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As I write this my portfolios on the computer screen are a sea of red and today even stronger countrie

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

s like Singapore and Austria are taking a nice haircut.

Last week was not pleasant. For example, the

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

Examples of combination products may in

ndia SENSEX index was off 12.96% and many other emerging markets went south.

While we had already tri

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

mmed some holdings and raised some cash over the past few months, we still had significant exposure to

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

these markets. But helping us to limit our exposure and lock in gains is our firm policy of putting in

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

Combination pro

place a 15% stop loss provision - in other words, a position is automatically sold when it declines 15

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

% from its high. This policy takes the emotions out of it and forces us to take a fresh look at a regi

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

n or country before making a decision.

In the last week, the stop loss has been triggered for India (

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

INDX) & (IIF) Brazil (EWZ), the Latin America 40 iShare (ILF) and South Africa (EZA). I am now looking

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

at all of these with a fresh perspective and will make decisions looking ahead and as a fresh investm

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

nt.

Importantly, our stop loss policy enabled us to preserve some nice gains. The Matthew’s India Fun

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

Following aspects would a

(MINDX) went out at $13.50 with a cost of $10.50. The Morgan Stanley India Fund (IIF) went out at $47

dd to the challenges in developing combination products:

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

with a cost of just under $31. South Africa (EZA) went out at $105.5 with a cost of $79, and the Lati

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

America S&P 40 iShare (ILF) was removed at $139 versus a cost of $80.7.

Of my eight rules for ETF su

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

cess, none is more important than the stop loss strategy – especially for emerging markets. A close se

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

cond is the need to separate your core portfolio from your capital growth portfolios. Our core conserv

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

Professional from academic institutions, pharmaceutical industries, health care indust

tive portfolio has only one country specific ETF in it – Switzerland.

After the dust settles a bit, I

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

will likely move back into some of these countries as investors overreact leading to great buying oppo

.

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

rtunities. India still seems overvalued despite its significant hit. Multiples for the SENSEX index ar

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

Companies that provide selfless information through particip

still in the high teens. Meanwhile, Thailand’s SET index is now trading at just a seven times earning

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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