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As small business owners we’re in business to make money doing what we love. And that means we need enough billable hours to cover our expenses, our payroll, upgrades in skills and

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

technology, and profit. But if stay in business for any length of time, you eventually reach the point where you just don't have more hours in the day to give to your business. Af

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

Examples of combination products may in

ter all, you have a personal life too. (If you don't have a personal life, you really need to work on that.) So, if you've maxed out on the hours you have available to build your b

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

siness, how can you get more billable hours?

You have to get those billable hours from time you are currently spending doing other activities in your business. Here are some ways

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

to do that:

Delegate out anything you hate to do or aren't good at doing in the running of your business. For example, I hate filing and organizing all my reference ma

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

Combination pro

terials. So I hire a professional organizer to come in once a quarter to file all the papers I've stacked up, to set up any new files I'll need, to pack up old files on inactive cl

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

ents and projects, and to reorganize my 10 bookcases. She can do all that for me in 3 hours. When I was doing it myself it took me forever and it was never completed because I'd le

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

t anything else distract me from it. So, finding just the right reference book or file was not only hit-or-miss at best, it again took too much of my time. How much time can you re

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

cover by delegating out activities and tasks you don't want to do, but that have to get done to keep your business running smoothly?

Automate or computerize administrivi

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

, including making regular backups of your computer disk drives. (I learned to get my backups automated after I'd lost my entire contacts database, including my appointment schedul

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

e sometimes I'm hardheaded about these basic business maintenance things!) In addition to now having automated backups of my computer disks, here's a sample of what else I've aut

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

Following aspects would a

omated:

Contact management and scheduling
Taking class registration and payment
Distributing class notes and materials
Taking coaching

dd to the challenges in developing combination products:

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

ayments via the Web

Notification to follow-up with clients

Subscribing and unsubscribing to my ezine

Broadcasting of my ezine

Payment an

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

d delivery of digital products

Creating eClasses from templates

Subscriptions, payment, and delivery of eClasses

Tracking of billable time

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

li>Creating time reports

Invoicing

Expense and revenue tracking

Gracefully get out from under your most time-consuming and energy-draining cli

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

nts and projects. I know it's difficult to say "No" to a client or a project in today's economic climate. But you can refer these clients and projects to competitors in your networ

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

Professional from academic institutions, pharmaceutical industries, health care indust

k who are better suited to serve them, retain the good will from the clients you are referring out, and free up all that time and energy to work with people and projects you love.

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

Just by relieving all the stress you're under from your Clients and Projects from Hell, you make yourself open and available to more of your Ideal Clients and projects. And, have 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 noticed, you're more productive and efficient when you're working with your Ideal Clients and Projects?

Increased productivity = increased billable hours availabl

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

Companies that provide selfless information through particip

e

Put these 3 secrets to work in your business and get back valuable and billable time for doing more of what you love for your Ideal Clients!

Copyright 2004, Rose Hill, In

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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Customer loyalty can easily be created and maintained, by the small business owner, by following these three simple tips.

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