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Inventory management may seem complicated to some, but if one truly thinks about what the words “inventory management” mean, it is a simple concept. Inventory is basically a list of goods and

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

materials that are held by a business and are available in stock. Inventory management is the process of keeping track of inventory, and having the delicate balance of supply and demand firm

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

Examples of combination products may in

ly mastered. When having inventory, a company does not ever want to have too much of a product, nor does it want to have not enough of that product to meet demand. Inventory management helps

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

o ensure that a proper inventory is maintained at all times.

Benefits of Inventory Management

Inventory management has many benefits for companies. Companies are required to have a certain

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

amount of inventory, but they do not want to have too much. Inventory costs money, so a company with too much inventory is wasting money and hurting itself. Inventory management can help make

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

Combination pro

it so that a company has the exact inventory needed. No more, no less. Inventory management is also an effective way to keep track of exactly what products a company has. If a company sells 1

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

00 different products, it is important to know how much of each product they have. This knowledge can be obtained through inventory management. Inventory management appears as an asset on the

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

balance sheet for a company, but it also ties up money. That being said, managing one’s inventory is essential. Well-organized inventory management can help save a business unnecessary costs,

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

while delivering products and services to customers more quickly and efficiently. This will eventually lead to increased customer satisfaction, giving a business a greater chance to retain c

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

stomers and gain new customers. Successful implementation of inventory will improve the entire business significantly

Inventory Management Software

Who manages the inventory? Naturally, bus

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

inesses have jobs specifically designed for monitoring inventory. Today, as business technology becomes increasingly important and prevalent, inventory managers use software. Inventory manage

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

Following aspects would a

ment software may consists of a variety of programs. Most generally, inventory management software has databases in which information can be entered easily. Inventory management software also

dd to the challenges in developing combination products:

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

provides a central hub to find out information on all of the inventory a company has. This is quite useful for any inventory manager, or a company deciding how much additional inventory to pu

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

rchase.

Suggestions for Successful Inventory Management

Inventory management is a wonderful idea, but it has to be carried out correctly. Some suggestions for successful implementation of i

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

ventory management are to have the best software available for one’s company. This does not necessarily mean the most expensive, or technologically advanced. Rather, having the best software

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

to suit the needs of the particular company. It is also important to have highly trained personnel working on inventory management. Employees must be able to adjust to changes in demand and s

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

Professional from academic institutions, pharmaceutical industries, health care indust

pply as quickly as possible. There are many inventory management seminars available. Sending inventory managers to these seminars is always a good idea. The better the employees understand an

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

d successfully implement inventory management, the better off the business will be.

Conclusion

Inventory management is important for keeping costs down, while meeting regulations. Supply an

.

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

demand is a delicate balance, and inventory management hopes to ensure that the balance is undisturbed. Highly trained inventory managers and high-quality software will help make inventory m

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

Companies that provide selfless information through particip

anagement a success. The ROI of inventory management will be seen in the forms of increased revenue and profits, positive employee atmosphere, and an overall increase of customer satisfaction

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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