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To achieve business growth, you need to focus on your strengths and hire others to take care of the rest.

Unfort

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

unately, entrepreneurs often fail to employ this fundamental business growth strategy.

Whether it’s driven by pr

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

Examples of combination products may in

de or fear, I meet many entrepreneurs who have difficultly delegating, including recently: a fashion designer who

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

won’t let go of her accounting; a pastry chef who refuses to let designers get near his website; and a furniture

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

maker who turns down professional help to arrange his storefront.

“To be good at business does not mean you have

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

Combination pro

to be good at everything,” suggests Mark Wardell, President and Founder of Wardell Professional Development, whic

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

h helps businesses across North America attain sustained growth.

So how do you overcome this common roadblock? W

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

rdell says it’s a matter of placing more value on time.

“When you invest your money, you expect it to return a p

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

ofit,” he explained. “Your time works the same way. When you invest rather than spend your time, its value increa

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

ses dramatically.”

He cited Henry Ford, who became successful because he ‘invested’ time in developing an assemb

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

y line system to build automobiles. Ford, he noted, would have not enjoyed the same success had he ‘spent’ all of

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

Following aspects would a

his time building cars.

“This small, yet, significant shift in thinking,” stated Wardell, “allows business owner

dd to the challenges in developing combination products:

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

s to achieve more, with less effort and in less time.”

Following are six steps to help you delegate successfully

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

1. Recognize what you’re good at and what you’re not good at.

2. Surround yourself with people whose talents c

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

mplement your weaknesses.

3. Invest time to find the right people to fill the roles. Send out e-mails and make s

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

everal calls as referrals from trusted sources are ideal. In any case, do your due diligence, and acknowledge you

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

Professional from academic institutions, pharmaceutical industries, health care indust

instincts.

4. Negotiate agreements that will provide real value and/ or desirable return on investments.

5. Cl

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

arly define and communicate your objectives and goals to help establish expectations.

6. When the work gets done

.

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

to your satisfaction, convey gratitude and pay on time.

Once you get experts working in all areas of your busin

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

Companies that provide selfless information through particip

ss, you’ll have more time to invest in long-term strategies and, ultimately, the overall success of your business

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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This article provides tips about how to advertise in a magazine. It is not as easy as paying the magazine to have your ad present- you need to consider size, color, and content.

The world around us is constantly changing. To remain employable we need to constantly update our skills, adding new skills that are in demand today. One of the skills currently in demand is the ability to communicate well with the largest minority in the U.S.A.

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