Main Subject - Business

Because I do a lot of networking with very small business owners, I meet a lot of dual business owners. These are people, usually women, who own two businesse

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

s (or more).

As a solopreneur, your resources are limited – that is, time and mo'ney. Managing and marketing one business is already a full-time job, so if 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 two businesses don't share the same target market, you may struggle – a lot.

Sharing the same target market allows you to refer business to yourself, and i

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

your two products/services are related, this is smoother. For example, if you are involved with two different MLMs whose products are both wellness related,

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

ou can easily market both to the same people. Or, if you have a service business and also sell products that go hand in hand with your service, you can easily

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

Combination pro

market those two businesses together. A good example of this is being a Nutritionist and Dietician and selling food supplements.

In fact, having two very clo

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

ely related businesses that solve the same problems for the same people can be a brilliant combination and can increase your sales dramatically with little add

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

tional work.

If, on the other hand, your businesses don't solve the same problems or don't serve the same target market, you will have more challenges – mostl

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

involving shortages of your resources of time and mo'ney. One example I have seen is when a business owner's primary business is in coaching, mortgages or fi

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

ance, and their secondary business is more creative, like photography or acting. These two businesses are marketed very differently in different locations and

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

to different people.

Another example is someone who just has two distinctly different businesses because they are interesting and exciting to them. I know so

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

Following aspects would a

eone who markets air and water purifiers and coffee service catering. Both businesses are solid, credible businesses, but can be difficult to market by one pe

dd to the challenges in developing combination products:

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

son.

One problem that comes with marketing two distinct products or services is that you are the only employee in the business. You are in charge of deliveri

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

g the product/service, selling it, marketing it, doing the bookkeeping and the other administrative tasks (like email, computer, filing and invoicing) and keep

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

ng up with educational requirements.

The other main issue is that most people I meet try to market everything on one website, with one business card to the sa

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

e groups of people. Honestly, people look for reasons not to do business with you and if they feel like you are not an expert at any particular thing, you're

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

Professional from academic institutions, pharmaceutical industries, health care indust

ut. To resolve that problem, you will need to create and maintain two distinct marketing plans with two websites, two business cards and two sets of strategie

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

to two distinct target markets.

The reason why this sounds overwhelming is because it is! Do yourself a favor – either pick two businesses that are manageab

.

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

e and complimentary, that you can market to the same group of people, or just pick one. If you don't, you may not enjoy the journey and you could burn out aft

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

Companies that provide selfless information through particip

r awhile. Nobody wants that! After you become wealthy, you can have a second business as a hobby – just for fun – no stress!

Copyright (c) 2007 Audrey Burto

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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Business cards are some of the more powerful tools out there. Spending that extra dollar to reflect a professional piece of paper is worth it. Different business cards may be as creative as you’d like, with printing on glossy or colored paper to excite your client or cards printed on laminated stock for extra weight and durability.

Are you thinking about starting your own business? Or are you really new in your business? Are you confident you have what you need to succeed? Check out this article to see if you have the right formula.

Whenever you deal with other people in business, they will have one question on their mind: what's in it for them?

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