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Is your Business Growing as Fast as you Planned? Or aren’t you planning for growth at all?

Or worse yet, do you not even know how

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

your business is performing and what the key growth metrics are for your business?

An important part of growing and developing y

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

Examples of combination products may in

ur business revolves around the concept of identifying then measuring and tracking the Key Indicators in your business. Once you h

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

ave established what it is you would like to achieve, and you track how you are performing, you will begin reaching your goals. Ad

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

itionally you will find that your employees will become aligned and begin working together towards your business development goals

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

Combination pro

.

A Key Indicator is a numeric value that you measure in your business. A Key Indicator is based on areas of your business that y

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

u have identified as being critical to your growth and success. You should select a range of values for the Key Indicator that a m

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

easurement could fall between. It is also useful to give a brief textural description for the Maximum and Minimum values of the Ke

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

Indicator. This assists you when you are actually measuring the Key Indicator.

The Key Indicator should be measured consistently

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

over time. If the measurement value is determined by a series of steps, a Business System should be put in place to ensure a cons

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

stent and repeatable process is in place and used to measure the Key Indicator.

I did not begin to have the success that I hoped

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

Following aspects would a

for in my businesses until I actually took the time to define, track and measure the key values in my business. I can now tell in

dd to the challenges in developing combination products:

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

n instant how my business is performing and what areas I need to concentrate on to improve and grow.

In my web based businesses s

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

ome of the key indicators I track include:

- Number of visitors to the web site: - Number of Conversions;

- Conversion Rates (N

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

mber of Conversions/Number of Visitors); and

- Gross and Net Profit.

These Key Indicators are relevant to my business and may no

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

t be directly relevant to your business. You should identify what it is important in your business and then measure and track the

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

Professional from academic institutions, pharmaceutical industries, health care indust

alues you have identified over time with Key Indicators.

You can then incrementally make changes to the way your business operate

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

s in a continued effort to improve. If you have set up your key indicators you will be able to establish what works best for your

.

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

usiness and what does not work.

If you consistently do more of the things that work well in your business and stop doing things t

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

Companies that provide selfless information through particip

hat do not so work well you greatly improve your chances of business success.

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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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Armed with these insights, you can ensure your invention evolves into a successful new product with mass-market appeal.

One very powerful and cost-effective marketing strategy is to study the competition... How best they operate, what they lack and then how to capitalise on it!

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