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Managing a business is not as simple as one might think it is. As a matter of fact, in order for your business to succeed, one must e

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

xert extra effort. Also, you must always monitor the current condition of your business. In order to know how well your business is d

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

Examples of combination products may in

oing is by monitoring the monetary flow of your business. When we say "monetary flow" or more known by many as "cash flow", it repres

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

ents the entire gross sales and revenues. Also, you must always keep track of your net income or "net profit" so as to know how to en

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

hance the performance of your business.

One of the essential factors in making your business successful is by creating a financial s

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

Combination pro

cheme and periodically checking its status against certain particulars that will pop up monthly. If certain problems are encountered,

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

it is essential that you must solve the problems immediately. Listed below are some of the actions that you must take so that your b

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

usiness will run smoothly and for it to succeed eventually:

Design a financial scheme. Estimate the profit that you expect to earn o

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

n a monthly basis and calculate your expenses.

Also, bear in mind that the profits that you have lost can not be recovered. Once bus

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

inessmen assess their estimated calculations to the actual calculations and discover that the profits are much lower than they expect

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

it would be or the expenses are higher than projected, they would normally decide to “make it up later”. The truth is that, on each

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

Following aspects would a

month or months when the projections are either too low or too high – low for profit and high for expenses -, that month is gone and

dd to the challenges in developing combination products:

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

can not be regained.

Take immediate action. In an event when the profit or revenues are much lower that the projection, take immedia

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

te actions by increasing efforts in the sales and marketing aspects. Better yet, it is essential that you find means to raise your ra

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

tes. Cut your overhead costs if you think that they are too high. Most of the businesses these days do that in order to become more p

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

rofitable.

Be “money wise”. It is very important that you must consider various consequences before spending. If you are taking into

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

Professional from academic institutions, pharmaceutical industries, health care indust

consideration another business expense – this includes the marketing and sales aspect of the business –, it is important that you mu

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

st assess the increased profits that you projected against the expense before you proceed.

Measure the success of your business base

.

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

d on its profits not on its revenue. Remember, the success of a business is not based on how much money you are bringing in monthly i

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

Companies that provide selfless information through particip

f the expenses of your business are much higher. This is one of the main causes why numerous businesses these days have gone bankrupt

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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