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When I first started out in small business I did not give enough thought to planning the name of my business. Like many, I w

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

as just anxious to get started, to open my store and start making money. But when customers did not immediately start floodi

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

Examples of combination products may in

ng in I was forced to take a serious look at why. My business was retailing, and renting, home care equipment. From wheelch

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

airs and walkers, aids for eating and bathing and everything in between I thought I had a great chance to do well. But I fou

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

nd many people just walking by giving me nothing more than a quick glance, and I was hearing the question, “What’s a Getchell

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

Combination pro

” In my hurry to start my business I took the quick and lazy route and used my surname as part of the business name. I call

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

ed it “Getchell Health Promotion Services and figured people would understand I was promoting self care. I guess not.

Any 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, or domain name, must reflect, in as few words as possible, the nature of your product or service. Let me give you s

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

ome examples. For this exercise I simply took a stroll through the local phone book, and one down the main street of my town

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

. The name A & B Auto Body very clearly tells you does body work on cars. The domain name mackenzieplumbing.com is a comp

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

ny that deals in plumbing and probably is a family run business. Now here’s an example I particularly like. There is a new

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

Following aspects would a

corner store that opened recently in my town called The Sweet Spot. When I first saw it I figured the guys who opened this st

dd to the challenges in developing combination products:

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

ore really missed the boat. I don’t mind admitting I was dead wrong. The owners of this store were aiming at a particular n

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

iche market. What are they selling? Golf clubs. Now any avid golfer knows exactly what a “sweet spot” is. It was no matt

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

er that someone such as myself never set foot in their store because it would not likely ever result in a sale. Yeah, you gu

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

ssed it, I’m not sure I even know what the working end of a golf club is (just kidding, but you get the picture).

My home he

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

Professional from academic institutions, pharmaceutical industries, health care indust

alth care store did survive but growth was painfully slow and I had to do a lot of extra leg work and advertising. I learned

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

a very valuable and expensive lesson.

In short, picking the proper business or domain name deserves almost as much attentio

.

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

n as planning the entire business itself. The right name can save you big bucks in advertising costs, not to mention hours o

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

Companies that provide selfless information through particip

f work, sweat and worry in helping potential customers understand you and your business and what it is you have to offer them

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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Managing change requires being on top of the size and scope of the work. And that doesn't mean just at the beginning when everyone is happy and contented. If you are to succeed at delivering organizational change you must constantly adjust the three key aspects of a project. Read on and see how!

Trade shows require concentration, great listening skills and a friendly, knowledgeable staff. Make sure you're not deaf, dumb or blind when representing your company...

So often when folks ask me for advice on business they mention they want to get funding from a Venture Capitalist who specializes in funding projects in a certain industry. I then say; So You Want Venture Capital Do You? Are you totally sure about this? I mean they do often call venture capitalists; Vulture Capitalists right. And one would think there is a reason for all this labeling, libeling and name-calling. Indeed there is.

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