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Simply put, a vision statement allows others to know what your vision for your company is. Where do you want your company to go? What is your company’s ultimate goal? To help

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

put together your vision statement take the time to close your eyes and think about what your company will look like in 5 years. The picture you have created is your vision

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

Examples of combination products may in

and will work towards developing your vision statement.

When asked by others what your vision statement is, are you providing them with an answer that truly allows them to e

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

nvision that picture you are working to create? Will that picture tell them where you ultimately are headed with your business?

Keep in mind that how you word your statement

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

can mean the difference between excitement and pure boredom on the part of your potential clients, investors and others that will aid you in reaching your vision. Since our

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

Combination pro

lients buy based on emotions, which emotion (excitement or boredom) is more likely to have them “chomping at the bit” for your product or service? In the same respect, we als

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

o need to excite potential investors to aid us in reaching our vision. Although investors try to remain impartial and look at the facts before investing, the ability to creat

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

e excitement could be the missing ingredient required to entice them to invest with your company.

To demonstrate the power of emotion, let’s look at an example of a simple v

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

ision statement:

ABC Virtual Assistants provides administrative support with the goal of educating others to increase their client base.

Yes, this is a vision statement bec

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

ause it clearly states where ABC Virtual Assistants are headed, but do you really care? Has this statement excited you to the point of wanting to jump on board with them and

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

ssist them to reach this vision? Have they created a picture for you so you can see clearly how they will do this? Can you envision their ultimate goals? Most likely the feel

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

Following aspects would a

ing evoked by this statement is “Who Cares”. This I am sure is not the reaction we are looking for from potential clients and investors.

Let’s take another look at that visi

dd to the challenges in developing combination products:

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

on statement, but this time let’s ensure there is an emotional component to the statement:

As pioneers of the new age of Virtual Assistants, it is hoped that someday soon pe

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

ople will be asking “Who is your Virtual Assistant?” as opposed to “What is a Virtual Assistant?” ABC Virtual Assistants hope to accomplish this by educating others through s

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

eminars and speaking engagements and by providing exemplary administrative services to their clients. We will work until the term Virtual Assistant is a household term.

Whic

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

statement has allowed you to see a picture and truly envision the future for the company? Which company do you think will be more successful in reaching their goals?

The ne

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

Professional from academic institutions, pharmaceutical industries, health care indust

xt time you are putting together a vision statement for your company or sharing your goals with others helping you to create a thriving business, remember to ALWAYS include a

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

n emotional component to that statement.

ABOUT THE AUTHOR:
Yvonne Weld is the author of The Ultimate Guide to Creating a Thriving Business and is the owner of ABLE Virt

.

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

ual Assistant Services. For more information about The Ultimate Guide to Creating a Thriving Business and how you can protect your business from unexpected absences due to in

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

Companies that provide selfless information through particip

jury, sickness or even death, visit the Web site at http://www.thrivingbusinessmanual.com. This article may only be copied in its entirety and with the author’s bio attached

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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Don't let time or creativity slow you down from creating your very own eBook. There are plenty of ways to do this easily.

One of the most common issues that comes up for business owners is procrastination -wasting time, putting obstacles in the way of taking action towards goals, making excuses for delays, creating confusion/ busyness etc. Procrastination is a self-defeating behavior.

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