Digg It - Business

Organizations around the world have claimed that they are ‘innovative’ businesses as they are creative (Papers4you.com, 2006). However to gain a competitive edge, it is imperative to realize

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

that innovation always implies one step ahead of creativity where later is only an essential component of innovation. Creativity is merely an ability to combine ideas in a unique way or to

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

Examples of combination products may in

ssociate ideas in uncommon manner , however innovation on the other hand is the ‘process’ of taking a creative idea and turning it into a useful product or service ( Robbins & Coulter, 2002)

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

Such process involves inputs like creative individuals, organization and groups that can carry transformation through creative process and situation to give creative products as outputs (Wo

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

dman et al, 1993). Furthermore, it is also important to realize that such process should be on continuous basis as true innovative marketing involves regular efforts to gain real improvement

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

Combination pro

in all dimensions related to products and services (Kotler & Armstrong, 1999).

There can be numerous examples of companies that came up with new innovations and get a huge competitive edge

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

and attracted large number of customers (Papers4you.com, 2006). For Instance, years ago, diabetic patients were deprived of tasting sugar in tea or coffee etc. Suddenly low calories sweetene

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

products like ‘Canderal’ came up with an innovative idea to give diabetic and fat conscious patients taste of sugar in various items without disturbing their sugar level. Such products capt

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

red market of diabetic patients all over the world. Example of Procter & Gamble’s Liquid Tide is argued as one of the best cases of innovation in US market. Initial endeavors to compete year

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

of Lever Bros market leading liquid detergent product ‘Wisk’ turned out to be huge failure. However by adopting creative idea of adding 12 cleaning agents (that are double than normal) , a

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

irt trapping molecule in wash water and by giving same color to bottle that is trademark of Tide powdered detergent ( for maintaining brand awareness) and then transforming it into product ‘

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

Following aspects would a

Liquid Tide’, P & G challenged many successful years of ‘Wisk’ by capturing equal market share in just 18 months (Kotler & Armstrong, 1999).

Apart from getting edge, there are certain other

dd to the challenges in developing combination products:

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

benefits of innovation. It helps in creating flexible and more adaptive business processes with changing business environments, faster and accurate actions are possible as it requires real-t

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

me decision making and due to regular analyses and control, it allows companies to better anticipate disruptions in day-to-day business operations that helps in taking proactive and quick me

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

sures to improve results (IBM, 2006)

Hence it may be concluded that instead of relating innovation with creativity only, organizations can get competitive edge and success if they take inno

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

ation as a continuous process of product, services and operations with creativity as a key component.

References

IBM (2006), ‘Transforming businesses for innovation and improvement’, New Y

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

Professional from academic institutions, pharmaceutical industries, health care indust

rk: IBM Corporation

Kotler, P & Armstrong, G, (1999), ‘Principles of Marketing’, Eight Edition, New Jersey: Prentice- Hall Inc

Papers For You (2006) " C/OM/33. Does innovation necessarily

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

ead to commercial success? ", Available from http://www.coursework4you.co.uk/sprtopem3.htm [19/06/2006]

Papers For You (2006) " S/B/86. The changing role of innovation S/B/86. The changing

.

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

ole of innovation", Available from Papers4you.com [19/06/2006]

Robbins, S, P & Coulter, M, (2002), ‘Management’, Si

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

Companies that provide selfless information through particip

th Edition, New Jersey: Prentice- Hall Inc

Woodman, R, W, Sawyer, J, E & Griffin, R, W, (1993), ‘Toward a Theory of Organizational Creativity’, Academy of Management Review, April, 1993: 30

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/22528/diggit-Creating-Competitive-Edge-through-Continuous-Innovation.html">Creating Competitive Edge through Continuous Innovation</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/22528/diggit-Creating-Competitive-Edge-through-Continuous-Innovation.html]Creating Competitive Edge through Continuous Innovation[/url]

I too was searching for a legit job from home. I was tired of the day to day rat race and tired of other people raising my son. I can now share with you a perfect opportunity to get back that extra time lost with your family!

How to use Associations in your job search. This under utilized resource could be the key to finding your next job.

Incentives are given to employees for 2 common reasons: to motivate employees and to ensure the salesforce's commitment to a new project of product. Either way, incentives work to increase the performance of employees and in turn, would increase the profit of the business.

Tags

Links

Digg It - Creating Competitive Edge through Continuous Innovation

Related Articles: