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E-Folder - Avoiding the Small Business Cash Flow Roller Coaster
A solopreneur I know disappears from my radar screen for weeks on end when she's actively engaged on a proje
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
ct for a client. During this time she is heads down, totally focused, and immersed in delivering her service
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
to her current client. She works long hours each week, sacrificing her personal life, relationships, and sel
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
-care to meet her commitments to her client.
Laudable, but a destructive way to run her business.
After wo
Laudable, but a destructive way to run her business.
After wo
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
king all hours of the day and night to complete her project, she'll hand in the final deliverables and sudde
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ly find she doesn't have another client lined up. Then she panics. That's when she starts returning phone ca
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
ls and getting in touch her network, her former clients, and any prospects she might have ignored during her
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
"work period."
She rides the feast-or-famine revenue roller coaster continuously. During her "work periods"
She rides the feast-or-famine revenue roller coaster continuously. During her "work periods"
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
she has cash coming in; during her "marketing periods" she has cash flowing out. And she has no idea how lon
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
her "marketing periods" will last or how much of her revenue she'll need to live on before she gets her nex
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
client signed up.
Does this sound familiar?
Here are the 5 biggest ways to avoid the feast-or-famine roll
Does this sound familiar?
Here are the 5 biggest ways to avoid the feast-or-famine roll
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
r coaster:
1. Make time to consistently promote your business. Don't be like the solopreneur above and onl
1. Make time to consistently promote your business. Don't be like the solopreneur above and onl
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
participate in marketing activities when you are between jobs.
2. Build effective strategic alliances tha
2. Build effective strategic alliances tha
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
leverage your marketing resources and enhance your visibility in the marketplace.
3. Get referrals from y
3. Get referrals from y
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ur current clients. (And that doesn't mean that you ask your client "Do you know anyone else who's hiring ri
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
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
ht now?" as you pass each other in the hallway! It does mean that you systematically build a referral engine
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
for your business.)
4. Create project-oriented teams to level the workload, leverage your marketing resour
4. Create project-oriented teams to level the workload, leverage your marketing resour
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
es, and expand the types of jobs you can get.
5. Work for multiple clients at the same time. Running a b
5. Work for multiple clients at the same time. Running a b
.
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
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
siness on the feast-or-famine roller coaster is hard on the cash flow aspect of your business and harder sti
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
l on your nerves. With diligence and determination you can break this cycle.
Copyright 2004, Rose Hill, In
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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