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Everyone loves a winner! In the business world, the more money you make, the more effective and successful you and your business become. This truism is consistently born out by top bu

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

siness owners who take their ideas to market. But what are their secrets? Invariably, their success is the natural outcome of effective business development and risk management. They

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

Examples of combination products may in

accomplish this by following the four steps outlined below.

1. Think About It!

All business activity begins with having an idea. Successful business people are thinking all

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

the time about their business and how they can take it to the next level of development. In his classic book, “Think and Grow Rich,” Napoleon Hill starts at this very point when divul

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

ing his findings about successful businessmen, such as Andrew Carnegie. In fact, his book title starts with the word “THINK.”

In business however, thinking is never divorced from know

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

Combination pro

ing and doing. These three processes of thinking, knowing and doing feed on and fold back on each other in a never-ending cycle of focusing energy and productivity.

2. Focus on Cu

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

stomer Needs

Successful business people take their ideas to the next stage of satisfying a customer need or want. All of their thinking is channeled into supplying a product or s

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

ervice that will address a problem that people are experiencing. Customers will pay money for a product if it solves a problem and therefore helps them to achieve their goals.

In the

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

1870’s gold rush era, the entrepreneurs who often made the most money were not the gold miners, but the business people who supplied the shovels and mining equipment. These enterprisin

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

g individuals did not rely on building wealth by merely striking it lucky. They thought about their opportunities and then applied their knowledge in a manner that ensured that they wo

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

uld become very rich indeed.

3. Develop Your Reputation by Consistently Delivering Value for Money

Successful business people think, apply that knowledge and deliver a product

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

Following aspects would a

or service that they know customers actually want and benefit from. Obviously, there is no use in having the world’s greatest idea if nobody wants it. There have been countless stori

dd to the challenges in developing combination products:

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

s told of the follies of individuals who had what they thought was a brilliant solution to a problem that nobody else appreciated. Great amounts of time and energy, as well as investme

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

nt capital, have gone into whacky inventions that nobody wanted. Business development and risk management are addressed by focusing on what the customer wants and needs.

4. Develop

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

Your Character

This character building is achieved by developing yourself in and around the steps mentioned above, ie, thinking, doing and knowing. This element of character buil

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

ding in successful people seems to occur as a direct result of the activities that they engage in and the endeavours that they pursue.

The characteristics of successful business peopl

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

Professional from academic institutions, pharmaceutical industries, health care indust

include; courage and audacity, persistence, resolve, determination, building relationships with others, thinking team and believing that they are not alone in the world, curiosity, al

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

ways learning, “street smarts” (seeing the angles), being responsible and being responsive.

So, in summary, the four steps followed by top business owners and leaders to ensure effect

.

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

ive business development and risk management are:

- They think – this thinking is never divorced from action

- They are customer-need focused – what does the customer really need?

-

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

Companies that provide selfless information through particip

They deliver value for money – the investment made fixes the problem

- They build their reputation – happens as a byproduct of being constantly involved in the first three endeavours

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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The next time you say that your job is killing you, you may just be on to something.

Customer service is a cornerstone to repeat business, and for successful businesses. It cannot be ignored.

Every one of has an entrepreneurial spirit. Most people believe that this only applies to starting a business. But successful entrepreneurs know that it is so much more. Having an entrepreneurial spirit is a way of life. It is having your head in the clouds and your feet firmly on the ground.

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