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Balancing the budget in a small business is no easy feat. Depending on the type of business you hav

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

e and the type of clients you service can make or break your business.

Sales of products or servic

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

Examples of combination products may in

es must be priced right to make a profit for your small business. You have to factor in your cost,

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

time to produce, shipping and then multiply that by 100% (keystoning) to come up with a profit. Thi

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 also will allow you to discount to close a sale if you need to.

Offering terms to your clients i

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

Combination pro

a nice gesture but it can put you out of business quickly. Unless you can afford to wait 60 days f

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

or your money, I would suggest you operate on a cash only basis. It's better to lose the sale than

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

to agonize over trying to collect money to pay your expenses with excuses such as "I have to meet

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

payroll first" or "the check is in the mail".

For those clients that demand terms I would suggest

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

you get a credit card to keep on file, so that if you get resistance in getting your money, you can

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

collect immediately.

Additionally, there are programs on the internet that allow you to even creat

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

Following aspects would a

e a check. With these programs, your customer/client can fax a check and you can duplicate it for i

dd to the challenges in developing combination products:

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

mmediate deposit. You can also keep this information on file for future payments.

In budgeting you

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

r small business, you should add up all of your fixed expenses and multiply by 2 to see what you ac

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

tually need to bring in to operate and survive and build. Additionally, you need to account for th

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

bad times, the time periods when sales are down (it happens to everyone).

Set goals. If you need

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

Professional from academic institutions, pharmaceutical industries, health care indust

10 customer orders a month of your product or service, set your goal to 20 customer orders a month.

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

When you reach your goal, raise it for the next month.

Being in any business is a gamble because

.

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

we have no control over people, ideas and the economy. Some of the excuses for business being down

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

Companies that provide selfless information through particip

are the Super Bowl Game, income tax season, holidays, and weather. Be prepared for theses low times

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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Diversity is an inside job and leadership must recognize the importance of their decisions on women and people of color. Over the coming decades women and people of color will be operating the businesses as we know them today.

Yul Kwon, the winner of the 13th season of Survivor, is quite accomplished, and yet, according to his friends, he's still searching from his true calling...a way to make a difference. Although taking time off may provide him with clues to his true calling, a random exploration of possibilities may not lead him to his dream career. Just as Yul used strategy to win Survivor, there are seven strategies he can use to discover his true calling.

It’s no secret that the economy continues to hum along and is growing at a very nice pace. Barring any catastrophe in the Middle East or any oil shock, we expect this to continue for the next few years at least. What does this mean for companies that are trying to grow their businesses? It means it’s a tough sell out there to get top sales and marketing employees to make a job change. Why? All of the good talent is already working elsewhere, and making great money!

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