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Digg It - Take My Commitment (to Your Biz) Quiz!
Starting and managing a successful small business takes time, energy, money and a HUGE commitment. But the payoff can also be HUGE, in terms of personal accomplishment, satisfaction, happiness, and M0NEY! So just how committed are you?
He
He
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
re's 10 questions to help you find out:
(1) Have you taken the time to create a business plan?
A business plan ensures you have a well-thought-out plan for your business. It doesn't have to be a big, formal document. But it should outl
(1) Have you taken the time to create a business plan?
A business plan ensures you have a well-thought-out plan for your business. It doesn't have to be a big, formal document. But it should outl
; 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
ine your budget, your goals, and how you plan to achieve those goals. This way you have focus.
(2) Have you taken the time to create a marketing plan?
If you don't have a marketing plan chances are you'll spend more money trying to get
(2) Have you taken the time to create a marketing plan?
If you don't have a marketing plan chances are you'll spend more money trying to get
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
clients AND you'll achieve fewer results. Taking the time to create a marketing plan, even if it's only a one-page document, will enable you to be laser-focused so you'll get better results.
The 10stepmarketing System makes it easy to cr
The 10stepmarketing System makes it easy to cr
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
eate one plan that serves as BOTH your business and marketing plans. To learn more visit www.10stepmarketing.com.
(3) Have you committed enough financial resources to operate and market your business for at least one year?
You have to i
(3) Have you committed enough financial resources to operate and market your business for at least one year?
You have to i
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
nvest in your business if you want it to succeed. It doesn't have to be a big sum of money, but it's got to be enough to accomplish the goals you've set in your business and marketing plans.
(4) Are you willing to invest in yourself?
T
(4) Are you willing to invest in yourself?
T
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 grow yourself and your business you must always be learning. Take seminars. Buy books and CDs. As one of my teachers Brian Tracy says, turn your car into a "University on Wheels."
Education to help you grow your business is a business
Education to help you grow your business is a business
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
expense and is tax deductible. Let Uncle Sam finance your growth!
(5) Are you willing to spend time to learn how to better operate and market your business?
If you don't know everything you need to know to successfully operate and mark
(5) Are you willing to spend time to learn how to better operate and market your business?
If you don't know everything you need to know to successfully operate and mark
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
et your business (and who does?!?) commit the TIME to learn.
Not only should you be willing to invest money in courses, books, CDs, coaches or whatever it takes, you have to be willing to spend the TIME.
(6) Do you seek advice from those
Not only should you be willing to invest money in courses, books, CDs, coaches or whatever it takes, you have to be willing to spend the TIME.
(6) Do you seek advice from those
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
are already successfully doing what you're trying to do?
Have you identified other businesses or individuals who have already accomplished what you're trying to accomplish? If not, find them. Learn as much as you can about their busin
Have you identified other businesses or individuals who have already accomplished what you're trying to accomplish? If not, find them. Learn as much as you can about their busin
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
esses. Model them. Get advice from them.
I just paid a big chunk-of-change for a one-hour consultation with someone who has successfully done what I want to do. Was it worth the money to get her advice and recommendations? You bet! It'
I just paid a big chunk-of-change for a one-hour consultation with someone who has successfully done what I want to do. Was it worth the money to get her advice and recommendations? You bet! It'
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
s definitely faster and easier than trying to figure it out on my own.
(7) Do you have a team?
If you're still trying to do everything on your own, you should ask yourself how serious you are about building a business. For years, I wor
(7) Do you have a team?
If you're still trying to do everything on your own, you should ask yourself how serious you are about building a business. For years, I wor
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
ked alone. But I now realize I was making a living not building a business.
If you're serious about building a business, get the proper team in place to ensure your success. You should be spending your time doing what you do best, and fi
If you're serious about building a business, get the proper team in place to ensure your success. You should be spending your time doing what you do best, and fi
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
nd others to help you with everything else.
(8) Have you created systems in your business?
All successful businesses have systems in place that allow routine activities to be repeated over and over again, to ensure the same results. Th
(8) Have you created systems in your business?
All successful businesses have systems in place that allow routine activities to be repeated over and over again, to ensure the same results. Th
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
is also ensures your business does not rely solely on you for its success.
(9) Do you track everything you do?
The only way to truly know if what you're doing is working, is to track. While it takes a bit more time and planning upfront,
(9) Do you track everything you do?
The only way to truly know if what you're doing is working, is to track. While it takes a bit more time and planning upfront,
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
it can definitely save you time and money in the long run.
Every time you make a change in how you run your business, track it so you know if that change is making your business more successful, or not. Track every marketing activity so y
Every time you make a change in how you run your business, track it so you know if that change is making your business more successful, or not. Track every marketing activity so y
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
ou know what's bringing you business and what's not.
(10) Are you willing to take a good, hard look at what you're doing, and make changes if it's not working?
Sometimes we have so much time, money or energy invested in doing something
(10) Are you willing to take a good, hard look at what you're doing, and make changes if it's not working?
Sometimes we have so much time, money or energy invested in doing something
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
a certain way we have a hard time changing our approach if it isn't producing success. That would be admitting failure, right? WRONG!
It would be a failure to NOT make a change! Being in business is a learning experience and one that req
It would be a failure to NOT make a change! Being in business is a learning experience and one that req
.
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
uires constant fine-tuning.
Try this formula: Plan, take action, evaluate, fine-tune. And repeat as often as necessary until you find what works for you.
So, how'd you do? Don't worry if you didn't pass my commitment quiz. Your busine
Try this formula: Plan, take action, evaluate, fine-tune. And repeat as often as necessary until you find what works for you.
So, how'd you do? Don't worry if you didn't pass my commitment quiz. Your busine
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
ss is a work-in-progress. Your goal should be to work toward having all 10 of these pieces in place.
If you do, your business will have a much greater chance of success AND you'll be a whole lot happier!
(C) Copyright 2005 Debbie LaChus
If you do, your business will have a much greater chance of success AND you'll be a whole lot happier!
(C) Copyright 2005 Debbie LaChus
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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