Main Subject - Business

'Goodwill' is regarded as an intangible asset in a business. Goodwill carries a value over and above the tangible assets of a business, and representing all benefits derived from the distinctive location, trade and brand names, credit rating, reputation, cusotmers an

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

d patronage of the business. When a business is sold, a charge is usually applied for the goodwill as one of the assets.

Goodwill develops by virtue of quality of products or service found beneficial by the customers, clients, users, vendors etc. and the manner and

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

Examples of combination products may in

tyle in which the products or services are presented. Good advertising helps in accelerating pace of development of goodwill and prestige. Usually advertising and other image building techniques take goodwill and sales to new heights of fame, renown and prestige. Spo

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

nsoring sports and social events, donations to charity etc help in enhancing prestige and fame.

A brand name can help add to the goodwill of the business besides acquiring its own goodwill value. Truly great brands are far more than just labels for products or trade

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

arks; they are symbols that encapsulate the desires and liking of consumers as well their trust and confidence. In most cases products acquire fame under their brand name rather the name of their manufacturer as we see in case of cold drinks and soaps etc.

On other

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

Combination pro

hand there are many companies, which are famous, and their name helps in generating confidence and trust in their different products. The products of Pharmaceutical and Electric Companies and different brand names for their products may not be as famous as the compan

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

itself. It is the prestige and goodwill of the company that helps in improving competitive position of the product in the market.

Trademark as a name, symbol, or other device identifying a product, officially registered and legally restricted to the use of the own

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

er or manufacturer becomes an intangible asset and part of good will that can be sold separately or its use allowed to different manufacturers in different areas. Most franchise businesses owe their success to the fame and prestige attached to their brand names. Most

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

chains of hotels and restaurants have been able to expand their franchise business world wide merely on the strength of goodwill attached to their brand names. Investors find it safe to rely on the prestige of the trade name rather than developing their own trade mar

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

k. Though they benefit from the guidance of well experienced experts and the prestige attached to the trade name, they have to pay royalty to the owners of the trade name.

Considerable efforts, ingenuity and investment are entailed in popularizing trademarks and bra

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

d names and building prestige for the organization. Content of the human intellect are deemed to be unique and original and to have marketplace value—and thus to warrant protection under the law. Intellectual property includes but is not limited to ideas; inventions;

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

Following aspects would a

literary and art works; medicines, chemical, business, or computer processes; and company or product names and logos. Intellectual property protections fall into four categories: copyright (for literary works, art, and music), trademarks (for company and product nam

dd to the challenges in developing combination products:

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

s and logos), patents (for inventions and processes), and trade secrets (for recipes, code, and processes). Laws in many developing countries need to be reviewed and improved as concern over piracy of software, movies, music etc is being continuously expressed by the

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

producers of movies and developers of software.

Relentless and persistence efforts are always required to maintain and enhance goodwill. Quality of products or service is of prime importance but many other factors are also important. Here is a partial list of the f

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

ctors that can help in improving or damaging the goodwill.

1. Best possible quality for Sales presentation and distribution channels must be ensured. The quality of advertising, wrappers, packing and warranties is also vital. Location of offices and furnishings of h

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

igh standard and good taste are always helpful.

2. Customer care and after sales service. Great damage comes from inattention and rude behavior of staff. Good service leads to multiple sales. If you take good care of your customers, they will open doors you could ne

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

Professional from academic institutions, pharmaceutical industries, health care indust

er open by yourself. Always strive to provide service above and beyond what the ordinary organization would give. It will help you build long-term relationships, trust, and referral business.

3. A comprehensive advertising and goodwill maintenance program must be k

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

ept under constant review. Advertising in papers and magazines, television, radio and Internet must be planned with great care based on assumption or surveys of your penetration in markets of different segment of population. Selection of site for hoardings, posters e

.

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

c. must also be made in consultation with the experts.

4. Innovation and Research: By encouraging feedback from clients and sales outlets you can make improvement in designs and contents of new models or launch new and improved products. You must also keep a watch o

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

Companies that provide selfless information through particip

n fads and trends in those segments of population where your products are used.

5. Provision for participation in trade shows and in charity program and sponsoring sports and cultural events must be made in your budget.

End of article - Words 843 -----------------

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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A construction cost estimator knows that there are a lot of expenses that need to be tracked when estimating a job. Many people who have been in the industry for a long time have always relied on pen, paper and a calculator to estimate a job. The size of the contingency should be based upon the size of the job. If all goes off without a hitch, there will be an excess of funds to use for addition work or anything else the client wants to do.

Mike Litman Discusses Success Secrets from Jim Clark. Jim Clark is the founder of Netscape Communications Corp., Healtheon/Web MD Corp., and Silicon Graphics, Inc. Currently he serves as Chairman of the Board for myCFO, which he also founded.

The bitter truth of a life consists that amazing successes and greater talents often remain unnoticeable. That is why you should take care of yourself.

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