Main Subject - Business

Poker

When the brave pioneers that want to start their own business are ready to get going, they approach ad agencies and marketing firms. They are the NASA controllers with the launch pad and you are the rocket

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

ship. This initial phase is very much like the game of poker and the conversation ultimately gets to “what do you have?” That is, the agency asks what kind of cards do you have in your hand, which translates to “what’s y

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

Examples of combination products may in

ur budget?”

Budgets, we’ll call them poker hands for now, are what will propel your rocket ship and they really can run the gamut. There’s Business A that says, “we have $3,000, do you think that’s enough?” Let’s call t

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

hat two pair (at best). There’s Business B who has $2,500 a month for the first 6 months. We’ll call that a flush—they are thinking intelligently and funding the best they can. There are a few hands in between until you

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

et to the fortunate few that have a loan or backers or lots of savings, let’s say $50,000+. That is a royal flush.

Since budgetary needs vary, what constitutes a royal flush for any start-up? If you have enough money to

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

Combination pro

(a) build your brand, (b) research your competition and demographic, and (c) get the word out over and over again—with sustained marketing. The number it takes to do (a), (b), and (c) is a royal flush and an appropriate

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

launch budget.

Most People Underfund The Launch

In his great book Winning, the former CEO of GE, Jack Welch suggests that you cannot afford to underfund a business launch. I would like to hear the contrar

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

y argument, but there isn’t one. It’s a plain and simple fact—it takes money to make money. Though if you are clever about saving and your business flourishes, you’ll have a great story to tell. The list of start up cost

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

can really add up so it is no surprise that an underfunded launch is commonplace for small businesses, especially home businesses. So, the question becomes how does one navigate this dichotomy of pioneer spirit and a la

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

ck of cash?

This is a stressor and one that you will have to get used to. You may consider asking a few businesses how they solved this age old problem. Researching success stories will not only give you knowledge, but

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

nspiration and motivation. If you can’t afford to hand the problem off to someone else, you will need to learn some things on your own.

Remember, it’s about branding, research, and marketing. So learn a little about eac

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

Following aspects would a

and when you start working with a graphic designer and marketing firm—you will be an intelligent client. You may not be a designer, but you can learn about consistent design. You may not be a market researcher, but you

dd to the challenges in developing combination products:

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

can have an idea of your ideal consumer. You may not be a marketing whiz, but you can understand that direct mail reaches a lot of people and costs less than producing and placing a television commercial. The Internet is

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

a tremendous source of information for learning about branding and marketing on your own.

How To Launch On A Budget

If you have a royal flush, then congratulations are in order. Keep tabs on how the money is spe

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

nt. Oversight helps to build strong CEO muscles. If you are like most people and have limited start up cash, here’s some advice. You want the strongest most professional look you can get for your company. You want to mak

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

sure you have ample money for marketing after building your brand. A marketing mix has at least a dozen options of how you can deploy your brand to the public. If you really have very little money for marketing, conside

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

Professional from academic institutions, pharmaceutical industries, health care indust

r the three most cost efficient strategies.

Networking. Get the word out yourself.
The Internet. Make sure your website is rich in content and highly visible to search engines for your key search te

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

ms.

Direct mail, particularly if you are launching a local business.

Replace Worry with Courage

Ultimately, if you don’t have money to hand the work and worry off to someone else’s desk,

.

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

you are going to enter numerous learning curves to do things yourself. The trade off is simple. You will sweat and work long hours but save money. Even if you have the money, you will sweat about other details—like wonde

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

Companies that provide selfless information through particip

ing if your investment is being spent wisely. It’s all part of the journey. There is nothing like the thrill of successful ownership of your own business. Begin with the best poker hand you can and start playing the game

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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The economy is rebuilding and employment opportunity is improving in almost all sectors both public and private. If you are in the job market either as a recent graduate or you are just ready for a career move, there is likely to be an employment opportunity out there for you. But, how do you find an employment opportunity? Where are all of the job listings for that perfect job? Or maybe you want to consider self employment. It is up to you. The employment opportunity is there, you just have to find it.

Today's small businesses are finding new ways to interact with their customers. These interactions can be as simple as providing an interesting bit of how-to knowledge or as complex as developing a way of rapidly identifying a returning customer. The first challenge is to personalize the interaction with each customer. Personalization is the ability to customize the way each staff member does business in accordance with a customer's wishes or needs.

Ten of the most common reasons why good employees leave and what you can do to lower turnover costs and losses in productivity, expertise, and customers.

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