Digg It - Business

Today we want to talk about your business model. Now that you have decided on your target market, identified a raft of potential products and figured out how you want to build your list, you n

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

eed to create your business model.

Your business model
Your business model is the package you design to bring your market, products and list together to turn the

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

Examples of combination products may in

into a profit-making system. We might use all sorts of scary sounding words like formal organization, strategic plan and tactical steps. But we don’t need to – ‘profit-making system’ will do.

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

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One of the problems you have been faced with is the vast amount of information you have been hit with as you try to build your business (we talked about this in the Introduction). You

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

r problem is not enough information, but rather, what looks like too much information.

When you review everything you have read by all the different people you hoped might help you, y

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

Combination pro

u end up being overwhelmed by it all. All of it is good, all of it is useful, all of it can make you loads of money. Your problem is how to make sense out of all of it.

Let’s say you

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

ave looked carefully at the successful models of five or six of the gurus – people who have really made it big in this business. These are people who are really excited about what they are doi

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

ng, who really seem to be having fun doing it and who are earning big bucks along the way! :-)

One tells you search engine placement is the most important element of a successful busi

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

ess. Another seems to ignore search engine placement altogether and talks about the importance of classified advertising. A third tells you to concentrate on your sales copy and headline while

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

a fourth emphasises your bonus offers.

How to do you sort this all out?

My suggestion is that you pick out one guru – one of these many who all are offering you very good inf

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

rmation. Choose one and copy his or her model. Copy it letter perfect from one end to the other. (Remember, this doesn’t mean you blatantly pirate sales copy or newsletter content and pass it

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

Following aspects would a

off as your own, this means you copy a successful model.)

By copying a business model, I mean you use as your market the one your chosen guru uses, you identify the same sorts of prod

dd to the challenges in developing combination products:

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

cts and you build your list in the same way he or she does.

If your chosen guru has built his or her list by writing content-rich articles and posting them to discussion groups, then

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

his is what you should do. If your mentor has been successful by emphasising high search engine placement, then you do the same.

Pay-per-click advertising, subscription newsletters, c

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

lassified advertising in Sunday newspapers, rented mailing lists, members-only websites, ebooks, product licences, software, Google AdSense, and the list goes on and on.

My point is t

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

at your chosen guru will tell you that doing some of these things is the way to make money in this business and that others of these things are not necessarily all that profitable. This is bec

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

Professional from academic institutions, pharmaceutical industries, health care indust

use this is what works for him or her; these things are parts of his or her model.

For now, copy this model to the letter. Later on, when you are earning big bucks :-), you can start

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

to experiment. You can begin to venture beyond your original business model.

Then and only then can you start to use all this very useful information you received from other of the gu

.

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

us: this information you filed away for future, profitable reference.

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

Next time we shall talk about some of the nuts and bolts you nee

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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Business communication needs to be thorough and complete. If you are the owner of a business, you need to find ways to fill your needs of reaching your employees anywhere and everywhere and to do so quickly. If you are client based personnel, you too need to have the ability to reach those you need to whenever the demand is there. Because the world is so large and offers so many wonderful things, business communication needs to be immediate and effective or your customers will look elsewhere for their needs.

How much experience do you really have? Many people work in a profession, scientific domain or industry for 30-35 years and feel they are experienced and consider themselves at the top of their fields and take that number of years and apply it to their credentials and strengths. I have only been in business 27 years, yet I am in my very early forties now.

Systematize your business with a business plan. It is possible to have consistent clients and consistent revenue every week. Success for your business is guaranteed with a properly implemented business plan.

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Digg It - Notes for Newbies - Part Four - Your Business Model

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