Main Subject - Business

Let’s discuss several factors that reveal the reasons, motivations of the firms’ growth. The article grew to be more philosophical than managerial.

Growth is generally achieved by smal

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

l firms by making more of its existing products, or by developing more products. Hence, a common obstacle that many small firms face is that they do not have the finance to expand throu

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

Examples of combination products may in

gh invention, or developing a new product. Finance is necessary to pay researchers or inventors, to pay for materials and then once the product has been developed, to market it. Another

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

way of achieving growth is being merging with another firm, which is known as external growth. A merger is where two or more firms combine to form a larger, new company. It is very unl

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

ikely that a small firm would have enough finance to merge with another company, so this method of growth is more common with larger firms. Small firms, if recently established may the

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

Combination pro

lack experience and expertise to help it grow. Many skills are required to run a successful company, including managerial skills, product-related knowledge, marketing skills etc. Withou

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

t an adequate workforce, the company will have problems in the corresponding area of production which may hinder the success of the company in relation to growth and development. Early

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

on in a new firm’s life it is unlikely to have developed a strong brand name, and strong customer base. So, the firm cannot be sure it will have the support or demand for it to grow if

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

a new product were to be developed.

The main factor which prevents a firm from growing is the lack of finance, and other factors are secondary to this. Once this problem is overcome, 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

irms have much greater potential for growth and development. Innovation is defined as bringing a new idea into being within the market-place (product innovation) or workplace (process

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

innovation). Product innovation has a considerable competitive significance, because consumers fall into patterns of purchasing patterns which change very little over time. Therefore t

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

Following aspects would a

he market share of the rival products may be quite static. The source of the innovation may be based on new technology, new design or a wholly new invention. Process innovation is also

dd to the challenges in developing combination products:

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

of great significance as it can lead to a major cost advantage over competitors. It involves making production processes more cost effective, accurate and efficient. At any given time

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

, a society has a stock of technical knowledge about ways in which goods can be produced. Technical advances come through invention, the discovery of new knowledge, and innovation, the

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

incorporation of new knowledge into actual production techniques. The most obvious incentive for innovation is so that the firm can have a stronger portfolio of core products. This may

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

also help the firm in terms of commercial benefit, in other words the firm may be better known because of its products.

The ability for firms to patent products means that firms are m

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

Professional from academic institutions, pharmaceutical industries, health care indust

ore willing to develop new products because of the large financial cost involved. Patents mean that the company can be the sole beneficiary of their invention. This is important because

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

it prevents other companies from ‘stealing’ new inventions for a certain time period.

Product innovation can often play a major part in improving standards of living, which is an impo

.

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

rtant social benefit. For example, the development of the telephone, which is now cheaper and more efficient than previous versions. Process innovation is of crucial importance in lead

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

Companies that provide selfless information through particip

ing to the growth of productivity, and ultimately to long-term economic growth. As firms strive for long-term economic growth this would be a major incentive for innovation for the firm

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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