Digg It - Business

Business is a single word or a subject, when analyzed gives a bundle of meanings and explanations. We define business in various ways on diverse circumstances.

Generally, business is a profession of producing goods and services for a profit. When we say production

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

, this involves the human labor primarily and machinery as a labor saving device and raw materials for conversion into consumable products.

Products are too many:
These products are commodities or goods of human needs. They may be wholesome products

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

Examples of combination products may in

or spare parts or semi processed materials for being assembled, merged or integrated into the final product.

These may be solids, liquids or gases; may be vegetative in origin, metals, or chemicals in nature; they may be naturally grown, cultivated with agricultural

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

echniques or produced with engineering expertise. They may include living beings, birds and animals too.

Products are enormous:
To understand the enormity of the products, let us visit some of the places.

Sweets and savories:
Let us go to

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

a sweet stall! Just see the sweets and savories made out of flours of cereals, say rice and wheat and protein rich grams like Bengal gram and green gram etc. You can see at least one hundred items there. Here, the main ingredients are sugar, milk, spices, and essences wi

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

Combination pro

h the flours.

Bread, butter and jam:
Now, move into a bakery, where you will see hundreds of items made with the combination of wheat, sugar, cream, spices and essences.

Grains and spices:
The next is a grocery store, selling all food gr

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

ains, pulses, spices, condiments and their bye products, besides cooking oils. They sell processed, semi-processed and Ready-to-eat food packs also.

Fresh and juicy:
The nearby ‘vegetables and fruits’ stall supplies all the vegetables, fruits and fresh fr

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

uit juices. Instant coffee, tea and other beverages are also available if you wish to drink sip by sip.

Hot and tasty:
The next is a hotel, where you get food cooked and supplied instantly. See a fast food counter also. The menu says about 100 items of mo

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

th-watering dishes.
A petty shop selling toffees and chocolates along with biscuits and homemade candies is a common feature.

Food alone too many:
We have been trying to list only food products sold in a few locations. There are very many more variet

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

ies and brands in food products alone.

Others uncountable:
If you make a list under basic clothing, building materials, plastics, cosmetics, stationary, drugs, chemicals and many more categories, the list will go infinite.

Engineering goods immeas

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

rable:
If you enter into engineering industry, there is boundless number of machines, spares and products needed by countless industries like agriculture, automobile, building construction, medicine etc.,

Now, as an entrepreneur, feel the vastness of goods,

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

Following aspects would a

enormity of products, immensity of bye products and sheer size the market. The man made goods available for the humankind in this large world is huge, its requirement is massive and the market is mammoth.

Please understand that these products are for you to produce.

dd to the challenges in developing combination products:

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

If you wish to become a product oriented entrepreneur, the scope is wide and the choice is vast.
You need to select the best suitable for you.

Characters of products:

Monopoly with no competition:
If you get an agency for kerosene or gaso

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

ine, you are lucky. People will come in queue to buy your product. This is a monopoly product, available only with you as a licensed dealer in that area.

Duopoly with one competition:
Selling toffees and chocolates in the market is not an easy joke. If yo

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

u are a dealer of a good branded chocolate like ‘Cadbury’s’ and biscuits like ‘Britannia’, you are comfortable. These are all duopoly products, distributed only by two marketers with minimum competition.

Even in branded popular toffees also, there are similar product

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

s having same taste. Those like “Lacto king” will buy “MahaLacto” also as a choice. There will be a market shift in favor of a brand if there is inadequate supply of another brand of similar kind.

Oligopoly with too many competition:
If you are a seller o

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

Professional from academic institutions, pharmaceutical industries, health care indust

a ‘brand less’ item, your competition is high. As a number of persons will distribute the products, you have always-tough time to sell your goods. This is oligopoly market. There are too many competitions. You are at risk financially.

Primarily the business is pr

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

oduct oriented:
In general, the business is product oriented. The wants are unlimited. Likewise, products availability is also boundless. The human population and the market are ever growing. The demand, supply and the population are too big and they offer gre

.

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

t opportunity to the entrepreneurs.

To make all these things favorable to him, the entrepreneur must select a suitable product with unique features. That should have good potential demand and easy manageability in the market. This is very common suggestio

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

Companies that provide selfless information through particip

n.
We have tried here only to reveal the “open secret” that business is primarily product oriented.

In course of time, we shall release very good business strategies, sale techniques and business ideas highly suitable to the budding entrepreneurs.

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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