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As a business owner I know you are working very hard in your business, serving clients and staying on top over everything else that needs to be managed.

But what if all

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

the hard work you are currently doing is not necessarily the most effective way to grow your business?

A solid business is built around a business model that works. I

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

Examples of combination products may in

you think you have a great business model in place then it will only take a few minutes to confirm that this is the case.

If you aren’t quite sure if your business mod

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

el is functioning optimally, now is the perfect time to give it a quick check-up and find out.

When I talk about your business model I simply mean the way your business

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

makes money. Think about these basic components:

* Your business offer products and services

* You sell them for a certain price

* A certain number of people buy the

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

Combination pro

(once or even better, repeatedly)

* You deliver them in a certain way (in person, electronically, third party, etc.)

Why not revisit your business model to see if the

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

re are a few ways you can change it. This doesn’t have to be complicated, simply take a piece of paper and a pen or open a new file on your computer.

Write down all th

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

products and services your business currently offers, the price for each, how many clients you have who purchase each offer and how frequently. Total this up, subtract

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

your costs, and see if this structure is going to bring you the financial results you want.

Now imagine how many different ways you can upgrade your business model to

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

ttract more business and leverage what you already have.

Get creative and try out several combinations of products and services. Here are some ideas:

- Perhaps you ca

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

add something new, additional revenue streams.

- You can also think about increasing the amount of what you already deliver.

- Or maybe at this point it’s even best t

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

Following aspects would a

o remove a part that isn’t profitable.

- Consider changing the way you deliver your products and services.

- What if you didn’t change a thing except to increase the p

dd to the challenges in developing combination products:

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

ices (speaking or pricing, when is that last time you increased the prices for your products and services)?

Let’s use the business model of a consultant as an example.

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

CURRENT BUSIENSS MODEL Product/Service: Consulting services delivered by the consultant alone

Price: Per hour

Clients: One at a time full time or two to three part-t

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

me

Delivery: In person

UPDATED BUSINESS MODEL Product/Service: Consulting in person delivered by the consultant, additional consultants working for you, speaking, sel

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

ing intellectual property (an ebook, audio, or other information product)

Price: Consulting per project (and part of the fee for consultants working on behalf of the co

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

Professional from academic institutions, pharmaceutical industries, health care indust

nsultant), speaking per event, intellectual property per item

Clients: Many at one time

Delivery: In person, automated (via the internet)

Are you starting to see the

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

ossibilities for your business? Renewing your business model can re-inspire your enthusiasm for what you do as well as increase your desire for marketing your business.

.

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

A healthy business model is the foundation for a successful business. Take time to examine your business model and make sure it is the strongest it can be.

With a fe

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

Companies that provide selfless information through particip

simple changes, you will probably make more money and you may even find that you don’t have to work as hard to do so. Now who doesn’t want that!

© Stephanie Ward, 200

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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Promoting your company does necessarily mean constantly spending money. There are avenues of public relations that cost nothing more than time, effort, and a little ingenuity.

Your brand identity will either make or break your business venture. Building a brand is not a gimmick or fluke, marketing for deep positive branding is a necessary part of business.

Promotional products are products that are designed with a particular goal or logo in mind to keep the name of your company or event in the eyes and the minds of potential customers and to drive repeat business and new business to you through advertising.

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