Digg It - Business

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Today we want to talk about some things you need to get started – the bare minimum you need to launch your business.

Getting started
There

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

are a number of things you need to get your direct marketing business up and running profitably.

At minimum you need:

A workspace – the back bedroom or a spare room will do

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

Examples of combination products may in

even the garden shed if it’s dry and secure

A PC or notebook computer

A desk and bookcase

A printer

An Internet connection

A dedicated telephone line

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

/li>

A voice mail system (answering machine)

A FAX machine (these days you can buy combination voice mail/FAX machines)

An email account

A merchant account

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

Credit card processing facilities

Database software to manage your list

Depending on your specific market, products and list-management needs, you may also need:

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

Combination pro

li>A domain name and website

Access to printing and duplication facilities – for sales letters, DVDs and the like

Some technical support – more about this in Part Seven

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

li>Autoresponders

Product licences

Software specifically to manage your market and products

Copywriting resources

We could probably add several items t

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

these lists, but this will do for now. The important thing to remember is that you have made a decision to embark upon a life-changing journey. You have decided you want to make some seriou

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

money so you can live a lifestyle most people have only dreamed of. :-)

You must expect to spend a little money up front to set this up properly. Nothing worthwhile in this life is truly f

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

ee. You won’t have to spend a fortune, but you will need a bit of money to get started (in later articles we shall look at ways to get such things as domain names, web hosting, advertising,

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

oftware and, yes, even products at very low costs).

There is a clich? about this business that is relevant here: ‘You either need to spend the time or the money’. By this we mean, e

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

Following aspects would a

specially when you are getting started, you must be prepared to invest either time or money.

If you are seriously short of money, if you are really short of cash, then expect to do

dd to the challenges in developing combination products:

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

ost of the work yourself – you must invest the time. And if you are seriously short of time – if you have a demanding day job, for example – you must invest the money, you must buy in servic

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

s you need.

You will meet, if you have not already, extremely successful people in this business who write all their own sales letters – who invest the time, and others who pay to h

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

ve all their sales letters written by professional copywriters – who invest the money.

Later on you can decide which way you want to manage your business. For now, however, your cir

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

umstances will dictate which way you go.

Some of the items on the two lists above are fairly obvious in that they relate to any business start-up – things such as a well-organized w

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

Professional from academic institutions, pharmaceutical industries, health care indust

orkplace. Regardless of the meagreness of your budget, you must look and sound professional.

Some of the other items, not necessarily as obvious, however, refer to things you need t

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

get your message out to your list, offer them your products, fulfil and ship their orders and collect your money. Particulars will vary according to your specific needs.

In later a

.

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

ticles we shall talk about all these items in more detail.

That’s all for this time. See you soon.

Next time we shall talk about what is probably the hardest bit if you are

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

Companies that provide selfless information through particip

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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Near the end of the business presentation you hope impressed board members, thunder cracks loudly and rain begins to fall in steady force. The corporate heads suddenly look to be a very somber group indeed. Pull out your printed promotional umbrellas and pass them around. Your likability meter has just moved to the highest measuring point. This benefits you with a better chance of securing business dealings with the corporate leaders who hold the power of deciding who is awarded with business contracts.

My first year as a Cyberpreneur was a steep learning-curve. I was an academic before starting an online business, so I had a lot to learn. But even if you were in offline-business before going online, you may still have to learn some new skills -online business is a whole new ball-game. Here are some of the things I learnt in my first year in Cyber Space:

Every lead has a “source” -- something that drove that individual to contact your company. Whether it is a clear, obvious reason, or a combination of reasons, if you fail to properly classify the inquiry’s source, you will invariably end up with flawed data. And flawed data can lead to poor marketing decisions. Here's a simple, proven lead classification system you can use to eliminate this problem.

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Digg It - Notes for Newbies - Part Five - Getting Started

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