Main Subject - Business

If you own a franchise you should be in contact with your nearest franchisees and share informa

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

tion as if you were the manager of a corporate store. You should set up meetings once or twice

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

Examples of combination products may in

er month and have their phone numbers logged into your speed dial for easy reference.

You shou

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

d learn from the experiences of your fellow franchisees. For example, let’s say you found out

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

our next-door franchisee neighbor as a certain type of customer and you are starting to see a f

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

Combination pro

w of these types of customers come into your store. You decide you would like to see more of th

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

m as their average ticket prices are better than your current average customers. You, of course

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

, will want to learn all you can from your neighboring franchisee and what they have done to ta

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

get this market segment. It’s really nice to know you can pick up the phone and call a friend w

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 has answers to these types of questions you might have on a regular basis. They can help you

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

by:

Allowing you to work with them in their store for a half of day

Introducing you to certai

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

Following aspects would a

types of customers to help you understand their needs

Explain idiosyncrasies in serving diffe

dd to the challenges in developing combination products:

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

ent market segments

Dealing with these different customers and their fears

Learning how to be

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

t service these new customers and understanding their buying behaviors.

This works well. Your

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

regional director can also help you but he/she may be learning as they go just like you. As 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

ranchisee you have a team to plug into, it is a system, the system is dynamic and you can learn

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

Professional from academic institutions, pharmaceutical industries, health care indust

from it to help you become more efficient and profitable. You should call your Regional Direct

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

rs as well as your local franchisees, because two minds are better than one. We know you can f

.

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

gure it out, but it sure helps to have the extra support. Maximize the team synergies of your f

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

Companies that provide selfless information through particip

anchise system, stay plugged into the strength of numbers and economies of scale. Think on this

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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Not understanding your target market could be causing you to commit business suicide. A simple customer grading matrix could enable you to leverage customer equity. Read on ...

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