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Business Articles - Trends Worth Billions – (Part 1 of a 3-Part Series)
“I feel overwhelmed!” said Leanne, a store manager for the past five years. “I’m spending more on advertising but sales keep slipping. I don’t feel like I’m on top of my business anymore.”
“You’re not alone,” I replied. “I
“You’re not alone,” I replied. “I
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
hear that same refrain from many business owners in spite of our booming economy and low interest rates. All that good cheer does little to pacify a business that’s struggling to make ends meet. Do you know why sales are sli
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
pping?”
“If I knew I could adjust my strategy but I can’t identify the root cause. That’s what’s frustrating me.”
• • •
“I’ve been marketing this way for years and it’s always produced results. So why has the response r
“If I knew I could adjust my strategy but I can’t identify the root cause. That’s what’s frustrating me.”
• • •
“I’ve been marketing this way for years and it’s always produced results. So why has the response r
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ate dropped?” asked Gordon, during a break from his print shop. “I have a great staff but if sales continue to falter, I may have to let someone go. That’s doesn’t sit well with me.”
“Have you sat down with your staff and a
“Have you sat down with your staff and a
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
sked for their input?” I suggested. “They’re often an excellent resource. After all, they have a stake in the outcome.”
“Hmmm … not really,” he replied. “I don’t want them to know the business is in trouble. That would just
“Hmmm … not really,” he replied. “I don’t want them to know the business is in trouble. That would just
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
add to my problems. I’d rather talk with you; you’re not involved.”
• • •
“I was hoping to start a new business with the money from my severance package but I just can't find the right product or service to sell,” compl
• • •
“I was hoping to start a new business with the money from my severance package but I just can't find the right product or service to sell,” compl
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
ained Doug, a 20-year veteran of the corporate world. “What profitable trend can I get on board with?”
“Are you looking for a trend that will make you money or a business that will make you happy?” I asked. “There are lots
“Are you looking for a trend that will make you money or a business that will make you happy?” I asked. “There are lots
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
of ways to make money but you better do something you really like otherwise you'll be toast in no time.”
“Good point. So what do I like and the money will follow,” he replied not fully grasping the implications of his words
“Good point. So what do I like and the money will follow,” he replied not fully grasping the implications of his words
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
.
• • •
Leanne, Gordon and Doug represent many business owners and entrepreneurs that are trying to come to grips with the dynamics of a changing marketplace. While each situation is unique they all feel the stress and f
• • •
Leanne, Gordon and Doug represent many business owners and entrepreneurs that are trying to come to grips with the dynamics of a changing marketplace. While each situation is unique they all feel the stress and f
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
rustration of trying to grow a business in a market that’s under constant change.
The arithmetic of life used to be simpler: one marriage, one income, one house, one neighborhood and one crop of kids. Today, these things ar
The arithmetic of life used to be simpler: one marriage, one income, one house, one neighborhood and one crop of kids. Today, these things ar
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e multiplied over and over. We scramble to keep up. We scramble to keep track. We’re stressed out. We’re exhausted. What we really want is to buy back time.
Innovative and fast-paced technology and the impact of the Baby Bo
Innovative and fast-paced technology and the impact of the Baby Bo
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
omer demographics are exerting enormous pressures on the marketplace. As these forces converge, the traditional time frames to which we are accustomed collapse. The luxury of time is forfeited in a mad rush to just keep up.
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
Is it any wonder that the business community is under duress?
For business owners, this chaotic marketplace is of concern. Never mind that the big guys have been victims; what about small business, the economic backbone of
For business owners, this chaotic marketplace is of concern. Never mind that the big guys have been victims; what about small business, the economic backbone of
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
our society? How will they survive?
Luckily, many of the trends that will dominate the economy as the boomers charge to retirement are well served by small business. Without the politics of a corporate structure, small busi
Luckily, many of the trends that will dominate the economy as the boomers charge to retirement are well served by small business. Without the politics of a corporate structure, small busi
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ness is more agile and responsive to a changing environment.
Understanding trends give managers a clear profile of the marketplace, both what is beginning to happen now and what will happen in the future. They serve as pred
Understanding trends give managers a clear profile of the marketplace, both what is beginning to happen now and what will happen in the future. They serve as pred
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
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
ictors of how people are feeling and what products and services they will be seeking. Trends and fads are often confused, but think of a trend as being big and broad and having staying power. The Beatles were–and still are–a
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
trend. The Monkees were a fad. Gardening is a trend. Bell bottoms are not.
If future trends can be identified based on changing habits and lifestyle, developing a business strategy based on those trends makes sense. Take t
If future trends can be identified based on changing habits and lifestyle, developing a business strategy based on those trends makes sense. Take t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
he aging boomers for example. They’re beginning to change the health industry with their concern over food quality, lifestyle issues and eating choices. And with a huge amount of disposable income and leisure time, travel, h
.
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
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
obbies and social activities are of great interest. Since there are many more boomers on the way, it would be safe to assume that the market demand for health-related products and leisure-time activities would also substanti
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ally increase.
The future is serious business and if your customers reach the future before you, they will leave you behind. The time to start planning for what is to come is NOW.
(Part 2: Changing Hindsight Into Foresight
The future is serious business and if your customers reach the future before you, they will leave you behind. The time to start planning for what is to come is NOW.
(Part 2: Changing Hindsight Into Foresight
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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