Digg It - Business

Every year is finding nonprofits with more challenging environments for funding their programs and operations. There is less support from Federal and State Governments as

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

they reallocate resources to meet their own expanding needs. Grants from foundations are harder to qualify for, and more difficult to obtain. Yet expenditures keep going

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

Examples of combination products may in

up. Programs are more costly to fund, and salaries need to be kept competitive with the commercial sector. There are things every nonprofit needs to do to stay viable.

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

Nonprofits need to recognize that they are operating in a competitive environment. Every donor and every grant are being sought by other nonprofits. Here are seven thing

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

s you can do to stand out from the crowd.

1. Modernize your website. Make it a place that people come to for current information. Keep adding new features as your webmas

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

Combination pro

er makes them available to you. Incorporate features like webmail, flash, search and other applications. Use your website as a conduit to accept donations online. Be sur

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

e to include an “About Us” section that does much more than list staff email addresses. Use pictures and biographies to make your web visitors feel they know that person o

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

n your staff.

2. Sit down with your bank and find out what they can do for you to make your operations more efficient. Use tools such as “Billpay” and direct payroll serv

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

ces to streamline your financial functions. Integrate your online banking activities with your desktop accounting software.

3. Start thinking as if you were a for profit.

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

Many non-profits pass up easy revenue by focusing on the tax implications of having that revenue deemed unrelated business income. If that were to happen, the worst is t

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

at the IRS can tax that revenue, putting the nonprofit in the same tax position as a for-profit, and still leaving a “profit.” Open a store that sells branded merchandise.

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

Following aspects would a

Subscribe to online marketplaces that will return money to you when people shop online.

4. Review the composition of your Board. Many Boards have members who are chosen

dd to the challenges in developing combination products:

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

not for their ability, but for their contributions to the Organization. Make contributors “Honorary” members with privileges to attend all meetings, but be sure your “Wor

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

ing” members are talented, enthusiastic, knowledgeable, and available to attend meetings and serve on committees.

5. Bring in two outside consultants. Have the first expe

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

rt review your operations and make recommendations for improvement. If you are anticipating a capital campaign, bring in a second consultant to perform a feasibility study

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

The conclusions of that study will give you a good idea of the likelihood of success, as well as specific recommendations for steps you can initiate now to better qualify

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

Professional from academic institutions, pharmaceutical industries, health care indust

you for success.

6. Major companies are always asking their customers for feedback. You should do the same. This is the most valuable marketing information you can comp

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

ile. It will point out areas that need attention, as well as programs that are being well received and could be expanded.

7. We are living in a media-driven society. Mak

.

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

sure that newspapers, magazines, TV, and radio are kept informed about the services you provide. Write press releases, invite interviews, and visit with editors.

This is

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

Companies that provide selfless information through particip

a competitive world, but being a non-profit does not mean you are excluded from the consequences. Initiating some of these steps will help put you at the head of the pack

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/19610/diggit-Seven-Steps-You-Need-to-Take-Now-to-Compete-in-the-Twentyfirst-Century.html">Seven Steps You Need to Take Now to Compete in the Twenty-first Century</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/19610/diggit-Seven-Steps-You-Need-to-Take-Now-to-Compete-in-the-Twentyfirst-Century.html]Seven Steps You Need to Take Now to Compete in the Twenty-first Century[/url]

I always find it sad when I bump into someone and find out that they just lost their job. That is always unsettling. I can't help but empathize with their situation.

It's amazing how many job candidates finally get to the interview phase of their job search, and fail miserably. Your success at the interview is directly related to your level of preparation. Prepare well and your chances of progressing toward a job offer are improved significantly. In this article, we explore the various elements of interview preparation and how to succeed where most fail.

Tags

Links

Digg It - Seven Steps You Need to Take Now to Compete in the Twenty-first Century

Related Articles: