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Digg It - Mentor A New Business? What's In It For Me?
Have you ever considered mentoring a new business? You might want to try it! Because a funny thing happens when you help another business expand its potential - you will expand
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
your own!
Just as volunteers often claim that they received so much more than they gave, mentors also assert the same. You might ask, "Why mentor? What's in it for me?" Plen
Just as volunteers often claim that they received so much more than they gave, mentors also assert the same. You might ask, "Why mentor? What's in it for me?" Plen
; 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
y! The rewards are numerous, and the new alliance might lead to new opportunities also!
What Does A Mentor Do?
A business mentor or business coach will counsel or guide a new
What Does A Mentor Do?
A business mentor or business coach will counsel or guide a new
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
business, and assist in the business owner's professional development. As a mentor, you will become a "support system," ensuring that the new business has more opportunities to s
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
rvive during those first critical five years.
Primarily, you will guide the new business through the numerous questions and challenges that arise when a new business opens. At
Primarily, you will guide the new business through the numerous questions and challenges that arise when a new business opens. At
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
imes, the new business will need information; at other times, just encouragement.
I once mentored a new business owner whose new store was down the street from my own. I decide
I once mentored a new business owner whose new store was down the street from my own. I decide
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
d that I was discouraged at the many store closings in my store's district and that I would do something constructive about it. So I approached the district's business associati
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
n with a "mentorship plan" that would pair new businesses in our area with more established businesses. We asked for volunteer "coaches" and we drew up a list of interested busi
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nesses. Each time a new business opened, our business association "paired" the new business with an established business.
It's such a practical solution and so easy to implemen
It's such a practical solution and so easy to implemen
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
!
Some Guidelines That Work!
The relationship that forms must be based on trust, respect, and confidentiality! Establish some strict guidelines early in the relationship.
1.
Some Guidelines That Work!
The relationship that forms must be based on trust, respect, and confidentiality! Establish some strict guidelines early in the relationship.
1.
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
Confidentiality and trust - Both business owners (and staff) must ensure that all matters, questions, and challenges are in the strictest confidence. Agree that certain topics a
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
re not discussed. For instance, actual sales and profits are taboo. (It is one thing to talk about "how to increase sales and profits," but definitely another thing to state yo
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
r company's annual sales!)
2. Since privacy is an important issue, you should also agree not to discuss customers' details. Again, discuss how to "acquire" more customers; jus
2. Since privacy is an important issue, you should also agree not to discuss customers' details. Again, discuss how to "acquire" more customers; jus
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
t do not discuss the actual customer!
3. Schedule bi-monthly meetings (over dinner) and come prepared with questions and concerns. Meet at a local restaurant - the local restau
3. Schedule bi-monthly meetings (over dinner) and come prepared with questions and concerns. Meet at a local restaurant - the local restau
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
ant will appreciate the business. Meet for one hour and make it count.
4. Introduce the new business owner to other businesses in the area, and encourage the new business to jo
4. Introduce the new business owner to other businesses in the area, and encourage the new business to jo
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
n the local business association and become involved in committee work. In turn, your business will expand its own network through the new alliance.
5. Keep in mind that the n
5. Keep in mind that the n
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
ew business owner's success ensures the area's success! Simply, it benefits all of us when new businesses thrive!
The mentor relationship is a rewarding and beneficial one. In
The mentor relationship is a rewarding and beneficial one. In
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
the long-term, your own business acumen will grow. You will learn to re-assess your own strategies, when you are discussing another business owner's strategies. When you help s
.
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
omeone else develop their business vision, you will affirm your own company's vision. When you answer questions regarding a new marketing plan, you will question your own market
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
ng plan.
What's in it for me? Plenty - a new alliance, a broader network, an affirmation of my business plan, and a potential for growth - as a business AND as a business owner
What's in it for me? Plenty - a new alliance, a broader network, an affirmation of my business plan, and a potential for growth - as a business AND as a business owner
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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