Combination Products Lead the Way to the Future

The market has demanded innovative solutions, and medical devices, pharma, and diagnostics companies are joining forces to make them happen.
In the past, the medical device and pharma areas had worked on different aspects of the life sciences industry. Each area individually defined a unique path to grow within the same territory; thus, there was no such thing as a union between the two besides the basic drug delivery instruments like injections.
But something happened. An amazing combination product was created: the Drug Eluting Stents (DESs). The DES has a market range of US$ 5.5 billion globally; it was created to treat coronary disease and was a success delivering drugs in low dosages directly to targeted areas instead of having the patient ingest higher quantities orally.
The DES confirmed that combination products could be crucial for improving patient care and providing new growth opportunities for the companies.
After the DES, both areas started looking to collaborate with each other to develop a new line of products, Career Consultant Near Me and today, this collaboration has expanded to include device makers, pharma, bio techs, and diagnostics.
Many combination products have been created so far, and as research and development dig deeper, the future of combination products promises to be bright. The market is estimated to be around US$ 40-50 billion and it grows at a rate of 14% per year.
Life sciences consulting firms believe this is just the beginning; there are many questions and challenges to solve before a product becomes innovative and safe, and the FDA will be a vital participant in the development of combination products.
Collaboration was crucial for device and pharma companies to grow. Currently, pharma is battling to manage pipeline shortages and high R&D costs that produce low returns and heavy competition from generics.
Bio techs get better funding and sharing of resources due to the collaboration; device makers are able to develop new products by integrating devices with drugs, bringing a new creative spirit to the sector; and the diagnostics area has performed incredibly well thanks to the in-vivo and in-vitro diagnostics market, which is expected to reach US$ 40 billion this year.
Diagnostics companies can benefit from helping in the development of patient monitoring equipment for chronic diseases that are highly affecting the elderly population worldwide.
Technologies that support the R&D and manufacturing processes have improved dramatically; thus, scientific advances like genetic tests, stem cells, and genomics are helping companies develop better tests to identify and treat diseases.
In addition, mounting health care costs and a highly informed customer are important factors too. The customer researches all the options available, is demanding better attention at lower costs, and this collaboration has presented good solutions, like for example in the case of patients with diabetes.
The patient is becoming the center of the health care industry; thus, treatments are naturally becoming patient-centered too. Technology is becoming First Day As A Consultant more patient friendly, and besides helping the patient, it must help doctors make the right decisions and hospitals operate better.
Combination products are even helping reduce side effects, which increase the patients anxiety and bills.

READ  Your 3-Step Plan to Approach Grant Funders That Only Give to Preselected Organizations