Digg It - Business

I learned about business expenses at one of my first jobs. It was in a fast food restaurant, working as an assistant

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

manager I was responsible for placing the orders for food and supplies. I noticed how many thousands of dollars we sp

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

Examples of combination products may in

ent on ketchup, mayonnaise and other sauce packets. Then I watched for a while, to see how many the employees were ha

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

ding out at the drive-through window.

Pretty quickly, I realized that many of the employees were putting a handful o

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

f packets in the bag for customers - before even asking if they wanted any. It was time for a new policy, I decided.

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

Combination pro

informed all the employees that they were to ask the customers if they wanted ketchup, mustard or any other sauce pa

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

ckets. Then they were to either ask how many they wanted, or let the customer see them putting just a few in the bag,

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

so the customer could ask for more if they wanted more.

The customers were happy, and fewer packets went out that w

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

ndow. How many fewer? I don't remember exactly. What I do remember, is that after tracking our subsequent use of sauc

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 packets, I discovered that the new policy was saving the restaurant about $2,000 per year. I later found a way to r

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

work the schedule to save $15,000 annually on labor costs, while providing better customer service. These business ex

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

Following aspects would a

penses add up.

It's important to note that money saved is often pure profit. The owners made $15,000 more profit whe

dd to the challenges in developing combination products:

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

n my new way of scheduling saved them $15,000 in labor costs. To increase profits $15,000 from new sales, they would

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

ave needed $60,000 more in sales (after costs, profits are only 25% of sales in this particular business). In other w

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

ords, finding ways to save money can be a powerful way to increase your profits.

One Way To Reduce Your Business

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

xpenses

Of all the ways to save money, the first thing to try is to simply list everything that your business sp

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

Professional from academic institutions, pharmaceutical industries, health care indust

ends money on. Include even the toilet paper in your public restroom if you have one. Include everything. Now take ea

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

ch item and consider any possible ways you can spend less on it.

Write down the workable ideas and act on them. This

.

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

is such a simple idea, but how often have you done it? If you have ever done this simple exercise even once in the hi

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

Companies that provide selfless information through particip

story of your business, you are probably doing better than most business owners in controlling your business expenses

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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