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As a former employee of a business consultancy firm for the past 8 years, it has always intrigued me as to why some small businesses or practices were more ‘successful’ than others. By ‘successful’ I

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

am referring to a business that has survived its first year of establishment and turned it into a profit-making business the years after. My mentor once told me that in order for a business to survi

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

Examples of combination products may in

e profitability, it must continue to create value.

Creating Value Through Strategies

In today’s competitive business environment, the only way for your business to prosper is to cr

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

ate value through strategies. You have to prioritize your business strategies depending on the type of industries you are in. Nevertheless, there are some strategies which are generally applicable to

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

a wide range of businesses, namely:

(1) Segment Your Market
(2) Create a Unique Product
(3) Sales and Marketing
(4) Evaluation and Feedback
(5) Selective Outsourcing
(6) De

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

Combination pro

elop Hybrid Skills
(7) Building Partnerships and
(8) Exploit Information Technology.

As the nature of my business is to provide e-business solutions for small- and medium-size businesses,

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

I‘d limit my writings to my area of interest i.e. e-business and its significance in today’s marketplace.

Exploit Information Technology

One the best ways to leverage your time and

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

resources is to let information technology do the work for you! The great benefit of today’s information technology, particularly Internet, is that it allows easy access to information and knowledge

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

just a click away regardless whether you are running a small business or managing a corporation. Internet helps us to level the playing field.

How many times have we heard someone say, “Just check t

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

e Web.” Many of us have begun using Internet to conduct our day-to-day chores as compared to 10 years ago when Internet is still in its infancy stage. We now use Internet to buy cars, upgrade softwar

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

, track shipments, store data, compare prices, conduct research and much more. This trend is growing at an immense pace and will continue through the next decade. Our reliance on its capabilities wil

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

Following aspects would a

l increase. Many experts believe that this sector is projected to be one of the top strategies to jump-start and grow a business in the coming decade. Even Bill Gates, founder of Microsoft Inc. has e

dd to the challenges in developing combination products:

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

oquently put it, “If your business is not on the web today, you won't be in business...."

Beyond the Brick-and-Mortar Business

Brick-and-Mortar business

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

an simply refer to a business with a physical presence – which offers “human-touch” experiences i.e., a consumer could feel and touch the merchandise before purchasing. This model of business is no l

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

onger viable in today's world. But before you jump into the deep end of e-business change and began shifting the model of your business towards Click-and-Order, you should bare in mind that

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

oing business online alone, is not going to bring any significance results.

Take the example of Napster and iTunes. Both companies offer similar services by selling music online. While Napster is an

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

Professional from academic institutions, pharmaceutical industries, health care indust

online only business, iTunes on the other hand, is associated with the Apple brand image. iTunes is more successful than Napster because the business can be seen beyond the monitor. Though both marke

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

t an invisible product, music in this case, the business with a physical presence has an advantage.

Here's a formula for the digital age: (brick-and-mortar) + (click-and-order) =

.

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

click-and-brick

It’s no doubt that the next trend of business model is towards the click-and-brick pattern, a combination of online/offline business model incorporating both

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

Companies that provide selfless information through particip

hysical and online business practices. If your business were to survive the first year of its establishment, perhaps it’s about time to take a paradigm shift and take a leap ahead of your competitors

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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Networking opportunities are everywhere. You can find them at Chamber of Commerce and Better Business Bureau events, not to mention when you are in line at the grocery store. There are even groups of people who regularly meet solely for the purpose of networking. Unfortunately, all of the networking opportunities in the world will not help grow your business unless people remember you and your company after you are gone.

How to establish ISO 9001 quality procedures. A practical approach to implementation.

The truth is, you CAN attract the support of those external audiences whose behaviors have the most effect on your enterprise. But you must do it by first achieving the positive changes you need in t...

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