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But the canvas of banks is no longer restricted to deposits, advances and investments.

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

Banks have now repositioned themselves as one stop shops for meeting all the financial

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

Examples of combination products may in

needs of customers, blurring the boundaries between banking, insurance, mutual funds an

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

d asset management. Another discernible trend in what of banking is change from balance

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

sheet to off balance sheet intermediation. Banks act as the backbone of the fast expan

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

Combination pro

ding derivatives markets helping corporate to hedge their interest rate, currency risk

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

and commodity price risk exposures. Banks, even public sector banks, are no longer shy

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

of declaring that they are in the business for making profits i.e. profit maximisation

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

is their primary goal. Resultantly all the corporate fads ( Business Process Reengineer

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

ing, Smart Sizing, Six Sigma, CRM etc) have found expressions in banks.

The most signi

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

ficant change in Banks post was the discovery of Marketing. Till then the customer woul

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

Following aspects would a

d have found it hard to differentiate the service of a bank from that of State Electric

dd to the challenges in developing combination products:

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

ity Board. But now customers are a pampered lot and banks are more of marketing malls t

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

han government offices in word and deed. Banks are increasingly putting CRM (Customer R

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

elationship Management) techniques in practice.

Enterprise CRM software packages havin

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

g excellent data warehousing and data mining techniques, can link all data relating to

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

Professional from academic institutions, pharmaceutical industries, health care indust

a customer right from the savings to fixed deposit habits, loans, credit/debit card usa

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

ge, internet usage etc. to not only a customer’s financial profile but also his psycogr

.

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

aphic profile. This can be classified into group profiles enabling a bank to offer prod

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

Companies that provide selfless information through particip

ucts to target groups giving the look of a customized product offered to each customer.

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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