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The Closing Ratio (CR) gives sales persons an indication of how well they are doing. It also provides an entrepreneur with data that allows them to compare their results with the results of their peer

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. Depending on the dynamics, the Closing Ratio can also give an indication of what areas need improvement.

Closing Ratio information provides important market intelligence for anyone who wants to engage in or to sta

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

Examples of combination products may in

rt and develop their online auctions business on eBay. In online auctions including eBay, the Closing Ratio is determined by dividing the number of successful auctions by the number of auction listings. In other words

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

the number of items actually sold divided by the number of items which were offered for sale.

To determine the Closing Ratio for any category you are interested in:
• simply view the going, going, gone pages on

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

eBay for that particular Category;
• count the number of listings on the pages;
• deduct auctions with a reserve; and
• divide the resulting number by the number of auctions that have successfully close

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

Combination pro

;

Let us re-capitulate:

• No of going, going, gone auction items for Category you are interested in. Let's assume 1,000;
• Minus Auctions with a Reserve Price. Let's say 100;
• Nett No. of Items Listed For

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

Sale is therefore calculated at 900;
• No. of Items Actually Sold for that Categor, let's say 800;
• Divide Result in Step 4 by Result in Step 3 i.e. 800/900;

Therefore, based on the above example data, th

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

resulting Closing Ratio = 88.89%

In a nutshell, this means that out of every 10 items listed in the chosen Category, 9 items (88.89%) were sold. Obviously, the higher the Closing Ratio the better possibility you hav

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

e of selling your items. You should, however, realize that the CR may change (go up or down) depending on the time of year and changes in tastes and fashion, effects of consumer advertising.

In choosing What to Sell

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

n eBay you have a number of options. In the final analysis the final choice is yours. However, you can maximise your returns by following a few basic steps:

Firstly Identify Your Target Market – for

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

example, families with children, families without children or 2 income families (probably more disposable income to buy luxury items such as digital cameras), working mothers, children, anglers (fishermen), sports fan

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

Following aspects would a

atics by category of sport, keep-fit fanatics etc.

Choose Your Product Option (s) From the List Below - Once you have decided on your target market or markets you must then decide which option or options you will ado

dd to the challenges in developing combination products:

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

t:

• Option 1 - Focus your efforts on any special expertise or interest you may have in a particular field such as antiques, rare coins and stamps;
• Option 2 - Sell consumer pr

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

oducts of any description with special focus on market trends i.e. hot-selling items and accessories e.g. computers and printers, matching handbags and gloves for shoes;
• Option 3 - Focus on ite

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

s with a high Closing Ratio – say anything with a CR of 80% or more;
• Option 4 - Sell a judicious mixture of items in all three Categories i.e. antiques, hot-selling consumables and any category

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

with a CR of 80% or more;
• Option 5 – Create your own product that you can sell yourself and keep 100% of the profit. For examole there is almost always a huge demand for information and "How T

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

Professional from academic institutions, pharmaceutical industries, health care indust

" products;
Do some brainstorming – spend some quiet time thinking about your professional and other training. Is there some skill or expertise you have that someone might pay for?
D

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

o some brain-writing – make a list of 5-10 things you are good at and for which someone might pay for;
Prepare a short report or summary and test-market it on eBay for say $1.00.

Experi

.

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

ent.

IMPORTANT NOTE:The information presented herein represents the experience and views of the Author with the subject matter at the time of publication. No warranties are made whatsoever about the

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

Companies that provide selfless information through particip

amount of money, if any, that the reader will earn from following the steps described in this Article and the reader is encouraged to seek competent legal and accounting advice before engaging in any business activity

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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