Main Subject - Business

School Deals – You can contact local community colleges and other educational learning institutes and of

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

fer to teach a course for free or for a salary. While you’ll teach them valuable skills, the logical out

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

Examples of combination products may in

come of your course is for them to purchase your full-course and other information products. While I hav

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

n’t personally done this, I know of others who have, and it’s a great way to both establish you as an ex

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

pert and make money on the back-end as well. And the inevitable publicity doesn’t hurt, either.

Company

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

Combination pro

Speeches/Seminars – Lots of companies give in-house speeches and seminars. Most charge a nominal sum. Yo

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

u can do the same, and sell your products and services. It’s a great way to get into a company and do yo

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

ur pitch.

Friends and Relatives – One of the best ways to get started in JV deal making is by working w

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

th people you already know well and who trust you. I’m talking about friends and relatives who are entre

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

preneurs. Look, there’s a reason why MLM companies like Tupperware and the Pampered Chef do so well. Mos

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

of their first-time salespeople sell to their friends and relatives first. My younger brother sold a se

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

Following aspects would a

t of knives to my mother that she still uses to this day (after years). I used to sell Mason Shoes door

dd to the challenges in developing combination products:

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

to door when I was a teenager (yes, admittedly a LONG time ago). Guess who my first buyers were?

Well,

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

he same thing works for JVs. I have some friends who opened up a restaurant. I’m now working with them,

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

without any money out of their pocket, to develop JV deals that will build additional profit centers for

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

them. And yes, I get a cut.

When you work with folks that are close to you, you tend to have their vest

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

Professional from academic institutions, pharmaceutical industries, health care indust

ed interest at heart. And that sets the stage for JV deals with “cold” prospects, because you also want

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

to be known as having their best interests at heart.

You are the dealmaker. You make it happen and know

.

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

all of the ins and outs of business. This comes with time, so the more deals you make (even the unprofit

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

Companies that provide selfless information through particip

able ones), the better you’ll be equipped to handle the bigger more profitable ones.

to be continued...

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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Learn key tips for how to raise your profile at work - letting other people know about your positive feedback, finding out what your boss wants, looking braider than your role, keeping your boss informed, thinking about image, thinking like a boss and more. Read on to find out what to do.

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When I was in high school I was in the Business club. I’m not sure why, because I really wasn't ever planning to start my own business or work in the business field. I guess I just wanted something to do, and my friends were all involved. I remember going to a Future Business Leaders Of America competition of some sort, and because I was a new member, they just put me where they needed someone. I ended up having to take a skills test about how to be a successful entrepreneur. Though I’m not sure how it happened, I ended up scoring very high.

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Main Subject - Joint Ventures - Part XIII

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