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If you are building a business, you are probably working hard. Make sure that you are also working smart. Here are 5.5 steps that you can take to improve your business immediately:

1. Make a Plan

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

> 2. Tell Your Friends
3. Learn to Communicate
4. Act like an Executive
5. Learn to Lead
5.5 Ask for Help

Why do people go into business? People go into business because they ha

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

Examples of combination products may in

e a good idea. People go into business because they want to be their own boss, or they want to “Get out of the rat race.” Generally, the business is based on some skill that they have or on a perceiv

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

ed need that they can satisfy. That skill is seldom, if ever, their ability or burning desire to do business planning. Yet, in order to succeed, they must. Most often business owners give little or n

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

thought to a business plan, let alone a Strategic Plan. Despite this, a Strategic Plan is the best tool you can use for increasing EARNINGS without having to borrow.

Why do businesses fail? The fac

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

Combination pro

is that most businesses fail because the business owner has no plan for success. There was no assessment of the market or the competition, or there was not enough capital to sustain the business unt

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

il market penetration and brand awareness takes hold.

This can be avoided by sitting down at least once a year and taking a detailed look at the business and deciding where you are, where you want t

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

be in 3 to 5 years, and how you are going to get there. This is a Strategic Plan. Every company should one.

Now that you have a plan, you need to put it in motion. Start by telling your friends. Th

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

e best way to do that, the simplest way to do that, and the cheapest way to do that is to network. So, get out there and tell everyone about your business. Tell the people you meet at the bank or doc

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

or’s offices, tell the people standing in line with you.

That leads us to the third thing you can do to improve your chance of success. You must learn to communicate. Since you cannot over communica

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

e, you must learn how to use many ways of communicating. Try any or all of the following:

- All hands meetings (if it’s just you and your associate, and the associate happens to have a tail and whis

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

Following aspects would a

kers, practice on him or her)

- Print posters of your vision and your values and post them throughout the organization

- Add your tag line to your signature block

- Publish articles. Establish yo

dd to the challenges in developing combination products:

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

rself as the expert in your field

- Send monthly newsletters to your clients

- A verbal pat on the back can go a long way when an employee is having a bad day

- And, finally, remember to LISTEN, L

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

ISTEN, LISTEN.

Once your business is moving along, your next move is to act like an executive. One of the hardest things for many business owners is to act like an executive, especially if you have

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

ever BEEN an executive. Executives have one focus, the success of their business. The way they dress, walk, and talk is carefully planned to further their business goals. Remember that the next time

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

ou think, “I never want to wear a suit again;” or the next time you think, “I think I’ll wear shorts to this networking meeting.” Is this the impression you really want to give about your business? Y

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

Professional from academic institutions, pharmaceutical industries, health care indust

ou are not the driver of your appearance, your market is. Make a conscious effort to position your business where you want it, and then walk the walk…24/7.

Finally, you MUST learn to lead. I define

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

eadership very simply. Say what you’ll do and do what you say. Leadership is not charisma, or sports ability, or intelligence. It is simply about getting results. If you say you will build a success

.

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

ful business, you will do whatever is required for you to achieve that goal, and you won’t stop until you get there.

There’s just one more thing that you can do to get immediate results. If you don’

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

Companies that provide selfless information through particip

know how to do something…ask for help. No one can know it all, no one can succeed on his/her own. Ask your friends, a trusted colleague, or hire a coach, and then do what they tell you.

Start TODAY

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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