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STEP 7: Support Team

I found out that many businesses went bust before they even went fully operational because they did not start right. Starting right can mean the difference between success and failur

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

e. It simply means I should have all the tools, information, facilities, contacts, money management and government compliances all fully prepared and organized. The four key professionals who could help me in ge

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

Examples of combination products may in

tting all these logistics organized and put my organization on a path to starting up smartly and cost effectively, are listed below. They will also be instrumental as my business grows.

1. Accountant/Financial

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

Planner – I need a qualified accountant’s expertise to ensure that my cash flow is in good order, expenses are well managed, tax liability is minimized and book-keeping is well organized. In some cases, a financ

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

ial planner could cover a wider scope than an accountant.

2. Lawyer – An experienced lawyer will ensure that all agreements with my associates, staffs, and third parties are placed under well drafted contracts

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

Combination pro

to protect my personal and business interests.

3. Banker – A banker can be helpful as the business gets running because I may need some financial facilities (i.e. short term loan, credit facility, checking acco

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

unt, treasury management) that can be useful from time to time.

4. Insurance Professional – I need an experienced insurance professional to identify all possible risks that I may encounter and insure all those

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

risks cost effectively. I won’t attempt to cut corners in this segment and land myself into any possible financial liability.

In addition, there are other supports that may be vital to certain types of business

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

. Of course there is a long list of people who can help an entrepreneur along the way depending on the nature of the business. However, I manage to sum up four important supports that all business entrepreneurs

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

should not miss out. The four are listed below:

1. Website Designer or Programmer – These folks could help me build my multi-functional Website that would be the backbone of my entire business if my business de

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

pends heavily on online transaction. A web presence is also essential for my company’s brand positioning and customer after sales service.

2. IT Specialist – This kind of consultant could assist me to set up a

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

Following aspects would a

paperless office system and an effective computer system to minimize office operational expenses. Besides, an IT Specialist could also ensure all business data and client database are well managed, hassle free a

dd to the challenges in developing combination products:

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

nd accessible.

3. Real estate agent – When owners are venturing into a brick and mortar business model, they definitely need an experienced real estate agent to advise them on the overall cost of leasing or pur

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

chasing, location suitability for their particular business, amenities and parking facilities, monthly maintenance and whatever hidden costs.

4. Local business council/association – I would definitely join a lo

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

cal business council or association (usually there is a small joining fee) and find out what kind of support or advisory they could provide. Normally the group members conduct a regular forum or meeting, where m

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

embers could seek out solutions to many of the existing problems and foreseeable roadblocks. Many of them would have walked through the problems and could share with me some valuable insights.

Before I start my

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

Professional from academic institutions, pharmaceutical industries, health care indust

search for any form of assistance and support, it’s crucial to know what I want to accomplish with each of them and prepare a well-defined budget to meet my goals. However, I would be cautious as certain suppor

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

ts may be expensive! Once I hired them, I would work closely with them to attain my business goals in a strict timeline.

Regardless of who I retain, they should be well versed and experienced in the field of bu

.

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

siness I am involved in. Most importantly, I must be able to trust them, therefore I usually select my service providers through referrals, their years of experience (which is a key factor) and I must be comfort

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

Companies that provide selfless information through particip

able dealing with them.

*Note: Unproven teories to not be shown to my readers! If you need any small business startup help, feel free to visit my Website :)

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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One of the best ways to grow your business is to meet people who might be interested in what you offer. These top 10 networking tips will help you meet people like a pro!

Theories relating to customer services and expectations are closely connected with each other and can be accepted correctly if only they all are applied together.

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Digg It - 10 Step-by-Step Business Startup Guide - Step 7

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