The drug-device combination market is booming. On track to generate more than $115 billion by 2019, the industry is expected to overtake the growth of both the medical device and pharmaceutical sectors. Strategic partnerships between drug and device companies are a by-product of this sudden growth, and this one-size-fits-all model can significantly reduce costs, improve productivity and streamline processes. Here are three reasons why.
1. Using Your Partner’s Expertise
Partnerships between drug and device companies can streamline efficiencies when launching a new combination product, allowing you to take advantage of your partner’s infrastructure and manufacturing processes. Using the expertise of your device company will enable you to optimize your combination product for the market and distinguish your product from competitors in your niche. By incorporating the latest technology and design processes during manufacturing, you can produce a better quality product that attracts more patients and increases sales.
2. Launching Better Products
The partnership will enable you to identify any problems during the production process, from the initial concept design to clinical trials and manufacturing. Distinguishing any problems early on will increase the likelihood of a successful product launch, and the new combination product will go to market quicker and become more profitable — a must in an already competitive marketplace. Because combination products present more challenges compared to single drug or device products, working with a partner will provide you with a wider pool of skills, resources and contacts.
3. Overcoming FDA Obstacles
Getting a new combination product to market can be difficult, especially when you need to comply with both FDA and international medical device regulations during the development and manufacturing stages. Even a minor setback can cause problems by delaying the launch of your product and increasing costs. Joining forces with a device company will allow you to overcome these obstacles by utilizing your partner’s existing compliance methods. Key responsibilities like logistics, testing and clinical trials will be shared, and any errors will be minimized. It’s important to note that while drug and device regulations often overlap, some will be applicable to a particular product. Both partners will need to adhere to these regulations and work together throughout the design and manufacturing process.
Drug and device companies who enter a partnership can improve the efficiency of various business processes by identifying problems early on and simplifying the steps involved in getting a combination product to market. This partnership is a powerful union as the combination market continues to expand; working together to adhere to FDA standards and using each other’s expertise can save both time and money.