Digg It - Business

Let’s face it, Accountants are amongst the most talented people either working for or providing

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

services to businesses. They have successfully got through a set of demanding and competitive e

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

Examples of combination products may in

ams and got a whole lot of knowledge. They have huge potential yet so often never fully exploit

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

it. Why is that? From my own experience, there are a number of reasons:

1. They focus their

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

evelopment on technical accounting

2. They don't get clear on what they want to achieve profess

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

Combination pro

ionally

3. They spend most of their time producing numbers rather than contributing to business

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

success. An article in the December 2006 edition of Financial Management suggests as much as 80

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

% of their time is spent producing numbers

4. They don't promote themselves and the contributio

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

s they can make. It is all very well having lots of people who can come up with creative ideas.

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

Good Accountants can help non financial managers translate it into something tangible

5. They

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

don't ask the business what they want and build a service plan to deliver it

So how can Account

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

Following aspects would a

nts start making the transition to leader:

1. Get clear on what their professional goals are.

dd to the challenges in developing combination products:

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

This includes the level they want to get to, the type of organisation they want to work in, sala

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

y

2. Start to use CPD as an opportunity to build a long term personal development plan

3. Look

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

for ways to change practices so that the time spent producing numbers is reduced and time is re

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

eased to spend with managers and in the organisation

4. Start letting non financial managers kn

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

Professional from academic institutions, pharmaceutical industries, health care indust

ow the type of contributions they can make and do two or three things to demonstrate credentials

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

to the cynics

5. Conduct a customer survey so that the service you offer fits with the needs of

.

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

the organisation not what you think they need

Return on investment is a key measure for busine

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

Companies that provide selfless information through particip

s decisions. How are you doing at getting a return on your investment in becoming an accountant

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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Events in the United States during the past fifty years demonstate why there is no such thing as job security today. This article summarizes the current environment for the American worker, how we arrived at this point for workers and what each individual must do to insure their own financial security and employability.

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