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"Time is money". We've all heard that, right? But does your company operate that way? Many times, I've seen companies succeed wildly simply because they do thin

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

gs faster than their competitors - usually, a LOT faster. This works simply because all of us, as consumers, would prefer to have whatever we want whenever we w

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

Examples of combination products may in

ant it. In many cases, we are prepared to pay a huge premium to someone who can save us just a little time - sometimes even paying this premium for a product or

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

service of inferior quality.

How can you use this? First, you need to understand the time performance standards of your industry. Do 90% of your competitors t

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

urn around a customer order in a week? A day? An hour? Obviously, this can vary a lot, depending on the business you are in. But, whatever that standard is, you

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

Combination pro

need to ask the question, "Are there many customers who would find it valuable to be served in half the time?". Usually - but not always - the answer is yes. I

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

n many cases, customers will be willing to pay a premium of 10-20% to get the same product or service in half the time.

It can pay to understand exactly WHY cu

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

stomers will pay a premium to avoid waiting. Is the premium simply to avoid wasting their time? Do they get a lot of rush orders from their customers? Is there

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

a high cost of inventory? Or does a quick turnaround help your customers assure that their products are the most current and salable in a market driven by rapid

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

ly changing fashions? Any of these can lead a customer to put a high value on rapid delivery -- but some might lead you to creative solutions that will 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

create value for your customers. For example, market research at Disney World indicated that most customers hated waiting in the long lines that form for their

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

Following aspects would a

most desirable attractions. So, Disney developed the "Fast Pass" system, which allows customers to arrive at their choice of attractions at a pre-determined ti

dd to the challenges in developing combination products:

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

me, with a minimal wait. In reality, the customer still waits a long time to ride on that attraction -- often an hour or more -- but, because the "Fast Pass" al

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

lows him or her to go do something else while waiting, it actually reduces the time spent waiting in line -- which was the customers' main complaint.

Knowing t

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

hat your customers will pay a premium for faster service is only half the battle. Naturally, you actually have to deliver on this - and make sure the customer k

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

nows you deliver. A simple time-flowchart can help you to identify where your customers' time is spent in your operation, and give you some ideas about how to c

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

Professional from academic institutions, pharmaceutical industries, health care indust

ut that time down. Here are the top five time wasting places I've found in various industries over the years:

1. Credit approval

2. Waiting for engineering or

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

some other operational bottleneck

3. Communicating the order slowly

4. Packaging for delivery

5. Waiting to be delivered

Granted, these are more applicable

.

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 products than services, but service examples tend to be very industry-centric (i.e. an airline wastes time in different places from a restaurant). Anyway, t

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

Companies that provide selfless information through particip

ry doing a little flowchart of your own operation and see if you can't find some treasure for your customers - chances are, they will be glad to pay you for it!

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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Do you have a bright idea you want to turn into the next hot product? Before you spend thousands of dollars that may be wasted, you will want to know whether or not your idea already has been patented. Read this article and discover the resources to get the information you need.

Small business website product possibilities in the brick and mortar world and on the net-

How often do you sit around and wonder how to make more money and get more people to buy more from your company? It’s one of the most basic problems every company faces.

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