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When you want to make more money in your business, you probably think of ways to advertise more. You might think of ways to expand to new locat

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

ions or into new markets. You might consider raising prices on your products or services. These can all be good ideas under the right circumsta

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

Examples of combination products may in

ces.

Then there are the ideas that are more about important principles and taking a different perspective. Sometimes these are where the most

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

rofit will be found. Here are some of those. I call them my "stolen business ideas," because I took them where I could find them over the years

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

so I can't even credit the authors. They are all in question form - questions to be asked about your business, in order to make it more profit

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

Combination pro

ble.

Questions To Help Your Business Make More Money

What is the least expensive way to get a new customer? You know you could adverti

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

se to get more customers, but you don't want to spend a thousand on advertising to get nine hundred in sales, right? Look at all the ways you h

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

ve gotten new customers and all the ways you might get new customers. The most profitable step is to then start getting new ones at the lowest

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

ost.

What low risk ideas can you try to increase profits? There may be new services or products you can try that take very little risk. Starti

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

g with these lets you fail nine times out of ten and still come out ahead after the tenth.

Can you "educate the customer" to increase sales? I

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

people saw photos of the dust mites that live in their carpet and read all about "indoor air pollution" they would clean their carpets more of

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

Following aspects would a

ten. Is there a way to "educate" your prospective customers into buying more of your product or service?

Have you tested prices? Sometimes thi

dd to the challenges in developing combination products:

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

gs actually sell better at a higher price. Apart from that, on a product with a ten percent markup you can double the profit with a ten percent

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

price increase. Unless you lose half of the sales as a result, you'll make more money. The only way to know these things is to test.

Can you i

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

crease the average sale? This is the principle behind the "Would you like something to drink with that?" question you get at every fast food pl

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

ce. It is often easier to find ways to increase the average sale amount by twenty percent than to find twenty percent more customers.

Can you

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

Professional from academic institutions, pharmaceutical industries, health care indust

find customers that didn't return and find out why? Twenty percent of your customers may be going to your competition the next time, and you mi

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

ht never even know it. Find out, and find the reasons why. Resolve those problems, and you might keep half of those customers from now on.

The

.

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

e are dozens of these questions that point out some important principles. Many of them won't apply to your particular business, but sometimes i

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

Companies that provide selfless information through particip

only takes one or two to make a big difference. Why not get in the habit of asking questions when you want to make more money in 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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