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Digg It - Staying Current To Meet Changing Retail Technology Needs
Who knew that a retailer's once-valuable and suitable point-of-sale system would become as useless as an old, antiquated typewriter? And then curse the day they got it? It happens. And wor
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
se, it keeps them operating at lower standards than other retailers who have stepped up to better technology.
Technology always changes the way we work and the way our business works. It
Technology always changes the way we work and the way our business works. It
; 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
sn't just about performing our business functions better either. It's also about servicing the needs of our customers better. And it takes today's retail technology advances to help achiev
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
this because it didn't exist cohesively before.
So, chances are, you need to change your current system.
In a recent retail chains study by Retail Technologies Inc., it was found that 5
So, chances are, you need to change your current system.
In a recent retail chains study by Retail Technologies Inc., it was found that 5
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
% of mid-sized retailers stated that one of their biggest challenges was keeping up with changing new technology; 46% of larger retailers also faced issues trying to keep up with technolog
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
changes.
Alicia Kreisberg, Chief Operating Officer and co-owner of One Step Data, states, "In the computer software and hardware industry, developments move at an exponential rate, with
Alicia Kreisberg, Chief Operating Officer and co-owner of One Step Data, states, "In the computer software and hardware industry, developments move at an exponential rate, with
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
software/hardware life expectancies averaging only 2-4 years."
The retail service and technology provider company's primary objective, according to Kreisberg, is to ensure the success of
The retail service and technology provider company's primary objective, according to Kreisberg, is to ensure the success of
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
heir customers. "One of the things that will ensure you get the best results is staying current with the latest system advancements. You don't want the very thing that is helping make your
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
business more profitable to keep you from further expansion."
Keeping up with changing retail technology is a costly investment, as retailers need to have current technology stay current.
Keeping up with changing retail technology is a costly investment, as retailers need to have current technology stay current.
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
There is often lack of flexibility to implement new changes, and usually it is very time-intensive to integrate the new technology so everything works. And, need I mention the difficulties
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
training employees on a new system?
These sound like daunting problems, but what many retailers haven't realized yet is that it is costing them more money to keep their antiquated systems
These sound like daunting problems, but what many retailers haven't realized yet is that it is costing them more money to keep their antiquated systems
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
than it is to get a new system that is flexible enough to meet their needs and growth.
In the way that we try to optimize and streamline our company's response to a situation at hand phy
In the way that we try to optimize and streamline our company's response to a situation at hand phy
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
ically, we should focus on doing the same with the technology we choose. By automating retail processes, it streamlines retail operations and leads to:
* Smarter business decisions
* Bet
* Smarter business decisions
* Bet
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
er inventory control
* Minimize retail fraud
* Customer loyalty
* Increased profits
Now, these are not just nice things to have - they are vital to our growth potential.
This leads us
* Minimize retail fraud
* Customer loyalty
* Increased profits
Now, these are not just nice things to have - they are vital to our growth potential.
This leads us
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
back to the question at hand: Does your system grow as you grow?
If you know you need to change and are ready to take the leap, there's something else you need to know: you probably need
If you know you need to change and are ready to take the leap, there's something else you need to know: you probably need
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
elp.
Retailers can encounter many problems as they attempt to research or introduce new software technology if they attempt to do this on their own. Lack of awareness of the various retai
Retailers can encounter many problems as they attempt to research or introduce new software technology if they attempt to do this on their own. Lack of awareness of the various retai
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
l software options is one of the larger barriers to changing to a new system.
All too often retail software's apparent complexities lead retailers toward generic or "off the shelf" system
All too often retail software's apparent complexities lead retailers toward generic or "off the shelf" system
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
that won't meet their needs. Even many accounting firms and software houses don't have full knowledge of retailing, and therefore not qualified enough to recommend the right technology so
.
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
ution.
The safest way to go about finding the right solution for you is to contact the services of a specialized retail technology expert who will be able to help you identify, evaluate a
The safest way to go about finding the right solution for you is to contact the services of a specialized retail technology expert who will be able to help you identify, evaluate a
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
d implement a new technology suited to your business and business needs. A retail technology partner is a key business tool for retailers and shouldn't be taken lightly in their usefulness
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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