Main Subject - Business

Nearly every industry is signifcantly more competitive today that it was only a few years ago. Many companies focus on doing their thing a little bit faster or better than they did last year. But in today’s hyper-competitive

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

environment that may not always be enough. We believe that there are three pillars of Business Intelligence that are given short shrift by many companies, and by ignoring these options, they put their company’s future in peri

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

Examples of combination products may in

l. The three pillars of Market Intelligence are Competitive Intelligence, Secondary Market Intelligence (syndicated or research that can be found or purchased on an given industry) and Primary Market Research – which is condu

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

cting research that is specifically designed to answer the questions that your business is grappling with – and that your competitors should never see (because it’s proprietary information).

COMPETITOR ASSESSMENT

It’s impor

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

tant to do a basic SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) on each of your key competitors to understand their positions in the market relative to that of your own company (financial position, apparen

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

Combination pro

t growth directions, likely profit margins and the threats that their business is facing). There are companies that specialize in gathering competitive information, and it’s pretty common to spend a couple of months and sever

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

al thousand dollars to get a report on a number of key competitors. However, because the number of competitors is often very small, it’s often possible to do some gumshoeing on your own. When does your competitor open for bus

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

iness, when do they close, how many customers do they get in the morning, afternoon an evening, and how much does it look like they’re buying? Go in and ask them about their best selling product, buy one and see what they’ve

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

got. You can also do a lot of this research via the web, or by the phone. Look at the city records to see who owns the land, have a realtor friend estimate what the rent would be like on that size building in that part of tow

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

n. Look at the equipment they have, and the stock that that they carry, count the number of employees. You can probably do a pretty good job of estimating their revenue and even projecting their profit. It’s a good businesspe

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

rson who has an idea of how their business stacks up.

SECONDARY MARKET RESEARCH

These are the companies that make their money by keeping tabs on the industry overall and try to understand which major competitors are doing w

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

Following aspects would a

ell and which are in bad shape. Many can approximate market shares by talking to companies that provide raw goods or by talking to the channels that these companies sell through. Some of these analysts will estimate whether t

dd to the challenges in developing combination products:

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

he overall business is growing or shrinking and are brave enough to project these numbers out for several years. The types of companies that track these industries include International Data Corporation, Dataquest, and don’t

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

forget industry groups. Many of these reports are combined at one wonderful website that can help you quickly find reports on every industry under the sun - Market Research. This is probably the fastest place to find quality

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

information on your industry overall, although it's not free, unfortunately.

PRIMARY MARKET RESARCH

Once you know about your industry, you may decide that you’d like to know more about the specific products or services that

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

you’re developing. Or maybe you just want to find out what kinds of customers are purchasing your products, how happy they are with them, or what their likelihood is of buying another product from you in the future. That’s w

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

Professional from academic institutions, pharmaceutical industries, health care indust

here Primary Market Research comes in. Primary research entails a couple of dozen different methods of getting customers feedback, depending on what access they have to technology, where they are located in the world, the sen

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

sitivity of the topic and whether you think that group synergy would get you a better answer than you would by speaking to a customer one at a time. There are also a few unique methods to probe on other areas, for example the

.

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

re is “lost customer” research, which finds customers that purchased another company’s products and then probing on why they didn’t go with your products.

Anyway there are a number of ways to get at most any type of business

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

Companies that provide selfless information through particip

issue that you have. Together these techniques can help a savvy business manager to ensure that they keep a finger on the puse of the market in which they operate - and therby keeping their positiion in that market safer

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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Then I learned that a Tupperware fundraiser is not based on parties. A Tupperware fundraiser is run much like any other fundraiser, except that you offer a quality, durable product instead of cheap consumables.

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