Digg It - Business

Frequency (F) and Monetary (M) analysis, form together with Recency (R) the framework of RFM analysis. Though recency is the strongest predictor of future behavior, freq

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

uency and monetary analysis act in a complementary mode (to recency), to create a complete picture of the Customer behavior. There are many cases in which Recency analy

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

Examples of combination products may in

sis not coupled by Frequency & Monetary analysis, can give a misleading picture. For example, a new subscriber is very recent, but appears to have a low monetary value b

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

cause she started using the service recently. The Business cannot tell, whether this new Customer will be profitable (will use the service a lot). On the other hand, an

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

old Customer can be ranked low in R but high in F and/or M. This is probably a valuable Customer who is late in interacting with the Business. This is probably one of t

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

Combination pro

e candidate cases for a retention plan. In general F is a stronger predictor to M. If the service usage is producing a relatively stable monetary value, then M does not

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

yield substantial additional insight to F. However there are exceptions. Should a Business try to offer an expensive service, the M predictor has an increased power. Th

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

ose that spend a lot on a service are more likely to spend on an expensive additional service, than those who spend less. Subscription based services involve the continu

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

us usage by a Customer, often based on a contract.

Common examples are: bank accounts, credit cards, fixed & mobile telecommunication services, internet access service.

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

In the case of subscription based services, the frequency of use can be easily derived, since each service usage is recorded. In the case of bank accounts or credit car

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

s, each account or card transaction is recorded. These transactions are handled by banking systems in order to produce monthly balances or Customer invoices. In the case

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

Following aspects would a

of fixed & mobile telecommunication services, each phone call is captured in a CDR record (call detail record) along with details about the call (calling & called numbe

dd to the challenges in developing combination products:

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

r, time of day, duration, cost band). These usage records are processed by the billing systems, in order to produce Customer invoices. Therefore the banking and telecoms

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

industries, capture rich information on service usage in order to bill Customers. Thus the information for the execution of an F and/or M analysis, is there. These servi

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

ce usage transactions are executed by millions of Customers very frequently and may be producing a huge number of service usage records on a monthly basis. Therefore, in

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

order to execute F and M in these industries, substantial computational & storage capacity is often needed.

Specifically, usage information should be extracted from the

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

Professional from academic institutions, pharmaceutical industries, health care indust

operational systems into a datawarehouse, which shall store the historical information on usage and periodically produce F and M scores for the Customer base and sort t

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

he Customers in F and M quintiles. Moreover, it can perform time-series analysis on FM scores. Finally, in order to produce an F or M score for any Banking or Telecom Cu

.

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

tomer, the Business has to aggregate Customer behaviour from all accounts this Customer holds. Prerequisite for this, is to have a Customer-centric data structure. If t

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

Companies that provide selfless information through particip

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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