3 Problems That Affect Convergence between Drug Devise Companies & Technology

Even though it promises big rewards for everyone

, a successful pharmaceutical/device industry convergence is not easy to achieve. Here are 3 important reasons why:

1. A lot of these companies have never worked together before; in fact, the majority of device manufacturers know very little about the drug that will go in the device or its coating.

2. Probably the most difficult thing to do is to find the right convergence partner.

Companies must begin by identifying unique opportunities in regards to each other's expertise just as they make sure that the technological support they require to put two or more products together is available and that the business enterprise would be lucrative.

Both parts must understand the risks that accompany the convergence. Even though combination products are in growing demand, the industry dynamics complicate these decisions, and once made, it gets hard to stand by them and carry them out.

3. Risks, obviously, are as much internal as external. When two companies converge, they have to look into problems related to knowledge sharing and creating teams that, besides working together, will also collaborate in every aspect of product development.

Also, they must consider the people aspect too. It will not be easy to conciliate everyone's point of view, practices, and experiences within the different areas of drugs, biologics, and device development.

Until now, device companies have been the proactive partners in these convergences. This could be because the pharma industry is much bigger and offers a lot more opportunities, or because pharma is not as interested.

Device companies have been targeting existing drugs to be used in combination products in hopes of avoiding extensive trials as well as safety and efficacy issues that could come up.

This means, until now, initial convergence had been happening at later stages of product development, but this is changing.

Now, convergence is happening at earlier R&D stages, and companies in all areas are partnering and developing technologies and products from the beginning all through clinical validation, manufacturing, and product commercialization.

Obviously, convergence poses a great opportunity for everyone looking to develop unique solutions for patient care and to find a long-term growth path; nevertheless, the vital aspect here is innovation, and this only happens when companies join forces.

Pharmaceutical consultancy firms argue that convergences will be successful only if all the parts contribute intensely.

3 Problems That Affect Convergence between Drug Devise Companies & Technology

By: juhitzane

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