Digg It - Business

It is so very interesting that some of the best entrepreneurs have some sports in thei

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

r background. It makes sense because business is a rather competitive game indeed. Jus

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

Examples of combination products may in

t how much similar is a sporting event or sports to business? Well, pretty similar and

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

many sports exist truly because there is commercial value. Professional Basketball, Ba

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

seball, Hockey, Football and Golf all are both a business and a sport. Here are some s

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

Combination pro

milarities to both sports and business, which you might find intellectually stimulatin

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

g and intriguing.

1.) In business you must first learn how to run a business; in spo

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

ts you must train.

2.) In business you need the most efficient equipment, computers

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

and systems; in sports you need the best bike, shoes, gear or bobsled.

3.) In busine

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

s you must make sales goals; in sports you must score goals.

4.) In business you mus

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

t strategize and have proper planning; in sports you must have a game plan and memoriz

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

Following aspects would a

e the plays.

5.) In business you are competing against the competition for market sh

dd to the challenges in developing combination products:

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

re and sales; in sports you must compete against your opponent (s) to win.

6.) In bu

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

siness if you are the best you must defend your brand name; in sports if you win you m

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

st defend your title.

7.) In business your brand name is paramount and you must st

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

ay on top; in sports if you lose too many games you are forgotten.

Those are just som

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

Professional from academic institutions, pharmaceutical industries, health care indust

of the most obvious parallels to business and sports and there are others. I bring yo

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

u this only to help you see a new perspective in the game of business and help you win

.

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

market share and increase sales. Business is much about competition and winning. Perha

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

Companies that provide selfless information through particip

ps you can come up with 3 more similarities between the two; consider all this in 2006

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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