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If you knew how many small businesses spend all their time trying to save money, and that’s good for sure, but you c

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

an’t save you way to success. Don’t get me wrong, managing expenses is important for any business, but sales are the

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

Examples of combination products may in

life blood. Cash is king, so you need to be prudent with your money and - you need to increase sales to generate 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.

cash you need to grow and build your business.

So how do we do that? Here are just a few thoughts that if acted up

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

on can increase your revenues and fill your cash drawer today.

1. Sell more to new customers: That seems obvious, y

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

Combination pro

u gain new customers. If you aren’t getting new customers then know why. Do you have the right sales people? Do the

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

sales people have the right skills? Are you selling the right market? What about your products, are they aimed where

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

they should be?

2. Sell more to existing customers: Ask how might increase sales to your existing customers? Grow y

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

our business by getting existing customers to buy more frequently? Serve your existing customers better. This is abo

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

t rate of sales.

3. Sell more volume to existing customers: Figure out a way to sell more volume to your existing c

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

ustomers. That is, increase the size of the purchase. Whatever they’re buying now, get them to buy more tomorrow. Th

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

Following aspects would a

is is about volume.

4. Sell more products or services: Simply add to your product offering. What do your present cu

dd to the challenges in developing combination products:

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

tomers buy now from a competitor that they could be buying from you? Be ready to serve your customers in new ways.

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

5. Increase your price: How much do you charge today versus a year ago? Look at your pricing on a regular basis. Ma

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

e sure your price supports your business.

6. Make more each time you sell or serve: What is your margin and does it

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

support your business model? What do you make each time your people make a sale? Do the people selling even know th

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

Professional from academic institutions, pharmaceutical industries, health care indust

t and do they sell to support the best margins? Make sure you’re getting what you need and deserve.

These are a few

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

key things you can do to grow your small business. On this spinning globe we call earth there is one sound principl

.

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

we must live by … we grow or we die. The same is true for your small business. You and your business must grow or d

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

Companies that provide selfless information through particip

ie. Always pay attention to cost but always know … you must grow your business or you won’t have the cash to be king

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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