Digg It - Business

An issue that can be considered a major mistake in business is that of being too narrow minded. Normally, I would be harpin

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

g about having a narrow target market, but in this instance it is just the opposite of what we’d usually think. While we kn

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

Examples of combination products may in

ow that a more narrowly-focused target market helps us to be more effective in marketing our wares, a crucial error is made

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

hen we keep that narrow vision when we enter a room full of people.

Scanning the room, we may make a snap judgment as to wh

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

o in the room can be helpful. We’ll probably say, “Nope, these people are not what I need; they can’t use my services.” Or

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

Combination pro

, “Nope - let me out of here. These people are all small-timers, there’s not even one person with whom I’d like to talk.” He

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

e is where we need to cultivate breadth in our focus. The blanket approach, for example, of discounting the value of all 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

mall business owners stops us from discovering who these small-timers might know. It may keep us from learning that they ac

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

tually already conduct business with a prospect that we want. This may be the very prospect that we’ve been trying to get i

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

to for months.

Walking into that networking event, you already have your target market narrowly focused. Now, incorporate a

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

breadth of focus and consider asking the following question as you approach people you may have earlier dismissed. “What ar

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

Following aspects would a

e some of the types of clients you work with?” Their answers will let you know whether to spend more time with them. If it

dd to the challenges in developing combination products:

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

doesn’t seem like they can be helpful - then move on. But in the meantime, you also might want to be thinking about how you

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

might be able to help them too.

If your customers are all larger companies, are you looked at by them as a resource guide?

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

Do you have a list of people who can solve all the problems your client may encounter? If not, you are like every other sa

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

esperson that darkens their door - and if you’re lucky enough to make it through the door you’ll find that you are selling b

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

Professional from academic institutions, pharmaceutical industries, health care indust

ased on price only. But if they see you as someone who can help with every issue that arises, they would think twice before

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

giving what is yours to your competitor.

This takes us back to those boring small business owners…They also can be your ye

.

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

low pages. They can make you look good. So the next time your mind wants to do some stinkin’ thinkin’ about a particular gr

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

Companies that provide selfless information through particip

oup’s value to you, take time to reflect and determine if that method of thought will truly take you to where you want to be

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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Every organization has its share of complaints and, while every company would prefer not to have them, complaints do play an important part in the organization’s ability to continuously learn, improve and develop long-term client relationships. Complaints provide a feedback mechanism that help organizations rapidly and inexpensively shift products, service style, and/or market focus to meet the needs of the customer or continuously improve internal systems and processes that make it easier for the client to work with the organization.

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