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A Joint Venture can generate a ton of money for you. It can take your business some place it’s never been. In addition, nothing that you own will be placed at risk and you don

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

’t even have to spend a cent!

If you’re going to do a Joint Venture, check out the heavy hitters first. Go straight to the top. Make an approach to them for a piece of the bi

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

Examples of combination products may in

time action. What have you got to lose? Your pride? Take a spoonful of that and put it on the dinner plate and see who eats it?

Newbie’s, are you tired of all the stuff thos

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

big guys have been shoveling? Think about this. If all the material the big time gurus sell to you really works, then how come you aren’t rich like them?

Do you have a probl

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

m accumulating wealth using other people's money and expertise? Piggybacking of other business clients,’ products and resources just may be the way for you to go at this point

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

Combination pro

Can you really achieve something like this? You don’t have any expert status, a mailing list, credibility, or even a product. We won’t even consider the question of experien

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

e.

You have to consider your own strengths. Is your real strength in communicating? That could be half the battle with a Joint Venture. It’s about bringing the right parties

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

together. You must have no fear of approaching and persuading your intended partners. Consider their current products, targeted clients, and resources.

Think what would happe

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

if these ingredients were merged? What would the synergy create? Do you envision unbelievable wealth? Yeah, that’s what I’m talking about. You can get a share in that wealth

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

uilding too.

For example, keep your ear to the ground. Think about the targeted customers in a particular company. Would they be responsive to an approach to buy something of

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

value from another company?

The product and people would certainly compliment themselves if merged. Work up a plan, make the approach. Are you afraid that if you make the app

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

Following aspects would a

oach one of the principals might turn you down and run with the idea himself and cut you out?

You can’t let that hold you back. You may have been the one individual who could

dd to the challenges in developing combination products:

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

pull this Joint Venture together and make it work. Take the bull by the horns and make the approach.

The key for you here is to create the type of Joint Venture that absolute

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

y no one can say no to. Also, when they see your creative juices flowing, they’ll realize that this joint venture wouldn’t work without you.

Think over possible objections li

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

ke, ‘this won’t work,’ ‘this is a losing plan, anyone can see that,’ or even, ‘nobody is going to steal my customers.’

If you’re the type of person who is not easily intimida

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

ed and can handle high powered people and their objections without getting rattled, there could be something for you in the joint ventures arena. Think of the possibilities!

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

Professional from academic institutions, pharmaceutical industries, health care indust

ou must have a strong belief in yourself that you can bring this deal to a close. Show the parties that they have fallen head first into a win/win situation. What is a joint v

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

nture but an agreement that will benefit three or more people? (Obviously considering you also).

Don’t be overawed by people in high places. You can do this? I know you can 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

ing someone with a targeted mailing list, and someone with a product that you believe will dovetail nicely with that mailing list together? If you know it too, then go ahead.

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

Companies that provide selfless information through particip

Convince them of the explosive possibilities of a joint venture? If you have the belief that you have the tools to do that, then what are you waiting for. You may have arrived

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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A curious thing happens to entrepreneurs in the spring of every year. They wake up one day and realize they had better figure out how much money they made last year so they can pay their taxes. But w...

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