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Have you ever felt like you were running a rat race? Everything seems like it takes forever, costs 10 times as much as you expected and you still feel like you are a million miles away from achieving your financial goals?

Th

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

at’s because people often approach their financial growth with the wrong strategies. You may have heard the saying, “The strategy you used to create your million is drastically different than the strategy to maintain it.” It’

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

Examples of combination products may in

s the same thing here. The strategy you used to get started is drastically different than the one you need to grow consistent six and seven figure revenue.

Here are six of the common mistakes entrepreneurs make when trying t

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

grow their bottom line.

Mistake #1: Setting unrealistic expectations. I conducted a workshop where one of the students shared she planned to create $500,000 in new revenue in the next 12 months. She was barely making $50,00

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

0 and was launching a brand new business. This plan seemed unrealistic to me. Unrealistic expectations are different than setting ‘stretch goals.’ When you are unrealistic, you will often over spend and under perform because

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

Combination pro

ou believe you have everything on track for a huge leap in income.

Mistake #2: Focusing on price versus payoff. This being so focused on what everything will cost you that you miss the opportunities that will allow you to le

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

ap forward. The saying, “It costs money to make money” means that when you invest in high payoff opportunities, you will leap forward. Many people who are stuck financially don’t have the financial resources to invest in the

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

actics that would actually position them for a huge windfall.

Mistake #3: Making short-term decisions that sabotage the long term goal. I once knew someone who would say yes to any opportunity that crossed his desk if it mea

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

nt he might make a couple thousand dollars. The problem was that most of these opportunities took a lot of his personal time, time he wasn’t spending on his own goals. This man couldn’t understand why his own programs weren’t

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

profitable – when he spent up to 50% of his time on short term opportunities at the expense of his long term, more profitable projects.

Mistake #4: Trying to keep up with the “Jones.” Just because your competitor is experien

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

cing huge financial wins with their strategies doesn’t mean it will work for you. It’s dangerous to just watch what others do and try to replicate it without understanding the entire strategy. A carefully crafted growth strat

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

Following aspects would a

egy will have many steps – you can probably see only one part of it. This mistake can be very costly because you invest your time and money “following the Jones” strategy only to experience a flop because you invested in only

dd to the challenges in developing combination products:

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

one piece of the whole puzzle.

Mistake #5: Doing everything themselves. I can’t tell you how many entrepreneurs find themselves in a growth trap because they won’t build a team. If it is just you, then you can only accomplis

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

h what you have time to accomplish. When you build a team, you can leverage your time exponentially. Think of it as a way to finally clone yourself. Delegating and outsourcing is one of the fastest ways to grow your results a

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

d your bottom line.

Mistake #6: Sacrificing quality for revenue growth. This is absolutely one of my big pet peeves. And I know it’s the opposite of what many gurus teach. But here is the deal. If you are so focused on growi

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 your bottom line that you sacrifice the quality or experience of a client along the way, you will impact your future revenue opportunities. Unhappy clients don’t come back. And usually they tell A LOT OF PEOPLE along the w

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

Professional from academic institutions, pharmaceutical industries, health care indust

y.

If you are making one of these mistakes, what should you do? Here are three quick fixes to get you back on the fast track to bottom line bliss.

1. Know your high payoff opportunities. Typically they are based on your val

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

ues, priorities and goals. If you need help with this step, check out the Unstoppable Goals Method.

2. Slow down and evaluate the real profit story. Just because it looks good doesn’t mean its profitable and a good use of yo

.

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

r time. Create a cost analysis for your opportunities. Look at things like: when will it make me money, how much money and time will it take, what are my “hidden” costs, etc.

3. Respond, don’t react. Opportunities will alway

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

Companies that provide selfless information through particip

s come at you. If you have a strategic plan mapped out, you will be able to take action on the right ones. Without a plan, you are just reacting to “Bright Shiny Objects™.” Successful people create and follow a strategic plan

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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