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What if you knew some skills that could help grow your business faster? One may say it’s all about customer service and how happy your customers are, but there is more to it than that.

There are certain

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

skills sets that will help you in growing your business faster. What are they? How can you grow your business faster? How can you spend less time in your business?

Do you spend a lot of hours in your bus

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

Examples of combination products may in

ness? Do you wish you had employees that did just a portion of the amount of work that you did? Why is it so hard to find staff that will stay in your company and not leave just because of greater pay els

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

ewhere?

1. Attracting people that contribute to your company’s success.

This can be a big one. Not only do you have to find people that are willing to do the job and interested in today’s market but you

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

have to find people that will grow with the company. How you attract these people can be tough to if the market is competitive. There are many things you can do to attract the right people but we will tou

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

Combination pro

ch on three. See what the motivation is behind people wanting to work for your company. Secondly, what do they have to offer in terms of skills that are complementary or needed for your business? Thirdly,

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

how successful have they been in the past in achieving goals in other businesses? Fourthly, they are helping you succeed, so how are you going to help them succeed? What are you going to offer them?

2. C

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

omparing what your product is priced at to others.

What do you charge for your product or service? How did you come up with this price? Do others charge more or less for this product or service? Why do t

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

ey charge more or less? What is different about their product or service then yours? These are all important questions that you must ask yourself in determining how to value your product in the marketplac

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. A study of a group of potential consumers asking these questions would be a good start. Also getting someone to do some research for your or finding similar research that has been done would be benefic

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

al to your business and greater success.

3. How much value do you add for your service?

Not all companies are the same. For example say a lawn maintenance service. So you have someone that comes over an

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

Following aspects would a

d cuts the grass for a few dollars. Or do you have someone the cuts the grass in the proper manner in the proper amounts of time. As well they may add products to your lawn or repair portions of your lawn

dd to the challenges in developing combination products:

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

Perhaps they may also do things to beautify your lawn. Perhaps this could also add to the value of your property. See where we are going with this? The sum is greater than the parts.

4. What is the dema

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

nd for your product at this time? Why is it at that level?

At certain times in the year products and service are priced at a certain level. Why is that? Well there are certain different times of supply a

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

d demand. When your product is rare or scarce and well valued then it is perceived to be worth more than others. Makes sense! So perhaps you should see how people perceive your product, the quality and th

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

e price. This will only help benefit your business in the long run. Anyone can sell product X, but how they present product X is what determines some success from others. Some people use others to become

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

Professional from academic institutions, pharmaceutical industries, health care indust

uccessful; others are genuine about what they have to offer. Does it matter, maybe not in the short run, but that could change in the long run.

In summary, you need to go beyond the numbers. Numbers are

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

great, but the qualitative value behind the numbers may be more important than the numbers themselves. The very proposition of this can be expensive and time consuming in finding out what works. It may ta

.

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

e months to years to find this out in any one business. Of course some companies learn quicker than others, and each company has different motivations, different goals. Set your goals, do some research ,

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

Companies that provide selfless information through particip

compare and implement your plan.

For more answers to these questions see www.sba.gov in the United States.

Or www.strategis.ic.gc.ca in Canada.

Or www.sbs.gov.uk In England.

Or www.ecsbc.org in Europe

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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