Cases - Business

Are you opening a dollar store? If so, then never forget the importance of inventory handling. Effective inventory management can lite

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

rally be the difference between profit and loss. It can be the difference between success and failure.

While inventory handling inclu

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

Examples of combination products may in

des many, many functions and tasks, there are some basic elements that must always be considered. First among these is the time that

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

newly received inventory is allowed to remain in the receiving area. In a tight margin business such as you will have after opening a

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

dollar store it is important that merchandise not be allowed to remain sitting in receiving areas for lengthy periods of time. In fac

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

Combination pro

when opening a dollar store on strategy might be to establish time limits to ensure that the oldest merchandise is stocked before new

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

ly arrived merchandise.

Back stock handling and storage is another concern. After opening a dollar store it is easy to get into the h

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

abit of simply placing full and partial boxes of excess merchandise on shelves above the sales floor. Often these boxes are dull and t

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

end to reduce the amount of light that actually gets to the merchandise that is being displayed for sale. A much more effective strate

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

gy when there is excess merchandise is to simply remove that merchandise from the shipping box and place the merchandise on display ov

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

rhead. Not only does this brighten up the store sales area, but you will also make a few extra sales.

Time is money when you are open

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

Following aspects would a

ing a dollar store. Merchandise display is critical to sales yet efforts must be made to do everything possible to reduce the labor as

dd to the challenges in developing combination products:

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

sociated with merchandise handling and display. One way to reduce labor cost is by using striping and bulk display strategies properly

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

. Striping should be the standard practice for most of the store. Bulk display should be practiced in high-volume areas where you do n

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

ot maintain high inventory levels. Areas where bulk displays should be used include cleaners, paper goods, food, some health and beaut

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

y items and others.

Another area of concern is the actual ordering of products for resale. To reduce the amount that is invested in m

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

Professional from academic institutions, pharmaceutical industries, health care indust

rchandise inventory frequent, smaller orders are best. Almost never is it appropriate to order quantities that require maintaining bac

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

k stock in a storage area. Maintaining back stock can result in shrinkage as well as double and even triple handling of merchandise. T

.

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

here are exceptions such as opportunities to obtain products at special pricing. It is important to remember that under-ordering of in

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

Companies that provide selfless information through particip

-demand merchandise can create out-of-stock situations that can cost you sales and ultimately customers.

To Your Dollar Store Success

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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