Digg It - Finance

While the business environment in the UK has been fairly difficult for the last few years, even though the economy is thriving, there are

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

still many would be entrepreneurs out there who have been considering opening their own business. For these new business owners, one of

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

Examples of combination products may in

the main issues at the outset is funding and the various sources of finance available.

What Are The Sources Of Finance Available?

Whil

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

e there are many sources of finance available, some more obscure than others, the more general options include :-

Traditional Banking

M

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

ost new business people tend to look towards a traditional banking loan when setting up and running a business, with many of the financia

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

Combination pro

l giants having small business advisers to hand.

While this can be a very useful option for many business people, there are some drawbac

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

ks. To the banks you are just another customer, with very little personal involvement with banking advisers after your funds have been ap

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

proved. While they may request accounts and paperwork on a regular basis, the majority of decisions from the majors are now carried out

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

using basic risk formulas, etc.

While you may obtain a good rate for your business loan, they will no doubt require some kind of collate

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

ral which may put your house or other assets at risk.

Business Partner

While there is an old saying, “Never mix business and pleasure”,

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

many people tend to look towards people who they know and trust when looking for a business partner. This can often lead to many argumen

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

Following aspects would a

ts and has been the cause of many a great friendship ending.

While there would be no cost to you, as such, for the finance, you would be

dd to the challenges in developing combination products:

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

required to reduce your overall share in the business, and your potential rewards. However, you would also be reducing your liabilities

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

, which would be shared with your business partner. Providing that you are able to lay down some ground rules at the beginning of the re

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

lationship, this may be a productive option for some.

Business Angels

This is an option which very few people seem to consider these da

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

ys, when looking for both advice and finance for a new venture. A business angel is basically someone who is willing to part finance a v

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

Professional from academic institutions, pharmaceutical industries, health care indust

enture, for a significant share in the business, and offer their advice and assistance where required.

Many business angels are successf

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

ul business people who have maybe retired, but are looking to keep an interest in any new ventures coming to market. While many would be

.

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

entrepreneurs may be wary of trading part of their business for finance, there can be many added bonuses to a business angel.

In a worl

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

Companies that provide selfless information through particip

d where knowledge can be just as valuable (if not more so) than finance, too few people seem to take advantage of this particular service

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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