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Just Other Articles - New Product Development
New product development is one of the most important components of product policy and product man
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
agement. Product lines and products are appraise and are positioned effectively. Brand decisions
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
re taken wisely. For a higher level of growth, a firm has to look beyond its existing products. A
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
progressive firm has to consider new product development as a cardinal element of its product po
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
icy.
Innovation is the essence of all growth. This is especially true in marketing. In an age of
Innovation is the essence of all growth. This is especially true in marketing. In an age of
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
technological advancements, change is a natural outcome -- change in food habits, change in expe
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
ctations and requirements. Any business has to be vigilant to these changes taking place in its e
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
vironment. People always seek better products, greater convenience, newer fashion and more value
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
for money.
A business firm has to respond to these dynamic requirements of its clientele and the
A business firm has to respond to these dynamic requirements of its clientele and the
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 responses take the shape of new products and new services. Through such a response, the firm re
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ps a good deal of benefits. New products become necessary from the profit angle too. Products tha
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
t are already established often have their limitations in enhancing the profit level of the firm.
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
Profits from products decline as they reach the maturity stage of their life cycle. Thus, it is n
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ecessary for business firms to bring in new products to replace old, declining and losing product
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
.
New products become part and parcel of the growth requirements of the firm and in many cases,
New products become part and parcel of the growth requirements of the firm and in many cases,
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
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
ew profits come to the firm only through new products. New products can be broadly classified int
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
o two groups: new products arising out of technological innovations and new products arising out
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
f marketing oriented modifications. The first group involves innovations leading to intrinsically
.
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
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
new products with a new functional utility behind them. The second group involves mere marketing
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
oriented innovations in existing products; it gives rise to new versions of the existing products
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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