Digg It - Business

There are basically three general views in today’s world of business. The first is that the only thing stable and asset tangible is a company that possesses a building and has in stock an in

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

ventory of whatever they are selling. The next are those who have grasped to a certain degree the benefits of virtual assets but are only comfortable with these assets as long as they are rep

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

Examples of combination products may in

resentative of a bricks and mortar company. The last of course are those who have grown up with a potion of their reality virtual, and they are as comfortable with browsing a web store as 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.

ey are walking through a department store, maybe even more so.

There are the inevitable plus and minuses attached to each of these schools of though. Let’s discuss the bricks and mortar est

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

blishment. There undoubtedly some major advantages to the tangibility of a place where you can pick up the product run your hand over it smell it and make sure it is up to your approval befo

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

Combination pro

re you lay down your hard earned dollar. Perceived or not some view a bricks and mortar establishment as a guarantee that the consumer will have the customer support necessary should any prob

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

lems arise with the product. In other words we all like the idea of having a door to kick down and a face to put to the problem, or do we?

That brings us to our next group of consumers. A g

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

ood example is someone who feels ok about shopping at Costco Online. Although the service provided shows little difference from any other virtual store the difference in reality is that the

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

onsumer can imagine that somehow that product is floating off of the shelf at their local Costco, packaged and mailed to their house. The justifications may vary with each person but for the

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

most part it boils down to familiarity. I like to call this phenomenon “the Edsel factor”. For those of you born in the last 40 years the Edsel was an extremely innovative car produced in

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

the 50s and 60s. The Edsel however was not as well received as manufactures had dreamed. The Edsel boasted some futuristic options like a push button transmission. Who would not want a car

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

Following aspects would a

with push button controls? This is “the Edsel factor”, your average consumer is just fine with technological advancement and innovation as long as he/she has that gear shift knob to hold on

dd to the challenges in developing combination products:

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

o.

Just look at some of the modern equipment we use everyday, most of it is based on ancient design. Usually we have just improved on the original. If I was looking to market a laser drill

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

, I would first of all want to make sure that the laser drill as much as possible looked and functioned like a traditional drill, even if it was not the most efficient design.

It seems silly

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

to a lot of web design teams but familiarity is much more a factor for product acceptance than functionality is. The key is to make it familiar and functional.

The last group to explore is

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

the virtual generation, or as I like to call them, my kids. It still amazes me to see a three year old navigate the Disney Web Site with utter ease and confidence. The virtual business pla

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

Professional from academic institutions, pharmaceutical industries, health care indust

e is just as real and tangible as the brick and mortar world. The next generation will recognize that the difference between an internet bank and bank on the corner is ease, convenience and

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

cost. In my opinion the web based business will inevitably win out over a majority of brick and mortar establishments, I believe that such establishments will lose momentum in the face of a

.

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

generation that is 100% web literate. As foot traffic decreases and overhead increases brick and mortar businesses will have to adapt or disappear.

The world is pushing that way at this ver

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

Companies that provide selfless information through particip

y moment as the generational torch is passed virtual may very well become a massive part of our reality. The hand writing is on the wall, it just may not be a wall of brick and mortar anymore

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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Summary: Architectural firms have increasingly been using extranets to send and receive documents in a secure environment.

E-procurement helps companies cut costs and increase productivity by implementing automation in purchase process. This automation reduces overheads and wastages that usually occur in traditional purchases. In spite of the slowing global economy, more and more companies are awakening to the benefits of automation. Numerous software companies cater to the procurement needs by providing quality e-procurement services. A good software managing online purchasing handles all aspects of the purchase process, ranging from the requisition to the arrival of goods. Standard e-procurement software features RFQ (Request For Quotation), automatic bidding and automated negotiation tools.

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