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I recently ran a survey and asked people the question: "If you are not happy in your current work situation, then why haven't you changed it?" The top rated response was "fear of losing financial stability."

The financial stability of a payche

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

ck is a big fat illusion. If you are an employee, you probably have a salary, which is divided in monthly or weekly paychecks. Because you get the same amount in each check, you may believe that you have a stable source of income and can live

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

Examples of combination products may in

our life without fear of financial instability.

This is dangerous thinking that puts your financial life at risk.

Layoffs, downsizing, mergers, takeovers and incompetent managers are a well-documented part of corporate life. I have seen all o

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

them in my career as a corporate employee, and even more in my career as a corporate consultant. I have been witness to conversations where managers had to lay off long-time employees with no notice. These employees were shocked, hurt, scared

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

nd angry. This work was horrible and gut-wrenching but I learned something very important from it: Never rely on your status as an employee to insulate you from financial instability.

So if this reason has stopped you from starting your own bu

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

Combination pro

iness, follow these steps to see if any of your fears are warranted.

Step 1: Get crystal clear how much money you will need to start up your venture

- If you have written an effective business plan, you should be able to predict how much mone

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

you will need to start-up and sustain your business. You haven't written a business plan yet? You better get cracking at it. In addition to clarifying your idea, it will force you to organize your thoughts, financials and start-up plans which

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

ill only help you to make it a reality. Good sources are Rhonda Abram's The Successful Business Plan, Rich Dad's The ABC's of Writing Winning Business Plans and the free resources of SCORE.

- Make a budget of your monthly living expenses. This

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

will give you a picture of your overall cash needs.

Step 2: Meet with a solid, professional, well-researched and well-recommended financial planner

- While I don't believe the illusion that a full-time job = security, I don't want you to make

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

a foolish decision that will adversely impact your family and financial health. You need to look at implications of leaving your corporate job in the areas of insurance, investments and retirement benefits. Get the whole picture before you make

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

a quick move. I recently spoke with a smart, competent and capable government employee who wants to start his own business but has just 5 years to go until retirement. While I think he has what it takes to be successful on his own, I would neve

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

Following aspects would a

r counsel him to quit without consulting a professional financial planner and doing tons of research to test his business plans.

Step 3: Set specific financial goals to meet your cash needs

- Savings: how much of your paycheck will you have t

dd to the challenges in developing combination products:

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

save per month in order to meet your goals?

- Raising cash: How much cash do you need to raise from outside sources including investors? (note: although some people recommend it, unless you have no alternatives, I don't recommend borrowing mo

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

ey from your family and close friends. There are too many emotionally charged issues around relatives and money, and you could damage critical relationships that you need for personal well-being. That is just my 2 cents.)

Step 4: Get creative

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

bout funding strategies

- There may be ways that you can cover the costs of start-up expenses by bartering with friends and colleagues. Do you want to start a coaching business? Maybe you can barter some coaching sessions with your accountant.

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

- Clean out your house of unused valuables and hold a sale. If you live in a warmer climate, have it outside. If not, jump on eBay. Convert things that take up space in your house to money that you need to fund your dreams.

Step 5: Learn ever

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

Professional from academic institutions, pharmaceutical industries, health care indust

thing you can about your new venture

- Write a solid business plan and get honest feedback from knowledgeable experts.

- Read every book you can get your hands on about your business topic.

- Google websites, blogs and online forums to learn

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

about your marketplace.

- Identify very successful entrepreneurs in your field and follow their work, study their business models and ask them what it has taken to be successful.

- Attend teleconferences, webinars and in-person classes.

- Th

.

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

more that you know about your business, the greater chance you have at being successful at it.

It takes a huge amount of work to launch and grow a successful business. Don't get scared off by a perception of financial risk. If you do very car

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

Companies that provide selfless information through particip

ful research and make sure you have a viable plan, you can have some concrete data to weigh your important decision. Whatever you do, please do not be lulled into complacency by your regular paycheck.

© 2005 Pamela Stewart. All rights reserved

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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Your job search strategies should address all the concerns of both the employers and yourself. The article covers five tips that will help you to a better job search.

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