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Inventory management refers to the process of managing the stocks of finished products, s

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

emi-finished products and raw materials by a firm. Inventory management, if done properly

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

Examples of combination products may in

can bring down costs and increase the revenue of a firm.

How much one should invest in

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

inventory management? The answer to this question depends on the volume and value of inve

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

tory as a percentage of the total assets of a firm. The importance of inventory managemen

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

Combination pro

t varies according to industries. For example, an automobile dealer has very high invento

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

ies, sometimes as high as 50 per cent of the total assets, whereas in the hotel industry

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

it may be as low as 2 to 5 per cent.

The process of inventory management is a continuous

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

one and there are various kinds of solutions available. It is advisable to employ special

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

ized staff for inventory management.

The inventory management process begins as soon as

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

ne has started production and ordered raw materials, semi-finished products or any other

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

Following aspects would a

hing from a supplier. If you are a retailer, then this process begins as soon you have pl

dd to the challenges in developing combination products:

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

aced your first order with the wholesaler.

Once orders have been placed, there is genera

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

ly a short period of time available to a firm to put an inventory management plan in plac

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

e before the supplies are delivered. Inventory management helps a firm to decide in advan

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

e where these supplies should be stored. If a firm is getting supplies of small-sized g

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

Professional from academic institutions, pharmaceutical industries, health care indust

oods, it may not be much of a problem to store them, but in the case of large goods, one

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

as to be careful so that the warehousing space is optimally utilized.

From invoices to 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

urchase orders, there is lot of paperwork and documentation involved in inventory managem

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

Companies that provide selfless information through particip

nt. Several software programs are available in market, which help in inventory management

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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