Main Subject - Business

We all know that company charitable giving makes a difference, some how, some way. Donations that count, charities

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

it supports, people it helps. Besides, it’s just a good thing to do, right? But giving for the sake of gaining a bi

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

Examples of combination products may in

more pr for you business or because you feel you should be the good neighbor to all charities, simply doesn't have

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

the impact.

Giving, when done correctly and strategically can have a huge impact on your business and the causes y

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

ou give to. Most of us know how donations can help organizations, but how exactly does it help the company? Numerou

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

Combination pro

studies have been done on this very subject. Here are a few of the benefits from giving:
• Enhance company im

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

ge in your community
• Increase sales
• Establish reservoir of goodwill
• Increase consumer loyalty<

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

br> • Increase employee motivation and loyalty
• Heighten brand and product awareness
• Attract and reta

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

ns employees
In a study conducted by a Boston marketing company, they found that philanthropy efforts influenc

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

consumer decisions. Findings:
• 90% of people surveyed said a company can earn their trust by donating to c

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

aritable cause.
• Nearly 70% said they would pay more for a product linked to a cause.
• 85% want to se

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

Following aspects would a

e companies doing business in their community.
• 81% would be influenced to work for a company that gave.

dd to the challenges in developing combination products:

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

• 74%% said they would switch retailers or brands to one associated with a good cause and recommend it to others.

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

> • Almost 70% had greater trust in companies aligned with a social issue and would consider investing in the comp

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

any.

After reading these stats, giving seems like it makes good business sense. However, philanthropy is not a

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

fail proof test. You have to be a straight up business owner too. Nearly 85% of consumers care that a company trea

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

Professional from academic institutions, pharmaceutical industries, health care indust

s its employees well and fairly and 83% said its executives and business practices should be ethical, honest, and r

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

esponsible.

It's hard to argue that giving isn't good. What makes a difference is how it's done. Writing a few che

.

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

ks, donating time here and there, giving away product isn't going to make the impact for the company in and of itse

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

Companies that provide selfless information through particip

f. When a business implements a giving plan and when it's done correctly, the impact is grand and you feel good too

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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