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Digg It - Lessons From My First Small Business Attempt
After reading Robert Kiyosaki's book Rich Dad Poor Dad I was very keen to start my own small business. Despite having spent my li
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
fe working for a pay check I decide to become rich I would need to start my own small business that I could run part time. To thi
; 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 end I brought a sited soft drink vending machine for $4500.
Although I'm not that mechanically minded and knew nothing about ve
Although I'm not that mechanically minded and knew nothing about ve
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nding machine I still went in feet first. I plugged the sellers for all the information possible and he promises to forward me on
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
an instruction manual (he never did!). Despite that vending machines are fairly simple. They are a giant fridge that hold drink
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
s. The most complicated part is the computer vending mechanism that recognizes what change is being put through and guarantees it
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
s money and not metal rings or the like.
Everything was going fine and I fortnightly restocked the machine. It was pulling in ab
Everything was going fine and I fortnightly restocked the machine. It was pulling in ab
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
out $70 a week, which meant it would take two years to get back my ROI (return on investment). On top of that were petrol costs,
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
time restocking the machine and counting the money and bagging it for the bank. Everything was going fine as the machine was site
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
d in a boatyard warehouse. Hot young men with no air conditioning dying for a cold drink.
However a few months later disaster.
However a few months later disaster.
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
The boat builder owner - who was never the most friendly guy and seemed to just tolerate me locked the gates. I wanted in to my m
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
achine and he said come back in a couple of days. I came back and the company was GONE! I was afraid my machine might have gone
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
walkabout as well and $4500 was gone (its near impossible to get insurance for a vending machine).
I eventually contacted the war
I eventually contacted the war
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
ehouse owner and he was kind enough to let me in. My vending machine was there, but no customers and the owner wasn't interested
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
in being burnt again over rental so was selling up and didn't know how long it would be before a new business would be there.
I h
I h
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
ad to move the machine to a new site - which earn practically nothing. The cost of shifting the machine was expensive. I found s
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
uddenly the vending machine world was very competitive and I didn't have the time or nature to sell. Eventually I sold the machin
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e for $3500 and although I didn't earn any money I certainly learned a lot of lessons.
My next business would need:-
No travelin
My next business would need:-
No travelin
.
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
g
Not relying on other business owners
No sourcing product constantly
Have a known rate of return
Be larger th
Not relying on other business owners
No sourcing product constantly
Have a known rate of return
Be larger th
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
an just my local market
Cost less money to set up
Have a bigger income potential.
I found that business on the internet
Cost less money to set up
Have a bigger income potential.
I found that business on the internet
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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