Answers - Business

If you are owning a large corporations with resources in the millions of dollars, it is possible to enter a market with a broad scope and aim to seize the market in its entirety.

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

However, for a smaller enterprise, this may not be possible.

The best strategy for the smaller home business is to "divide and conquer" the demand into manageable market niches

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

Examples of combination products may in

A home business should then offer very specialized products and services to a specific group of potential customers. It is a matter of finding a need or want then satisfying it.

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

Of course, this is more easily said then done. Finding a niche market is not simple as it looks. One must have an "eye" to find opportunities in the most unlikely of places. If

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

ou study the thought patterns of great entrepreneurs and investors, they are always on the lookout for new opportunities. Once the opportunity is found, their creative juices goe

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

Combination pro

s into action transforming the opportunity into a vision of how the opportunity can be turned into a money making enterprise.

As an example, there is huge craze to purchase the

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

atest, fanciest and most feature rich mobile phones. People regard a mobile phone as a personal device and will normally not think twice to purchase the best one. Most mobile ser

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

ice providers takes advantage of this craze to package their services with the mobile phone. As a result, the cost of mobile phone packaged with a mobile service plan goes down t

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

us further motivating this buying craze.

However, not everyone are technologically savvy. There are people though in smaller numbers who do not really understand or need the lat

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

est mobile phone. They find the features on the new mobile phones confusing to use and worse turned off by them. This small number of people needs a mobile phone to make calls bu

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

do not need the other bells and whistles.

As a small business entrepreneur, it does not make sense to target the larger market of people who loves the latest mobile phone becau

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

Following aspects would a

e the large corporations are already deeply entrenched in the market. Instead, the entrepreneur should leverage the niche market created by the large corporations which is the se

dd to the challenges in developing combination products:

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

ond group of people who do not need the latest mobile phones.

Recognising this niche market, there are companies who takes advantage of these two trends. The first trend are the

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

people who are crazy about the latest mobile phones. These companies purchase the "old" mobile phones for cheap. These "old" mobile phones are then sold within the niche market

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

the people who feel that they do not need or who are turned off by the latest mobile phone but they still see the need to make calls while away from home.

It takes experience a

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

d education to identify and take advantage of the niche markets. One must still do the necessary "homework" like market research, identifying the competition and ensuring that yo

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

Professional from academic institutions, pharmaceutical industries, health care indust

r product and services have the right configuration and quality that will satisfy the niche market effectively. The desired attributes may vary from industry to industry and thus

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

some degree of specialized knowledge in the industry would prove very useful in ensuring success.

Lastly, when planning to target a new niche market, make sure that the niche d

.

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

es not conflict with the overall business plan. For example, a small establishment who sells custom designed garments should not attempt to go into mass produced and inexpensive

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

Companies that provide selfless information through particip

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

I understand the allure of trading these wild news events. I used to dream of it myself. It sounds like easy money. Just trade for short periods of time. Make a great return on your investment. It sounds so good!

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Answers - Finding a Niche Then Focus

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