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When it is apparent a company needs fresh ideas and new ways of looking at their operation, a cost reduction consultant or "specialist" can help to offer innovative business cost reduction solut

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

ions. Sometimes, it is possible to get too close to a situation and lose objectivity. Companies can also experience inertia and find it difficult to make necessary expense reductions.

A cost

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

Examples of combination products may in

eduction specialist can assist a company with analysis of operations in order to improve operating efficiencies and achieve cost reductions in areas which require expertise such as equipment & I

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

T lease reviews, commercial lease reviews, maintenance & service contract reviews, negotiating capital equipment purchases, and many other expense reviews.

COST REDUCTION SERVICES PROVIDES:

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

> Experienced professionals

New ideas gathered from working with a variety of businesses

Current information on industry trends

Knowledge of supply sources

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

Combination pro

Access to network of professionals

Professional Assistance

Cost reduction specialists work with a variety of companies to produce both short-term and long-t

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

rm expense reductions. The result is not just a reduction in costs either. A complete analysis of company performance will also produce plans for increased revenue.

Companies face ever-increa

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

sing competition. Even non-profits find themselves competing for scarce donation and grant funds. The importance of effective cost reduction cannot be overstated. It is through cost savings t

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

at cash flow is increased, freeing up tight resources for product improvements that net sales.

A cost reduction specialists approach a company prepared to do a confidential analysis of 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

operations. This is followed by a plan of action that focuses on ways to reduce expenses without affecting the core operation of the company. Cost reduction professionals work with managers fr

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

m analysis stage to the final implementation and review.

Survey of immediate cost savings opportunities to generate additional cash flow
Analysis of current operational

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

Following aspects would a

procedures

Identification of expense categories

Review of suppliers

Compilation of historical trends and future projections at current expense rates

dd to the challenges in developing combination products:

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

Analysis of purchasing procedures

Analysis of material and equipment contracts

Report on ways to implement cost reductions

Implementation of report

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

guidelines approved by management

Performance and success measures

Thoroughly Reviewed

Cost reduction specialists can thoroughly review a business operation

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

from top to bottom if management so desires. A review of contracts, materials costs and all overhead costs are the common cost areas reviewed. Business specialists can implement strategic plan

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

s for the long term health of the company.

There are always ways to streamline a business and reduce costs. Human nature is such that it is often difficult to analyze a business objectively.

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

Professional from academic institutions, pharmaceutical industries, health care indust

nalysis by cost reduction specialists can offer new ways of looking at old problems. The goal of any outside consultant is to offer ways to produce tangible savings.

There are many levels of s

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

ervice offered by cost reduction specialists. A company can choose the extent of the analysis needed. Many specialists offer plans that are tiered so that as the company grows, the analysis ca

.

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

be expanded along the way to insure the company remains efficient. The net savings will always far outweigh the cost of the specialists.

There is no reason for a company to face a competitive

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

Companies that provide selfless information through particip

world without professional assistance. Cost reduction specialists are professionals that will match the plan to the corporate capabilities for continued success in an ever-changing marketplace

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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