Main Subject - Business

Everything these days, it seems, have embraced the catch phrase made popular by a movie that featured a gigantic green lizard. Size matters. The sexual connotations of that phrase aside, size does seem to matter in every facet of human existence. T

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

he sight of a Big Mac is more appealing than a regular hamburger. Well-known companies want to establish offices in tall skyscrapers. A country’s prominence is determined by the depth of its economy’s pocket. Thick books are more respected than ski

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

Examples of combination products may in

nny publications.

This inclination to favor what is big has caused a universal desire for expansion. We may start small with an endeavor, but we nurture dreams of eventually making it grander. The fact that the internet provides a gateway to a glob

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

al market further fuels these dreams into a frenzied state.

Lost in the hoopla of our collective fascination for catering to a larger market are the distinct advantages of keeping the business small. For all the fame and glory associated with a larg

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

e scale business, the stability and reliability that small businesses enjoy are often missed. It would be prudent to consider the benefits of maintaining a small business before plans of expansion are pursued.

Let’s take a look at some reasons why s

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

Combination pro

mall businesses are better kept small.

1. Smaller risks. Keeping the business small exposes it to less debilitating dangers. Small businesses don’t have to deal with customer complaints on a large scale, as any problem can easily be isolated. They

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

don’t have to experience the issues that plague big businesses, and there is no need to hire $500 per hour lawyers to fix such headache-inducing tribulations. Keeping it small provides for a simpler setup that is more resistant against unwanted comp

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

lications. Besides, those who play big lose big, and, assuming the worst, small businesses will only lose in proportion to their size.

2. Potentially higher profit ratio. It’s not the amount of profit that matters, rather, it’s the amount of profit

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

vis-?-vis the costs of investment. Big businesses may rake in a larger amount of income, but they have to offset the equally enormous amount of expenses they have incurred. Small businesses spend less, and successful ones earn a higher profit ratio

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

compared to their more illustrious counterparts.

3. Move faster with less. The owner directly controls the small business, and more often than not, does most of the dirty work. He needs little amount of help since most software make some processes

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

fully automated. Small businesses don’t have to spend a fortune in advertisements, as well, as their client base is usually a dedicated lot, and in most cases, the latter does the marketing for the enterprise. Also, efficiency is better guaranteed a

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

Following aspects would a

s the operations are clearly delineated and centralized. The same thing cannot be said about big companies who often suffer from disordered distribution of roles caused by a cluttered bureaucratic setup.

4. Easier to corner specific markets. Since

dd to the challenges in developing combination products:

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

small businesses operate in a smaller scale, they could easily concentrate on a particular group of people who share an interest that a small business can provide for. In modern internet parlance, this is called nicheing. Getting the most out of a p

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

articular niche is a rewarding business strategy because this tactic makes good use of people’s unwavering passion for something which your venture’s products or services provide for. Big companies will have difficulty cornering specific markets beca

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

use the latter are often overlooked and their concerns are seldom satisfied.

5. Clients relate to the small business in a more personal level. This is probably the best facet of small businesses: their ability to connect with their patrons in a mann

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

er that no big business could. Small businesses, given their gift for specialization, develop more intimate relationships with their clients. When answering e-mail queries, for example, small businesses take time to personally reply to each and ever

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

Professional from academic institutions, pharmaceutical industries, health care indust

y one of them whereas big businesses merely use a generic template for theirs. The client would feel more secure with a responsive small business, as he would be reassured that his concerns will be expediently considered.

6. Grow at your own pace.

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

The small business owner does not have to keep up with the demands of his client base, because the latter is kept manageable. Hence, the small business owner can take his time to perfect the intricacies of his trade to be able to offer better service

.

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

, and eventually grow at his own pace, in a manner of his own choosing.

There is a saying that goes “it is better to be the star player of a Minor League team than a bench warmer for a Major League squad.” If a business is kept small, it will be the

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

Companies that provide selfless information through particip

king of its niche. Expanding may open up bigger markets, but it will also bring bigger perils and more difficult compromises. Expansion is not bad per se, but are you prepared to possibly be regarded as a peddler at the expense of your lofty throne

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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