E-Folder - Business

Parameters for Attracting Customers

In Part I we focused on how to find desirable communities in which to locate your business. In Part II, we'll be looking at specifics as to how they relate to your actual storefront. Along w

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

ith these considerations, you will want to develop a strong business plan in order to give your company the best chance for survival. A description of your desired storefront will be in that plan.

Location:

In determining the

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

Examples of combination products may in

ultimate location for your retail business, take into consideration:

The amount of daily foot traffic.
Parking and local transportation.
Other retail establishments-- those ca

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

rying similar products, ancillary items and distinctly different goods are all desirable.

Average income of potential customers as it relates to your product.

Note: you'll want a storefront that has a sol

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

d amount of foot traffic. Parking difficulties or an inability to get to the store using public transportation will dissuade business. If you're opening a clothing store and there's another such store in the vicinity, that can

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

Combination pro

actually help business. People tend to want to go to areas where they have two or three choices in relationship to the same general product. Competition, as long as you clearly define the differences between your offerings and

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

there's, is good.

Building:

The building should be attractive and welcoming to the general public. People will judge your goods before they ever get into your establishment by your storefront— a well-maintained, clean fa?ade

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

ith a consistency of style in look is important. Here are some essentials:

Size and potential attractiveness of the space.
Signage.
Visibility and accessibility.
Age and durability of th

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

premises.

Building code concerns.

Future Growth:

Most retailers have visions of their business expanding in terms of clientele and sales. Don't forget that a growth in business usually means a need for

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

ore retail and storage space. It may also translate into renovating the space for new services. If you're thinking that somewhere down the road along with selling upscale clothing, you'd like to add custom jewelry, it makes se

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

se to find a space that you can easily convert when you're ready to expand.

How long is the lease?
Are you interested in purchasing the space at this time or at a future date?
Will utilities need

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

Following aspects would a

to be upgraded if you decide to add a new service?

Are there any structural problems or concerns relating to renovation or expansion?

Running Costs:

Basic monthly running expenses need to be calculated a

dd to the challenges in developing combination products:

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

ong with the amount of sales you'll need to meet those costs. You must be realistic about all expenditures and income. Account for:

All utilities.
Employee costs.
Expenses related to any equipment

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

rentals.

Costs for inventory.

Lease and mortgage payments.

Insurance costs.

Shipping, invoice, duty expenditures and other fees or payments.

Potential income should be based

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

n a realistic analysis of foot traffic, potential sales and earning potential of your average customer. It takes time for any business to catch on and even more time for it to turn a profit. Be reasonable in your estimates.

Re

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

ovation Costs:

Will there be any expenditures for renovating the premises, buying display equipment or creating the d?cor for your store? You will probably extend these costs via a business loan, which means the loan payment w

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

Professional from academic institutions, pharmaceutical industries, health care indust

ill be added to your monthly expenses.

Planning Consent:

You'll need to acquire the proper permits and licenses as they relate to your enterprise. These should be included in your start-up costs.

Two-fold Process

First and

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

oremost, when it comes to finding the right premises for your retail business, you'll want to consider both the support you'll receive from the city or region and then the specific aspects of the potential store as they relate

.

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

o your company. Careful planning, which includes a well-delineated business plan, is essential to your success. To understand what goes into a viable business outline read our article entitled, Developing a Solid Business Plan

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

Companies that provide selfless information through particip

Details You Won't Want to Forget.

Remember that thinking ahead, detailed research and putting your ideas in written form will allow you to determine your needs, find funding and understand how you'll foster your new enterprise

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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As every professional politician and public relations man knows words have the power to entice, persuade and motivate people into a specific course of action. There are certain words that I refer to...

Project management, as we know it at present began to stretch its branches only a few decades ago, yet it was mounting around civilization from the beginning of history.

The proven techniques for marketing to your target audience found in this article will increase sales by promoting higher visibility.

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