E-Folder - Business

The 9-to-5 grind can make you feel like a just another cog in the corporate machine, constantly punching the clock for someone else’s vision. One day, while dream

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

ing of the world outside the cubicle, you have your big “Eureka!” moment—you’ve come across an idea so perfect that you need to start your own business around it.

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

Examples of combination products may in

Coming up with the idea is the easy part. Now, you’re thrown into an entrepreneurial world where even the experience businessperson can feel overwhelmed by

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

all the details.

It’s hard to know where to even begin. So here are some tips to starting your own business:

- Craft a primitive budget

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

/STRONG>: do you have enough capital to get this idea rolling? First things first, figure out roughly how much it’ll cost you including all expenses, and where t

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

Combination pro

at money will be coming from. Call in favors from everyone you’ve even leant money to in the past in need be.

- Does the business world need y

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

ou?: is there a large enough demand for your product? Ask around before even attempting to start your business—check with similar businesses in the

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

area, or around the country. Find out how they started, and what kinds of clients they target, to get an idea of where you’ll fit in the market.

- <

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

EM>Create a strong management team: your team members should share your vision of the business, and a certain amount of proficiency and credibility.

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

Rely on your connections to find the perfect people for the jobs that will bring their expertise to the business. Remember that you will eventually have to set a

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

ide your ego and let them control certain aspects of the company, so your have to feel comfortable around your management team.

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

Following aspects would a
>: instead of immediately trying to market your product to 5,000 companies at once, focus on a few dozen specialized local companies to network with. Th
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
s way you can call them each personally, mail them your marketing materials, and then arrange a meeting.

- Quality matters: you
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
want to be able to set your self apart from all the other businesses similar to yours. Having an eye-catching yet simple to navigate web site and presentation mat
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
rial is key to succeeding in the modern business world. Creating quality marketing tools doesn’t have to cost you a fortune either; consider hiring a design art o
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
marketing student from a nearby university to help out. You never know, you could even meet your next Junior Executive.

- Come up with a go
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
od business plan: keep it less than 25 pages, and include information about your management team, who your customers as, and most importantly, why t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e world needs your business. At this stage in the game, don’t over-focus on the financial side of things yet. A business plan outline can be found at .

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
_new" href="http://www.sba.gov/starting_business/planning/basic.html">http://www.sba.gov/starting_business/planning/basic.html.

For more tips, including an
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
-to-Z guide to starting your own business, and 21 ways to draw customers in, go to www.entrepreneur.com.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

E-Folder - Tips to Starting your Own Busniess

Related Articles: