Main Subject - Business

Increasingly, traditional benefits packages are disappearing from the Canadian business landscape. As the face

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

of the Canadian workforce continually changes, companies are finding it necessary to address these shifts. The

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

Examples of combination products may in

reality for many employers is that it is becoming more and more difficult to recruit workers if they are not ab

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

le to offer an attractive benefits package. It is not simply enough to offer affordable health insurance; there

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

must also be the option to choose. Today, many Canadians opt for a ‘cafeteria-style’ benefits package that off

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

Combination pro

rs them the freedom to design a customized benefits plan.

Although flexible benefits, commonly referred to as

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

‘cafeteria-style’, have been around for more than 20 years, they are only now gaining in popularity. Employers

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

and workers alike are attracted to the flexibility they offer. They allow individuals to choose from a menu of

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

benefits what best suits their needs. By designing a unique combination of health care coverage, employees are

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

able to provide themselves with a feeling of security and protection. These benefits can be offered by an emplo

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

er in their employee benefits package, or can be bought through a private health insurance provider in the form

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

Following aspects would a

of supplemental health coverage.

This move away from the rigidity of traditional benefits packages comes as n

dd to the challenges in developing combination products:

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

o surprise when one considers the variety of life circumstances among the Canadian population. Increasingly, fa

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

mily households have both partners working thereby causing a considerable overlap in benefits. With flexible co

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

verage, one partner’s traditional plan is complemented and any gaps in the family’s coverage are easily filled.

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

Younger Canadians may find themselves planning for a family and need to think about the necessity for vision in

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

Professional from academic institutions, pharmaceutical industries, health care indust

surance and/or dental insurance. Alternatively, aging individuals may need to secure a variety of previously un

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

needed benefits, such as disability insurance.

It is predicted that when the baby boomers are ready to retire,

.

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

a massive job shortage will result. Subsequently, employers may find it challenging to compete for prospective

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

Companies that provide selfless information through particip

employees. Perhaps it will be the employer who can appreciate the evolving needs of Canadians who will triumph

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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Food trends are certain to stay. There's no doubt about food sticking to the basic because it's already set to improve. Give extra attention to this area of concern because it's what your customers' target.

As a business owner you may struggle with the question of how you will be able to get everything done. This is especially true for independent service professionals and solopreneurs. There are only so many hours in the day, this isn't going to change. So something else has to.

Limited Liability Corporations are a non-corporate form of business in which the owners actively take part in the management. They are protected against personal liability in case of organizational debts and obligations.

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