Digg It - Business

In business, opportunities are everywhere whether you are buying a franchise opportunity or starting a business on your own. But for those who are entering the world of business for the first time everything can seem a little daunting. They will have to quickly grasp new skills and e

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

mbrace change if they are to succeed in their first business.

Here is a typical scenario of someone starting out in business for the first time; a man is approaching his fortieth birthday and has managed to save some by working extremely hard. He has managed to almost clear his mort

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

Examples of combination products may in

gage and is now fed up working long hours making someone else rich. He decides it is time to go into business for himself.

Now he is bewildered by the number of opportunities on offer. Should he start a home business or should he consider a franchise opportunity. Is it better to ent

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

r the retail trade or perhaps sell products via a website? It finally dawns on him that he does not have a clue about setting up a new business.

So how does one go about setting up a business for the first time? It is absolutely essential to learn the basics of business accounting.

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

I am not saying that you have to an expert but just by reading one or two simple books you can get the basic understanding very quickly. Choose simple titles like Accounting for Dummies.

You can then create basic business plans and understand cashflow. This process will alone serve

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

Combination pro

o clarify whether any business idea is worth pursuing further.

Start attending franchise exhibitions and speak to other franchise owners. By following this basic tip you will suddenly realise how many opportunities that are really out there. You will gain an understanding of what wo

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

rks and is profitable and the kinds of businesses to avoid with a barge pole. You will also get a feel for the type of business you can dedicate the next five years of your life to.

Do you have any hobbies that you can develop into a business? Are you passionate about anything? This

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

is also a good starting point for developing a business idea. Again it is a good idea to attend the relevant exhibitions and buy the trade publications.

Speak to friends who own or manage businesses. If you don’t have any friends who are in business make some new friends. Business

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

entors can very useful if you are starting up for the first time. They will be able to advice you through all the red tape and also how to get the best deals from your suppliers. They will be able to discuss with you at length how to deal with any staffing issues.

A business mentor

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

can develop into a close friend. Both of you can lean on each other when times are hard and motivate each other when desire is low. Once you enter the business world and make friends with a business mentor then remember that most business people know a lot of other business people.

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

tart mixing in those circles and join some business networking organisations. All of a sudden you will not feel like you are not on your own. You can use your new friends to sound out any new ideas you have. You can discuss the intricacies of marketing and how to exploit any new oppo

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

Following aspects would a

rtunities that you spot.

Now that you have started your business always treat your customers with respect and give exemplary service. Large businesses with monopolies can get away with shoddy service. Your customers will not be so lenient with you.

Never become complacent once you

dd to the challenges in developing combination products:

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

reach a level of comfort. Small businesses are either moving forwards or they are declining. Very rarely do you see businesses that stand still and maintain their profitability and customer base.

Change can be very stressful, so it is imperative when starting a business to have an o

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

tlet for your stress and frustrations. Playing a sport regularly can definitely help. Remember it does not have to be an active sport if you are not into physical fitness. Snooker, bowling or even darts can help to alleviate the stresses and strains of business.

Learn some motivatio

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

nal phrases that will help you in times of need. Some of my favourites include:

Some will, some wont, so what move on - this phrase is especially useful if you are in direct selling.

CANI (constant and never ending improvement) - is especially useful when you are developing new pro

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

ucts or working on long term plans.

Think and grow rich - this one helps you to realise that there is more to business than just working hard.

There is no such thing as failure in business only results - if you try something and it does not work you have succeeded in finding out ho

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

Professional from academic institutions, pharmaceutical industries, health care indust

w not to do it!

A stitch in time saves nine - deal with problems as soon as they arise, rather then waiting until they become huge problems.

Look before you leap - every time you have a new idea don’t implement it straight away. Mull the idea round in your head and speak to your tr

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

usted business mentors. Do not worry about other people stealing your idea. They are far too busy running their own business and implementing their own ideas.

When the going gets tough the tough get going - this phrase is my all time favourite and has seen me through some very rough

.

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

times.

Obviously this topic is so huge that it is difficult to analyse all the basics of starting and running your own business. This is where thirst for knowledge is essential. There are so many good business books out there. Reading a chapter a night will not only help to relax yo

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

Companies that provide selfless information through particip

u but also open your business mind to new ways of thinking and working.

I will leave with one final saying, talk is cheap and actions speak louder than words. Over time and with action you can fine tune your business instincts to affectively utilise any business opportunity you spot

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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