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Main Subject - Innovation Management - does the idea fit with the firm?
Creativity can be defined as problem identification and idea generation whilst innovation can be defi
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
ned as idea selection, development and commercialisation.
There are distinct processes that enhance
There are distinct processes that enhance
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
problem identification and idea generation and, similarly, distinct processes that enhance idea selec
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
tion, development and commercialisation. Whilst there is no sure fire route to commercial success, th
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ese processes improve the probability that good ideas will be generated and selected and that investm
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ent in developing and commercialising those ideas will not be wasted.
One of the useful methods of v
One of the useful methods of v
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
aluing ideas is to analyse whether the firm, team or individual responsible for turning an idea into
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
commercial success has the required fit.
Fit with the firm can be measured in a number of ways:
a)
Fit with the firm can be measured in a number of ways:
a)
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
Does the idea have a strategic fit with the company? It may be a great idea but if lacks strategic f
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
it, its development and commercialisation may cause long term problems. In this case there are three
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
choices: drop it, license it or create a joint venture.
b) Does the firm have the technical expertis
b) Does the firm have the technical expertis
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
e to make it work? If not where can it be found? What is the cost of importing the technical expertis
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
e?
c) Does the organisation have the business competencies to make it work? These include competenci
c) Does the organisation have the business competencies to make it work? These include competenci
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
es in marketing, new product development, the ability to manage widely diverse and scattered employee
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
and facilities. Again, is the idea big enough to justify the expense?
These topics are covered in d
These topics are covered in d
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
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
epth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) fro
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
m http://www.managing-creativity.com.
You can also receive a regular, free newsletter by entering yo
You can also receive a regular, free newsletter by entering yo
.
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
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
ur email address at this site.
Kal Bishop, MBA
**********************************
You are free to
Kal Bishop, MBA
**********************************
You are free to
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
reproduce this article as long as no changes are made and the author's name and site URL are retained
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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