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Just Other Articles - Recovery From Business Disaster
It never ceases to amaze me that when people decide to go into business for them selves, the lack of planning that foll
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
ows their initial enthusiasm.
Now I’m not talking about the use of a Business Plan, although terribly important for a
Now I’m not talking about the use of a Business Plan, although terribly important for a
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
business if you plan on acquiring financial assistance from some lending institution.
In fact these days you’d be luck
In fact these days you’d be luck
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
to get any funding without one.
As far as a expecting a new business operator actually running their business from th
As far as a expecting a new business operator actually running their business from th
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e desired plan, you and me both know that once you have ascertained the desired funding that the ‘business plan’ you sl
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ved long and hard over into the cold wee early hours on the morning to complete is simply tossed aside faster than a di
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
scarded pizza box.
What I’m talking about is the simple marketing plan, or at least a general idea of how you intend o
What I’m talking about is the simple marketing plan, or at least a general idea of how you intend o
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
n getting customers through your front door.
It’s amazing that people are willing to throw thousands of dollars into a
It’s amazing that people are willing to throw thousands of dollars into a
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
investment that they have no idea whether there will be any ROI.
A good example of this is a past client of mine. She
A good example of this is a past client of mine. She
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
had bought this business already established: it had good turnover and profit margins on take over.
It had a ready pr
It had a ready pr
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ven system that seemed to generate clients and get them to return and yet within 8 months of the business changing hand
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
s they were going backwards at an alarming rate and they were planning to close the doors in a few weeks of me meeting
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
them because things had become so dire.
So you can see the task that was thrust upon me within weeks of taking on this
So you can see the task that was thrust upon me within weeks of taking on this
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
challenge.
The first thing I needed to work out was the absolute quickest way to leverage the strengths of the busines
The first thing I needed to work out was the absolute quickest way to leverage the strengths of the busines
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
s.
And secondly was to work out how to get immediate cash flowing through the doors. And in record time too!
After si
And secondly was to work out how to get immediate cash flowing through the doors. And in record time too!
After si
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
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
ting down with the owner for a few hours I found out 1. They had quite a large database that was not being utilized.
N
N
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ow this is an absolute goldmine for anyone who knows anything about marketing, we all know the money is in the list, r
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ight? That’s providing the list isn’t dead cold of course.
So the first thing we did was get a promotion out to all p
So the first thing we did was get a promotion out to all p
.
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
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
st clients giving them a special offer to come back again. 2. Their current promotions were not that exciting so these
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
needed to be improved.
By applying these two strategies alone to the business guided them back on the road to recovery
By applying these two strategies alone to the business guided them back on the road to recovery
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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