Digg It - Business

Have you heard the statistic that says, “80% of new businesses fail within the first five years?” That s

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

eems to be a favorite one for people to cite when attempting to discourage their friends or co-workers f

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

Examples of combination products may in

om starting a new business (with the best of intentions of course <- yes, this is sarcasm). Sometimes yo

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

’ll hear variations on this statistic like 75% or 90%. I heard another one that said that of the 20% of

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

usinesses that don’t fail within the first 5 years, 80% of those fail within the next 5 years. So that p

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

Combination pro

ts us down to only 4% that last 10+ years (20% x 20%).

Now can anyone tell me what percentage of employ

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

es fail within the first five years?

If you work at a job and get laid off after 4.5 years, would you q

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

ualify for this statistic? What if you quit? Left for a better job? Retired? Got a transfer? A promotion

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

If your job ends, does that mean you failed? And if a business “fails” to endure, does that mean the e

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

trepreneur failed? Isn’t every business going to fail eventually? Even Microsoft? <- no, this is not sar

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

asm.

If a business fails to endure, does that mean it could be considered a failure? Does “fail” mean t

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

Following aspects would a

at the business produced nothing of value or provided no revenue to the owner(s)? What if an employee is

dd to the challenges in developing combination products:

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

hired and then “fails” after a number of years? Does that mean s/he did nothing the whole time and shoul

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

n’t have been hired in the first place? Of course not…

Don’t let goofy statistics discourage you from g

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

oing the entrepreneurial route if you find it attractive. While a business or a job may cease to endure

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

fter a certain number of years, that doesn’t mean it wasn’t worth doing. You’re still going to learn and

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

Professional from academic institutions, pharmaceutical industries, health care indust

grow and create value along the way, regardless of the outcome. Just as a job can be a stepping stone, s

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

can a business, and there’s no reason you can’t start a new business with the expectation that it’s onl

.

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

temporary. Jobs and businesses come and go. Your own personal growth is what endures.

My first and onl

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

Companies that provide selfless information through particip

stint as an employee lasted six months. My first business lasted 11 years and is still going. Go figure

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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Bar code label software is used to print symbols on bar codes. This software can render a pattern of black stripes and dots, each unique from the other, which is used to print bar code stickers. The software prints intricate patterns for each product. The pattern may be several black lines of different thicknesses or it may be a crisscross arrangement of thick and thin black dots.

They say, we are bombarded with thousands of advertising messages each day. Some are in the most unlikely places; above the urinals in public toilets, painted on the inside walls of parking garages and now, on the gas pump handle!

Resigning voluntarily from a job? Take steps to leave gracefully yet protect your own future long-term interests.

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