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Five ways to increase the efficiency of the business operation and its margins is probably one of the most overlooked areas to building and sustaining a profitable business. Yet, it has so much potential for making a positive impact

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

on your bottom line.

Step 1: Control or Reduce Expenses

Getting a handle on where your money is going is critical. Most businesses have an incredible amount of waste, not only in actual money loss, but in human capital - loss or w

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

Examples of combination products may in

sted time by their employees and staff. You need to keep a very tight reign over any expenditure, and money should only be spent after careful consideration and analysis as to how it will contribute to your bottom line profits.

One

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

of the biggest money wasters is in the area of advertising and marketing. Careful testing of ads and promotions should be carried out in small runs before “rolling out” to your entire list or to the marketplace. Direct response ads

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

ith enticing and compelling offers should always be used in place of more traditional image or institutional ads.

When you consider how much it “costs” to bring in a dollar of actual profit and then see how easy it is to spend that m

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

Combination pro

ney and not get a positive return, it’s not hard to see why so many businesses have a difficult time showing a positive balance at the end of the year.

Step 2: Increase Profit Margins

Profit margins are the difference between what

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

the product and service you offer costs you to make, produce, purchase, or acquire, versus what you sell it for, and after deducting sales, processing, fulfillment, and delivery costs. The more steps there is in the process from prod

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

ction or acquisition to delivery, the more room there is for excess costs to creep in, and the lower profit margins will be.

Every effort should be made to monitor, control and slash costs whenever possible. Remember, a simple two-d

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

llar savings on a twenty dollar product can add up to 20 percent more profit for your business.

Step 3: Create A Teamwork Approach

You cannot afford to run your business with a “super-star” mentality. Just as in any team sport, to

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

be truly effective, it takes the entire team to make a company run smoothly and efficiently. Want to know how to make your company more responsive to the needs of your customers? Hold a team meeting. Invite people from every depar

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

ment - sales, manufacturing, accounting, fulfillment, delivery, even janitorial.

Have a brainstorming session and get every idea possible on the table. Don’t be judgmental. Get them all out. Then go through each idea and discuss h

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

Following aspects would a

w it can be used to more fully satisfy the needs of your customers. Sometimes the best ideas come from those you’d least expect.

Step 4: Manage Time More Effectively

Every person on the face of the earth has exactly the same numbe

dd to the challenges in developing combination products:

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

r of hours, minutes and seconds in their day – every day. No one has an advantage in this area. It’s true that we all have different jobs, tasks, priorities, and responsibilities, and those all require different amounts of time, but

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

you can significantly increase your available time if you take stock of where you are, what you’re spending your time on, and then effectively employ the principle of delegation.

By concentrating on things that matter most, or that o

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

ly you can do, and then delegating the lesser important tasks to the lowest competency level person that can handle them, you’ll have more time to focus on the important priorities – the things that can make you real money.

Step 5.

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

Increase Your Staff’s Knowledge And Competence

How many times have you called a business and asked a question, only to have the person on the other end of the phone act like they had no idea of what you were talking about or where to

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

Professional from academic institutions, pharmaceutical industries, health care indust

get the answer? It happens all the time. Unfortunately, with today’s labor laws it’s much more difficult to get rid of incompetent, rude or uncaring employees without the threat of lawsuits or some other problems.

Knowing how to hi

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

e the right employees is becoming more critical, as well as how they’re trained to handle different situations that come up in your business. It’s surprising how few businesses have regular what seems like old-fashioned staff or empl

.

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

oyee meetings. And for those who do, most of their meetings have to do with administrative duties, and are “reactive” in their approach.

By changing your focus and conducting “pro-active meetings on how to deal with certain situatio

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

Companies that provide selfless information through particip

s, sell more effectively, and show interest in your customers, and so on, will not only improve the morale of your company’s image, but it will also be a contributing factor to your profitability.

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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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