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I own, manage, and spend a lot of time at a Metro PCS franchise in my hometown. I’ve been the owner since March 03, 2006. It wasn’t my first business; in fact I once was co-owner of a Dairy Goat Farm. I know, how interesting. Late

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

r on I’ll talk about that experience and all that I learned there. I titled this article 7 ways to destroy your business because if you do any of these things failure is guaranteed. This article will be pretty short compared to mo

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

Examples of combination products may in

st of mine, because I don’t think too much explanation will be necessary.

1. Not advertising. If you don’t advertise it won’t matter how great your product or service is, no one will know about it. Make sure your ads reach

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

your target market. Advertising reps will try to get you buy big explosive ads, but don’t feel like you have to. Consistency is the real key, keeping your name out there is most important. Don’t be afraid to use alternative forms

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

of advertising either. Think door hangers, windshield flyers, street sign holders, cold calls, and even business to business solicitation (if allowed).

2. Hiring the wrong people. People make or break any organization. The

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

Combination pro

wrong ones will destroy your business by costing you sales, offering poor customer service, and probably even stealing from you. Run ads to find your people, these will be much better than walk in applicants. When you find someone

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

good, ask him/her for references for your new hires. Odds are he/she will know people like them that will do a good job. Also, don’t be afraid to pay an extra 1-2 dollars per hour above average for a good employee. They are your

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

most valuable asset.

3.Not being there. The greatest single thing you can do is to show up at your business everyday, especially if you aren’t scheduled to be there. Employees work better when they know you might “pop in”

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

t any time. Also, customers like seeing you, it makes them feel special. The whole “I know the owner” thing. Being there everyday isn’t your end goal, though. That’s why you work for yourself, so you don’t have to work all the tim

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

e! Get to the point where you can hire a really good manager, then you can start to relax some.

4. Not keeping up with taxes. Uncle Sam has his hand in everything and at the end of the year the last thing you want is a bi

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

l from the IRS which you can’t afford. Putting aside money each month goes a long way. Even $50 a week becomes over $2500 a year. And set up a different account to keep up sales tax, and pay it monthly or quarterly, but keep up wi

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

Following aspects would a

th it! Also, make sure you visit your accountant at least once a month or two and give them your bank records, they’ll appreciate it and you’ll sleep better knowing you won’t have to spend 3 sleepless weeks hunting for papers duri

dd to the challenges in developing combination products:

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

ng tax season.

5. Selling something you don’t believe in. If you start a business with a product or service you wouldn’t use yourself, that will come across in your attitude and sales pitch. Customers can tell if you’re te

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

ling the truth or not, so pick something you would use! Try to hire employees that use your product or service, or give them a special price so they can partake in it. That way their enthusiasm will show when they talk to customer

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

s.

6. Not knowing your market. Along the same lines as advertising, but even more in depth. Can your burger business survive as is when a new fast food chain moves in across the street? How many potential customers exist f

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

r your product or service? Who are they? This will help with choosing who to advertise with. Before opening or closing any business, you should do an analysis of demographics, traffic flow, competition, and feasibility. These figu

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

Professional from academic institutions, pharmaceutical industries, health care indust

res can help you decide to open your new business, or to close down a sure loser.

7. Not having some sort of a referral program.Customer’s love to talk, they love to share the new product or service they just got. Why not

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

inspire them even more to talk by offering them something free for referring somebody. I offer free accessories for both the referred and referrer. I sell more phones, they get a free car charger and everyone’s happy. What could y

.

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

u give away to get more sales? Even offering 20% to customer’s who refer somebody helps, though something free is always better.

So there you have it. 7 sure fire ways to destroy your business. I know they will because in my youn

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

Companies that provide selfless information through particip

ger and more vulnerable days I made most of these mistakes. Learn from me, so you won’t have to experience what I did. My goat farm venture ended when the government repossessed the goats. Sounds funny now, but what an experience!

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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A printing press is a specially designed machine used for a wide range of printing processes. Such machines consist of a press, which contains impressions of material to be reproduced and are mechanically transferred or pressed against printing paper or other materials. These printing presses could provide black and white or colored print depending on the requirement.

The use of repetition can also be very effective when telling a story. Repetition creates familiarity with your ideas, which in turn builds positive association. Repetition also makes a message more memorable. You need to repeat your message several times so your audience understands precisely what you are talking about and what you want them to do.

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