Main Subject - Business

“If you build a network, you will have a bridge to wherever you want to go.”

Those words are from Harvey Mackay, marketing guru and business person extrao

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

rdinaire, and probably one of the world’s foremost authorities on networking.

You know, I spend a LOT of time at networking events. That’s because I know

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

Examples of combination products may in

hat to achieve success, professionally as well as personally, you need to have a network. And you have to be a bridge-builder, not a fence-builder—and cert

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

inly NOT a bridge-burner, like Ted in the following true story that was told to me recently.

While attending a big company event, my friend Marcie was app

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

oached by Ted, who made a noticeable attempt at engaging her in conversation. He was a sales rep who had been trying very hard over the last five years to

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

Combination pro

et more business from the company hosting the event.

He said he was very happy he’d been given the opportunity to attend this private party to mark the tr

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

ansfer of power from the owner to one of his kids. Marcie was a bit nervous and was nursing a bad cold, so she was not in a mood to talk much.

After about

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

15 minutes of getting the ‘cold shoulder’, the frustrated Ted smiled and excused himself with the words, “It was a pleasure meeting you.” And as he was wal

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

ing away, he muttered, “Yeah, about as much f… fun as a trip to the f… dentist ...” loudly enough for Marcie to overhear.

A short while later later, the C

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

O walked on stage and invited his daughter, Marcie, to join him so he could proceed with the ceremony.

As you may have guessed, Ted never got another penn

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

of business from the new boss-lady, thanks to his rude and very costly smart aleck remark!

There’s an African proverb that says “Do not insult the alliga

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

Following aspects would a

tor until you’ve crossed the river.” That’s a good recommendation. I have an even better one: Don’t EVER insult the alligator because you never know when y

dd to the challenges in developing combination products:

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

u might have to cross the river again.

It never ceases to amaze me that people—especially business people—fail to realize that it’s a small world we live

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

n, that we’re all connected by six degrees of separation (now they say it’s been reduced to four…) and that as a rule, you should avoid being a rude schmuc

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

to anyone, even if they deserve it, because you really never know when that person might turn out to be the new boss-lady, or the guy who stands between y

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

u and that $100,000 loan you desperately need to keep your company afloat.

It all comes down to choice. And the truth is you always have the choice—ALWAYS

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

Professional from academic institutions, pharmaceutical industries, health care indust

! You can choose your reaction and decide which attitude to adopt when something unexpected and undesirable happens in your life; for example, when somebod

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

ruffles your feathers.

When this person ignores you at the next function, or this guy does not return your phone calls or this lady omits to acknowledge

.

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

he small gift you sent her, what will you do? Tell them to go suck an egg, take it personally and let it gnaw at your self-confidence, or let it roll off y

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

Companies that provide selfless information through particip

ur back like water on the back of a duck?

What attitude will you adopt: that of a fence-builder, a bridge-burner, or a bridge-builder? The choice is yours

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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If you are an entrepreneur with a small food or beverage company looking to take it to the next level, this article should be of particular interest to you. Your natural inclination may be to seek venture capital or private equity to fund your growth, but that might not be the best path for you to take.

In order to ensure you're on track for achieving your goals, take time to review how far you've come and what you can do to soar farther the rest of the year.

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