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Since profit is what you are left with after you have paid your business costs, it stands to reas

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

on that one of the ways you can increase your profit is by reducing your overheads. In this art

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

Examples of combination products may in

icle we will share some key strategies to help you reduce your overheads and grow your business.

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

Reducing Overheads

Whilst a quick fix solution to the issue of reducing overheads is alw

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

ys possible, businesses need to adopt a long term approach.

The challenge is to considerably

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

Combination pro

reduce overheads without damaging the business’ development and ability to deliver to its custome

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

rs.

This means that companies should avoid cutting overheads to a level where it is diffi

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

ult for them to function effectively.

Research and development along with advertising costs

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

can normally be cut without too detrimental an effect. Furthermore, because they can be cut immed

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

iately their effect on the reduction of overheads can be felt straight away.

Other simple ways t

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

at you can reduce your overheads include renting equipment rather than buying it so that you do n

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

Following aspects would a

ot have to lay out significant amounts of cash in one go; letting out part of your office space i

dd to the challenges in developing combination products:

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

f you own it and renegotiating payment terms with your suppliers.

A number of companies seek to

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

reduce their overheads by cutting down on the number of people that they employ and staff hours.

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

he trouble with this method of reducing overheads is that company morale can be affected and you

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

may find that key employees start to feel insecure and as a result quit the company.

You can als

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

Professional from academic institutions, pharmaceutical industries, health care indust

o try and reduce overheads by cutting back on high expenditure items such as property cost and th

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

purchase of new equipment. However, this approach does have some down sides. Cutting back on pro

.

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

perty costs will take a long time to have any real effect on the balance sheet. Whilst reducing y

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

Companies that provide selfless information through particip

our spending on investments can undermine your business’ potential to grow and remain competitive

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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