Main Subject - Business

From my experience, most businesses can benefit from a regular health check – a business diagnostic that takes a thorough look at the whole business and identif

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

ies priorities and potential solutions for better performance.

Maybe it is already a part of your annual budgeting process or strategic planning sessions but i

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

Examples of combination products may in

can be a very valuable exercise to step back from the daily demands on your time and look at your business from a distance to re-assess how well you are doing

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

in the key areas that affect success.

Here is a list of 10 check points and some approaches to consider for raising your business performance to the next level

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

1. Start with a strategic plan. You and your team need to be chasing the same dream. Write it down or find your last business plan. Review it against last y

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

Combination pro

ear’s results. Re-write it. Use it. It's the road map to achieving your business objectives. But remember that reaching your goals is more important than t

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

e route you take.

2. Ensure that all your managers are using the business plan as their guide to corporate strategy and objectives. Develop personal goals and

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

individual project plans against corporate objectives. Monitor results throughout the year. Include yourself.

3. You’re in a competitive business - are you k

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

eping score? Compare your key performance indicators to industry averages and develop a specific action plan to achieve better numbers this year.

4. Evaluate y

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

our performance in customer service and building long-term loyal relationships. Before you congratulate yourself, ask your customers if they agree. Identify t

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

e key areas for improvement. Improve them.

5. What about the people you need most and who know you best - your employees? Try a blind survey to get feedback

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

Following aspects would a

n what they think about the company, culture, compensation, communications and your competition. Are they your greatest strength?

6. Assess your level of sati

dd to the challenges in developing combination products:

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

sfaction with each of the six P's in your marketing mix - Product, Positioning, Promotion, Price, Packaging, and Placement. Fix what's broken.

7. Assess your

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

orporate image against the biggest and best brands in your business. Look at all your literature and your Website. Do you look as good as you really are? Rai

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

se your image to a new level. Live up to it.

8. Re-evaluate your website. Are your competitors raising customer expectations? To improve your own results tu

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

n the WWW upside down and think MMM - Manage, Market, and Measure. Do it better. Don’t wait to be asked.

9. Re-read all your marketing communications. Do they

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

Professional from academic institutions, pharmaceutical industries, health care indust

capture the four C’s - current, clear, concise and consistent? Eliminate the errors and throw out what doesn’t work anymore. Ensure they sell your message a

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

well as your best sales reps.

10. Review the use of information technologies in your business. Are they part of the solution or part of the problem in produc

.

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

tivity and performance? Complete a strategic review of your technology needs using a qualified, objective outside resource before buying the next solution.

Sh

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

Companies that provide selfless information through particip

re these ideas with your business associates and use them to accomplish your business objectives this year. There should be fewer areas to improve on next year

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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Small business owners make many mistakes. Some mistakes are just part of the growing process, while other mistakes may cost only a few bucks or thousands of dollars. But one mistake I am about to describe can be the MOST expensive mistake you can make in running a small business.

How much technical ability is really required to start a successful company? In the high-tech world of startups, more and more engineers are starting companies, but they are in for a big surprise.

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