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Hold on for one second...

Don't fire up that email program and start blasting away at me yet.

I don't mean you have to totally forget about managing your business to extrac

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

t maximum profitability out of it. That would be business suicide.

Picture this with me for a second...

You have two buckets, one above the other. The top bucket represents

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

Examples of combination products may in

the value your offering to your customers with your product(s) or service(s).

The bottom bucket, represents your business' profits.

If th

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

e customer value bucket is directly above the other, you cannot start to fill the profits bucket until you fill the value bucket. No, you cannot tip the top

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

bucket over either.

In other words...your value bucket has to overfill in order to start filling the profits bucket.

Are you with me so far? Good, because

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

Combination pro

you absolutely must understand this concept as the small business environment keeps getting more and more competitive (both online and offline).

You have to deli

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

ver more value than your customers expect in order to fill your profits bucket. As you can see, the profits bucket is empty with each new customer that you serve in your busi

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

ness. But what if you could fill more than one profit bucket for each customer? You can...and that is actually the

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

focus of this lesson.

Which bucket will you focus on for each customer in your business? Value, or profits?

Focus on value, and you can keep filling up mo

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

re profit buckets for each customer.

Focus on profits, and you will have a hard time filling that bucket without adding value.

So, which o

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

ne do you choose?

I already know the answer to that question. So, the next logical question would be...

How do you add to the value bucket?ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
>It is quite simple actually. But I wonder why more businesses don't add value to their transactions?You simply take the item(s) or service(s) th
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
at your selling...and package them with something else that enhances the lives of your customers for little or no additional fee. The key here is to make what your offering i
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
rresistible to the customer who is buying.I will give you a few ideas, perhaps you can use one or more of these in your business:
Are you a servi
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ce provider? Add a special report or two that will aid in making it easier for the customer to do business with you. You can also include reports that will allow you
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
r customer to make some money in the process of doing business with you.
Are you a retail store? Then simply package items that enhance each other's
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
usability together. For example, shampoo and conditioner for just a little more than the price of shampoo. Oil and filters for the price of the filter etc...
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
Do you sell services and products? Then package a couple of products that enhance the service you provide together for the price of your main service.There
.

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
are obviously way more possibilities that could make this post over 100 pages long. The key here is to make the offer a creative one, an offer that benefits your cus
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
tomer's lives.

And know this...the better your offer, and the more perceived value your customer senses, the faster you will be able to fill up those profit buckets

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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