating in a trade show is expensive. From the minute you express interest in exhibiting at a show, you're flooded with sponsorship opportunities. All sponsorship opportunities are valuable -- to the right exhibitor. There must be a good match between the exhibitor, their goals and objectives, and the results the sponsorship can deliver.

This article is not a detailed overview of a formal process. Instead it provides an overview of the most critical components common to each, as well as some tips on successfully deploying them. Although many process descriptions do an excellent job of breaking down the various components of the process they rarely cover areas like how this affects your team, how much process to use or offer practical advice on issues encountered in the real world when trying to deploy one.

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