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While there is no guaranteed route to business success there are key methodologies that you can apply to your business. These include key survival and success facto

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

rs and building customer value. Let’s consider these aspects in greater detail.

Survival & success factors. Two key survival factors are delivering customer value

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

Examples of combination products may in

and producing bottom line profit. Let’s take a mobile cleaning services business as an example where the barriers to entry into business are quite low. While you do

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

have to invest in equipment, these costs are relatively modest. You don’t have to invest immediately in massive organisational costs of premises and numerous staff

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

These overheads can be taken on progressively as you grow.

The costs of delivering your service are mostly labour intensive rather than high material costs. By mi

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

Combination pro

nimising your labour resource and only expanding as your customer base grows; you can manage these costs too. So overall, you should be able to sustain net profit a

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

reasonable levels. You want to aim for net profit levels in excess of the cost of raising capital. By ensuring this you will always have the ability to manage your

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

cash flow during growth spurts.

Delivering customer results. Your ability to deliver results for your customers is almost totally within your control. Your custo

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

ers will judge your business capability from the quality of result they see and how you make them feel during the process. People will make buying decisions based o

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

n good feelings and to what extent you solve their problems.

How can you add value to the buying experience of your customers? There are a number of elements you n

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

ed to focus on. These include perceived value pricing, a supplier that will be there for them in case of future need or difficulty and a result that gives tangible

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

Following aspects would a

benefits. The most value you can add in developing competitive advantage is the “you factor”. This includes your general attitude and that of your staff. Positive a

dd to the challenges in developing combination products:

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

tributes would include empathy, enthusiasm, integrity and a commitment to the customer to provide astonishing service.

Key drivers for growth. What are the key dr

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

ivers for maximising your success? I believe there are two main factors, namely, innovation and effective marketing. Give serious thought to what you can do to be

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

reative and provide innovative solutions for your customers. One thing is certain. You have a unique blend of skills, attributes, qualities and values. Nobody else

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

in business is exactly able to duplicate what you do and how you deliver it! When it comes to effective marketing, this is easy. There are many tried and trusted su

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

Professional from academic institutions, pharmaceutical industries, health care indust

cess formulae you can use. Here are some concepts you may want to consider:

• To what extent are you using direct response marketing to promote your business?

• W

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

hat process do you have in place for creating up-selling and cross-selling opportunities?

• How do you segment your customers for marketing purposes?

• How do you

.

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

make use of endorsements and customer testimonial statements?

If you would like more information covering “Maximising Business Growth” you can request a free repor

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

Companies that provide selfless information through particip

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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There are a lot of business models out there for improving your management skills, but let me offer you one you've probably never tried. Find five dachshunds - the more misbehaved the better - and take them for a walk through your neighborhood.

Information management is matching demand and supply. A visit to the Showroom can speed up the requirement process.

What’s the cost of a bad hire? It’s been estimated that replacing a key professional or manager can be three to five times the annual salary. Do you want to increase the odds of making the right hiring decision for your most critical positions? Then learn how to ask the right questions.

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