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A strategic alliance is when two or more businesses join together for a set period of time. The businesses, usually, are not in direct competition,

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

but have similar products or services that are directed toward the same target audience. Below are ten reasons to create a strategic alliance.

1

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

Examples of combination products may in

. Between the two of you, you will probably be able to offer your customers a larger variety of products or services. This will allow you to spend

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

less time and money developing new products to sell. If your business partner is service oriented, and you are product based, then you will each ge

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

to focus on your strengths and the two businesses will compliment each other.

2. Your number of sales people will increase because you're combini

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

Combination pro

ng with other business. You won't have to spend time and money hiring new employees. If you currently have two separate “brick and mortar” business

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

, you can decide whether to keep both businesses and work from both.

3. Your marketing and advertising budget will increase. When you form a strat

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

egic alliance with other businesses you both will share the advertising and marketing costs.

4. You can now offer your existing customers more bac

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

-end and upsell products. This will increase your sales and profits. Also, you can have more variety and less backstock overall. For example, if y

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

ou stock a particular product, and order 6 cases, you can now stock the item at both stores, but yet only have the expense of ordering the original

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

six cases. For some of the slower-moving products, you can tie them in with a popular product.

5. Your business will gain a larger number of ski

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

Following aspects would a

lled people working on the same project. You will gain the knowledge of the other businesses employees. Each location may cater to a different clie

dd to the challenges in developing combination products:

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

tele and the techniques used to market to them may be completely different than what you’ve done in the past. You and your partner can pool your k

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

nowledge to appeal to more customers for each location.

6. You will be able to beat your competition by selling to a larger target audience. You w

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

ill also increase the total number of existing customers you can sell your products and services to. Also, if a particular product is doing well, 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

ou may be able to justify a larger purchase from the manufacturer resulting in a lower wholesale price.

7. You can exchange endorsements with your

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

Professional from academic institutions, pharmaceutical industries, health care indust

alliance partners. You'll add more credibility to your business and gain your potential customers trust to buy.

8. You can expand your business mo

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

re rapidly. You can develop new products and services faster with a larger work force.

9. You'll be able to solve your customer's problems faster

.

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

with a larger base of customer service people. You'll also learn new ways to improve your customer service from your alliance partners.

10. You'll

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

Companies that provide selfless information through particip

have a larger number of "strategic thinking" people. This will allow both businesses to come up with profitable business ideas quicker than before

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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Has the long held belief that pensions are safe been challenged? You bet! It happened right under our noses. The really nasty policy changes and business tactics that you are seeing today actually started in the 1990's...

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