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E-Folder - Which Type of Ebayer Are You?
I realise that this may come as no great revelation to you, it may not even be news. What it is, in fact, is a word which describes most ebayers. And here it is:
Procrastinator!
I think that describes most of us to an extent. You see, I um-and-ah... and generally delay on making decisions. Right now, for example, I'm umming-and-ahhing about finalising
Procrastinator!
I think that describes most of us to an extent. You see, I um-and-ah... and generally delay on making decisions. Right now, for example, I'm umming-and-ahhing about finalising
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
my grocery list. And I really need to get out and tidy the back yard….
But I find myself procrastinating once again. There's always an excuse.
Now, I have to admit: this 'procrastination problem' is nowhere near as bad as it used to be, but it's still not right. You see, I've learnt that the less I procrastinate, the more gets done, and the better I
; 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
do.
What does this have to do with eBay? I'm getting there.
Let me hazard a guess: if you're reading this, I'm betting you've procrastinated on one, two or more of the ideas... and that's bad. Very bad! Because even if you'd tried something, that 'something' would have given you some feedback - even if it was only 'failure' feedback, which can be very
What does this have to do with eBay? I'm getting there.
Let me hazard a guess: if you're reading this, I'm betting you've procrastinated on one, two or more of the ideas... and that's bad. Very bad! Because even if you'd tried something, that 'something' would have given you some feedback - even if it was only 'failure' feedback, which can be very
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
useful in itself.
But before you decide to do anything on eBay - even before you decide to procrastinate - you need to make a decision, if that... er... makes sense. A decision on which, I hope you won't procrastinate!
And that which you need to decide is simple: what kind of business you're going to go into. Or, more specifically (to start with), what
And that which you need to decide is simple: what kind of business you're going to go into. Or, more specifically (to start with), what
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
type of model you'll follow.
See, there are only really two main models of business that you can go into on eBay. The first is where you're selling the same product(s) over and over... and over. .. again. The second relates to buying one-shot items... rare stuff and the like... one-off items that you buy, the onesy-twosy approach. You then resell each
See, there are only really two main models of business that you can go into on eBay. The first is where you're selling the same product(s) over and over... and over. .. again. The second relates to buying one-shot items... rare stuff and the like... one-off items that you buy, the onesy-twosy approach. You then resell each
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ndividual item in turn for (hopefully) big profits.
You just have to make up your mind which 'model' you're &oing to opt for. There's pros and cons to each. As always.Let's consider, first of all; the onesy-twosy approach. We'll call this 'Model 1'.
Model 1: The 'Ones And Twos' Approach
This is a perfect part-time approach towards eBay success. You c
You just have to make up your mind which 'model' you're &oing to opt for. There's pros and cons to each. As always.Let's consider, first of all; the onesy-twosy approach. We'll call this 'Model 1'.
Model 1: The 'Ones And Twos' Approach
This is a perfect part-time approach towards eBay success. You c
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
an do it when you want. You can create customers that stay with your forever... apd who will LOVE you. You can virtually see the smiles on your customers' faces as the latest offers arrive.
And you'll get great returns (often) on each item that you auction off. Ten times your money is far from uncommon. Even 20... or even 100 (or more). These are all pe
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
rfectly attainable returns for your auctions. Not much money invested = great return gotten out.
But there's a downside, too. Your income is more variable and, quite frankly, it's a much more time dependent business model. You'll have to know the market, and as such you'll be the one hunting for 'product' every week. Not that there's anything really wro
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
g with that, especially if you really like what you're trading in.
There's a corollary to all this too...
And that's this: your earnings will probably be capped. Because of the time-dependency factor. And the fact that YOU will virtually 'be the business' so you'll never build a really big business. Probably not, anyway.
So what's the other approach?
So what's the other approach?
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
Model 2: The “Sell The Same Items Over And Over Again”Approach
This method involves buying a stock of the same item and floggings said item(s) over and over again. Again, there are pros and cons.
The pros? Well, you can build bigger. Once you've got the source of supply, there's not much work thereafter. You just list, then relist. And then go and sun
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
athe, particularly at this time of the year. What's more you can build BIGGER, because the business can be less dependent on you. Sounds great, huh? Actually, it is.
So what are the downsides?
Firstly, there'll be much more price-based competition. It can be quite cutthroat. If there's a big market for what you're selling - and there probably will be
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
if you're going into that market - then there will probably be people already there who will be competing against you. Unless, of course, you've got a truly unique product that no one else has.
Secondly, there'll be lower returns available. Let me explain what I mean. Let's say that you've got a selection of items for resale with 'Model 1'. This means
Secondly, there'll be lower returns available. Let me explain what I mean. Let's say that you've got a selection of items for resale with 'Model 1'. This means
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
that you might have bought these 'onesy-twosy' items for ?40 each. And you might sell them for ?120 each, or one for ?300, some for ?80, and so on. But the point is that you'll be getting an outstanding return on your money.
Well, with the 'other' approach...well, it's a lot less likely that you'll get a big return on your stock investment. You might ma
Well, with the 'other' approach...well, it's a lot less likely that you'll get a big return on your stock investment. You might ma
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
e 20% on your stock. Invest ?500, get back ?600... BUT you'll sell more product, and more often. And you can build very big (in eBay terms).
So Which Approach Is For You?
Depends on you, what your free-time situation is like, what you want to achieve from your eBaying, and so on. So you need to know where you're coming from, and where you want to go. I
So Which Approach Is For You?
Depends on you, what your free-time situation is like, what you want to achieve from your eBaying, and so on. So you need to know where you're coming from, and where you want to go. I
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
f you're short on time, wanting to make money fast, and just want a part-time eBay business, then it's probably best to start with Model 1 (the one-off approach). If you've already gotten some eBay experience under your belt, have more time and are up for the challenge that lies ahead, go for Model 2. Of course, feel free to disagree too!
Here's somethi
Here's somethi
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
g else to think about...
Let's say that you start with Model 1. You go along nicely, making some profits. You're still part-time. You can then use that basis to work from, and launch other eBay businesses as you go along. Make sense? You start part-time, build up your knowledge and capital base, and then work from there.
Or how about running two of the
Let's say that you start with Model 1. You go along nicely, making some profits. You're still part-time. You can then use that basis to work from, and launch other eBay businesses as you go along. Make sense? You start part-time, build up your knowledge and capital base, and then work from there.
Or how about running two of the
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
se side by side? It's totally doable, believe me. But that again will depend on YOU, and it certainly wouldn't be recommended if you were just starting out. And, of course, you'd reed the time to do this. There'd certainly be quite a bit of work involved. It wouldn't be for everyone.
But that would be something, wouldn't it? That way, you'd be spreading
But that would be something, wouldn't it? That way, you'd be spreading
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
your risk - diversifying if you like because you'd have two separate streams of income. You'd build up two individual supply sources, customers, e-mail lists and so on, and you'd be lowering your risk should the worst happen in one of your 'mini businesses' .
Ideally, you'd also trade under separate ID's for the two trading approaches. It might seem a
Ideally, you'd also trade under separate ID's for the two trading approaches. It might seem a
.
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
it strange to your bidders if you're telling them to 'Check your other items!' when they're looking at your stereo equipment. They check your other items and find a bunch of old dolls that you're auctioning in your 'Model l' business! Not a very good idea. So you'd (ideally) want two separate ID's.
But I think I'm getting ahead of myself here. Because,
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
coming back to what I was saying at the start...
None Of This Can Happen if you continue to procrastinate! So what are you waiting for? You at least need to think about which approach is right for you, in line with your current circumstances, and how maybe you want to see them change too. Just don't procrastinate too long on the path you want to follow
None Of This Can Happen if you continue to procrastinate! So what are you waiting for? You at least need to think about which approach is right for you, in line with your current circumstances, and how maybe you want to see them change too. Just don't procrastinate too long on the path you want to follow
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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