Digg It - Business

If You’re the Guru, Vice Versa – If you are the expert, the reverse is als

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

o true. You could JV with a middleman to bring people to you to pay for ac

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

Examples of combination products may in

ess to your expertise. Coaching programs are an obvious choice for this ap

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

proach.

JV a Dealmaker – If brokering deals isn’t your forte, you can alw

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

ys JV with someone who sells well and knows how to negotiate to pitch and

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

Combination pro

put the actual deals together for you. This way you can sit back and pull

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

ll the strings while your “agent” handles the stuff you aren’t comfortable

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

doing.

Painting Fire Hydrants – One of the first deals Jay Abraham put t

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

gether was paying kids to paint fire hydrants. He’d put all the deals toge

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

ther, the kids would go out and paint, and he’d pay them a percentage of w

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

at he was getting paid. His value was that he was the one to put it all to

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

Following aspects would a

ether, he set up the deals, and he got the labor organized. This approach

dd to the challenges in developing combination products:

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

works well anytime there is someone willing to perform the service for les

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

that you are getting paid.

Even ‘ol Tom Sawyer did this when he had to w

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

hite wash a fence in Mark Twain’s Tom Sawyer. He got the local kids to do

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

t, and they loved it.

Overstock/Surplus Selling – It’s not difficult to f

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

Professional from academic institutions, pharmaceutical industries, health care indust

ind businesses with excess inventory, tie up the rights to unload it at a

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

iscount, then find outlets to sell it at retail. You pocket the difference

.

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

. On the flip side, if you yourself have excess inventory, you could JV to

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

Companies that provide selfless information through particip

find someone to unload it from you in the same fashion.

to be continued..

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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Their work is fascinating and the interaction between people and wildlife can be interesting! You never know where they are going to end up!

I recently wrote an article about the ingredients for success. Astonished about the amount of feedback I realized an interest for the topics I believe to be a prerequisite for every entrepreneur. So I decided to write an article about the power of questions.

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Digg It - Joint Ventures - Part V

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