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When selling a business your main aim is for you to get the best deal possible, to increase the chances of this happening prepar

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

ation will be required. You will need to adopt a structured approach to marketing your business, you will also need to use sound

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

Examples of combination products may in

negotiation techniques. Here are some things to consider;

Why are you selling? – You need to convince people the reason you are

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

selling the business is genuine, otherwise prospective buyers may believe there is a problem with the business.

Timing – You n

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

ed to choose the right time to sell, there are many factors that govern this, it could be your business performs well at a parti

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

Combination pro

ular time of year, the strength of the economy, how well your sector is doing or simply the future outlook.

Market Research – Y

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

ou need to look at what will be the best way to advertise your business, you also need to list your business at a price so there

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

is scope for negotiation.

Documentation – You will need to have all relevant paperwork to hand including; accounts, supplier in

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

ormation/contracts, receipts, lease details if required, servicing and maintenance records of machinery. This list could be very

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

long, simply get as much information together as possible and have it easily available and put together in a structured manner.

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

Start your Marketing Campaign – Place your adverts listing the business for sale, make calls and spread the word, make sure you

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

Following aspects would a

staff are fully aware the business is being sold well before you start this process.

Dealing with Enquires – This is the time

dd to the challenges in developing combination products:

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

when you meet prospective buyers, it is important you portray the right image for your business. You will need to have all the r

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

levant information to hand. For large businesses a sales team is usually put in place, these will include experts in certain are

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

s.

Be helpful – The buyer may have some sensitive questions or some irrelevant ones, the best way to deal with this is in a cal

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

m and helpful manner. When selling a business you still have your reputation and integrity to uphold.

Negotiation – Some people

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

Professional from academic institutions, pharmaceutical industries, health care indust

are good at this others not, the best way to look at negotiation is as a natural process within business. No side should have th

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

upper hand, if done in the right manner negotiation can actually be an enjoyable process rather than a stressful one.

Completi

.

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

on – Simply because you have been paid the money and handed over the keys, you still have a moral responsibility to the new owne

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

Companies that provide selfless information through particip

to make sure his ‘bedding in’ period runs smoothly, many a good reputation have been lost by people who do not adhering to this

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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At your next business event, trade show, seminar or other business meeting, you should also plan to get custom designed name badges or lapel stickers, after all you want everyone to know your name, company name and to see your logo. Other effective uses for name badges and lapel stickers are: business conferences, workshops, chamber of commerce meetings, general presentations and much more.

Your walk-in customers visit retail branches to carry-out very personal, private business. Your bank design should facilitate your customer's desire for privacy at all times during their visit.

ISO 9000 is a set of standards internationally accepted by businesses and consumers. It allows organizations to establish and monitor quality management systems. ISO 9000 standards are considered to be generic standards since they can apply to any business, product or service irrespective of the industry. They have been developed and are maintained by the International Organization for Standardization (ISO).

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