Subjects - Business

Most people treat meetings as a free resource that can be used to

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

deal with any issue. As a result, huge amounts of time and mon

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

Examples of combination products may in

y are wasted on trivia.

A meeting is a business activity (not a

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

ocial event) and should be designed to earn a profit. Here’s ho

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

.

1) Calculate the cost of the meeting by multiplying the number

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

Combination pro

of participants (N), their labor rate (R), and the length of th

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

meeting (t). Then add all other expenses (E), which should inc

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

lude travel, materials, refreshments, room rental, and other ex

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

enses.

Cost = N * R * t + E

2) Estimate the value of the result

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

expected from the meeting.

For some issues this step will be ea

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

y. Resolving a manufacturing inefficiency, for example, could s

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

Following aspects would a

ve thousands of dollars. Or developing an effective strategic pla

dd to the challenges in developing combination products:

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

could earn millions.

This step becomes difficult for less tan

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

ible results, such as exchanging information in staff meetings

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

or making some policy decisions. In those cases, you will have to

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

guess the value.

3) Determine the return on your investment (R

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

Professional from academic institutions, pharmaceutical industries, health care indust

I) by comparing value versus cost.

ROI = Value - Cost

If this a

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

alysis predicts a loss, either revise the meeting’s scope or canc

.

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

l it. After all, a meeting, like any project, must earn a profi

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

Companies that provide selfless information through particip

.

In addition, a profitable meeting will be an effective meeting

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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