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Rich Schefren and the business growth system is responsible for the success of a lot of internet entrepreneurs who were able to multiply their profits with his type of coaching philosophy.

The webinar he he

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

ld on April 19th 2007 was presented within the contest of the Top Internet Marketer of the Year. In the following I?m going to summarize some important parts of his presentation.

He started out with 4 basic p

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

Examples of combination products may in

rinciples that need to be taken care of once you want to start a business.

YOU - THE ENTREPRENEUR

Rich enforced everybody to get his homework done and take a look at himself first. Who is it that wants to s

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

tart a business - do you know your mind? Can you manage your mind? Do you have a clear vision about your business? What are your skills? Where do you want your business to be in 3 months from now?

When yo

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

u are seriously determined to be successful you have to take a look at the condition of your mind. Look at the answers you have for the questions above and explore how you can change in order to reach your

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

Combination pro

goals.Rich Schefren made it very clear that an entrepreneur needs a certain mindset to be able to handle all the different situations coming up when starting and building a business.

The most important pa

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

rt of a business, however is that the entrepreneur provides some kind of value and so improves the lives of other people. No value - no business.

FINDING A NICHE

Here again Rich talked about some reasons w

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

y the so called opportunity seekers fall for the scams on the internet and he pointed out very strongly that all the expectations and dreams of fast riches on fully automated systems don?t work - only in

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

the heads of a dreamer. Building a business is hard work especially in the beginning. And he surely has lots of proof for it.

YOUR PRODUCT OR SERVICE

You don?t necessarily need your own product or service.

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

More important is to develop your skills and learn to be your own teacher.There?s lots of things to learn, why not create your own product if it?s want you can do best.If not just find out what you enjoy

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

doing and become an expert on this kind of skill.

The big question to ask yourself is : How do I execute? Are you taking the right action at the right moment or are you hesitating in uncertainty or procras

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

Following aspects would a

tinating. Why is that people can?t take action? A common problem is that they are overloaded with too much. Too many projects going on at the same time. They talk to much about their projects which is time c

dd to the challenges in developing combination products:

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

onsuming and prevents them from taking the real action.

Focussing on what you are doing and not getting distracted is a quite common issue. Rich presented a solution on the webinar which helps people to s

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

tay focussed. He talked about a `scorecard? for your actions during the day. You assign different amounts of points to your daily activities - the most important ones get the most points naturally and then

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

t the end of the day you look at the result. This way you are able to determine your effectiveness. The more points you get the more you build your business.

MARKETING

There?s lots to learn about marketi

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

ng. You don?t have to be good at everything. Once you?ve gained momentum in your business it?s easy to find the right people that are doing the job for you. What you want to do is building a business not d

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

Professional from academic institutions, pharmaceutical industries, health care indust

oing everything on your own. That will drive you crazy and then even the rat race job is a better alternative. Rich talked about some more advanced steps when building a business including project managemen

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

t, time management, outsourcing of tasks, how to find the right people that just fit into your company and much more.

If you want to get more information about Rich Schefren and his company go to http://

.

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

strategicprofits.com

I hope I have given some good impression of what Rich was talking about on the webinar and for those of you who are seriously interested in doing business he might be the right mentor.

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

Companies that provide selfless information through particip

Check it out. Personally I don?t gain anything by writing this article about him but I was so delighted about his philosophy and resonated much with his presentation that I just did it to express my respect

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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