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Digg It - The Secret to Building a Highly Profitable Business
The first business of any business is to make a profit...
Plain and simple!
Think about it...
Regardless of what kind of business it is, regardless of whether it's selling a product or a service, regar
Plain and simple!
Think about it...
Regardless of what kind of business it is, regardless of whether it's selling a product or a service, regar
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
dless of whether it's doing business online or offline, if a business isn't making a profit it doesn't have any reason to exist, does it?
However...
Profit alone isn't enough.
*How* a profit is made ha
However...
Profit alone isn't enough.
*How* a profit is made ha
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
s far more to do with the ultimate success or failure of a business than the profit itself.
You see...
In order for a business to make a profit, it must have sales. It might be sales of a product or it
You see...
In order for a business to make a profit, it must have sales. It might be sales of a product or it
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
might be sales of a service. Either way, a business must have sales in order to make a profit.
And...
In order for a business to have sales, it must have customers - people who are willing to exchange t
And...
In order for a business to have sales, it must have customers - people who are willing to exchange t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
heir money for the business' product or service.
So...
Building a *highly* profitable business really boils down to getting and, more importantly, keeping customers... lots of them!
Now...
Here's the
So...
Building a *highly* profitable business really boils down to getting and, more importantly, keeping customers... lots of them!
Now...
Here's the
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
secret to getting and keeping customers, and thus the secret to building a *highly* profitable business...
In his classic masterpiece, "The Science of Getting Rich", Wallace D. Wattles wrote:
"... you d
In his classic masterpiece, "The Science of Getting Rich", Wallace D. Wattles wrote:
"... you d
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
o not have to get something for nothing, but can give to every man more than you take from him."
The key word here is *more*.
He continued...
"You cannot give every man more in cash market value than y
The key word here is *more*.
He continued...
"You cannot give every man more in cash market value than y
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
u take from him, but you can give him more in use value than the cash value of the thing you take from him."
"The paper, ink, and other material in this book may not be worth the money you pay for it; bu
"The paper, ink, and other material in this book may not be worth the money you pay for it; bu
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
t if the ideas suggested by it bring you thousands of dollars, you have not been wronged by those who sold it to you; they have given you a great use value for a small cash value."
On the other hand...
On the other hand...
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
Wallace D. Wattles continued...
"Let us suppose that I own a picture by one of the great artists, which, in any civilized community, is worth thousands of dollars. I take it to Baffin Bay, and by "salesm
"Let us suppose that I own a picture by one of the great artists, which, in any civilized community, is worth thousands of dollars. I take it to Baffin Bay, and by "salesm
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
anship" induce an Eskimo to give a bundle of furs worth $500 for it. I have really wronged him, for he has no use for the picture; it has no use value to him; it will not add to his life."
"But suppose I
"But suppose I
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
give him a gun worth $50 for his furs; then he has made a good bargain. He has use for the gun; it will get him many more furs and much food; it will add to his life in every way; it will make him rich."
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
Therein lies the secret to getting and keeping customers, and thus the secret to building a *highly* profitable business...
Give every person with whom you deal more in use value than you take from the
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
m in cash value.
By giving every person with whom you deal *more* in use value than you take from them in cash value, you're *adding* to the life of the world with every business transaction, rather than
By giving every person with whom you deal *more* in use value than you take from them in cash value, you're *adding* to the life of the world with every business transaction, rather than
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
taking away from the life of the world with every business transaction, and thus putting yourself in the way of increase.
Later in "The Science of Getting Rich", Wallace D. Wattles had this to say on the
Later in "The Science of Getting Rich", Wallace D. Wattles had this to say on the
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
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
subject:
"You must so impress others that they will feel that in associating with you they will get increase for themselves. See that you give them a use value greater than the cash value you are taking
"You must so impress others that they will feel that in associating with you they will get increase for themselves. See that you give them a use value greater than the cash value you are taking
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
from them."
"Take an honest pride in doing this, and let everybody know it; and you will have no lack of customers. People will go where they are given increase; and the Supreme, which desires increase
"Take an honest pride in doing this, and let everybody know it; and you will have no lack of customers. People will go where they are given increase; and the Supreme, which desires increase
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
in all, and which knows all, will move toward you men and women who have never heard of you. Your business will increase rapidly, and you will be surprised at the unexpected benefits which will come to yo
.
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
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
u. You will be able from day to day to make larger combinations, secure greater advantages, and to go on into a more congenial vocation if you desire to do so."
Giving more in use value than you receive
Giving more in use value than you receive
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
in cash value is the single, most important concept you could possibly apply to your business...
It's *the* secret to building a *highly* profitable business... one that'll last!
Copyright 2006 Tony Mas
It's *the* secret to building a *highly* profitable business... one that'll last!
Copyright 2006 Tony Mas
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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