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Digg It - Business Owners Profit from Childs Play
As children, we are encouraged to do our chores, use our imaginations, and play well with others. How can we as a
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
dults (and business owners) learn from the same lessons? The rules of our youth still hold true in today’s busine
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
s environment—no matter where in the world we live:
- In the U.S., we learn the “Golden Rule.” You can’t
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
go wrong by treating your customers well.
The Chinese tell you to “Beat your gong and sell your candies.” S
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ccessful enterprises focus on customer needs—then go the extra mile.
The Italians say “If you scatter thorns
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
don’t go barefoot.” You’ll have a healthier business if your clients are delighted with your products and servic
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
es.
How eight childhood lessons spell grown-up success.
Does going the extra mile pay off? I beli
How eight childhood lessons spell grown-up success.
Does going the extra mile pay off? I beli
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
ve so. For example, the service department at RK Buick focuses on helping clients maximize vehicle life and perfo
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
rmance. We meet and exceed their needs, thus ensuring happy and loyal customers. How do you translate this to you
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
own business? Consider some lessons from childhood:
1. Play by the rules of the game.
When we were very young,
1. Play by the rules of the game.
When we were very young,
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
we frolicked and sported our way though all kinds of games. We played even when we didn’t understand all the rule
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
s. As you get older, you learn to play by the rules. Many fledgling businesses start like the kid on the playgrou
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
d—flying by the seat of their pants until the game changes. Then they realize it’s time to establish rules of ord
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
er. This prevents problems on the playing field.
2. Arrange your priorities.
Learn the difference between make-
2. Arrange your priorities.
Learn the difference between make-
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
elieve and real problems. We run across all manner of diversions every day. Determine what problems can be tempor
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
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
rily shelved. Aggressively attack those that need immediate attention.
3. Do your homework—and seek extra credit
3. Do your homework—and seek extra credit
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
.
Learn what your customers want and then be diligent in meeting their needs. For example, RK Auto Group focuses
Learn what your customers want and then be diligent in meeting their needs. For example, RK Auto Group focuses
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
on providing superior customer service during every phase of the car-buying experience (browsing, purchasing, tak
.
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
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
ing possession, and service appointments). That extra effort is nearly always rewarded.
Learn how other lessons
Learn how other lessons
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
f youth lead to real-world success. Continue to Part 2: Apply Childhood Lessons to Your Business and Watch It Gro
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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