Main Subject - Business

Ever wondered why so many businesses see their demise before they obtain their 5-year mark? If you’ve ever thought about starting a business, running a business, creating a business plan, or even becoming self-employed, this blog article is for you. I strive to keep an overall focus on the business world

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

as a whole, since an important key to business success is knowing a little about a lot. Since not many business owners don’t know a lot about the world of business besides their own little sector or industry, most are oblivious as to how the business world in it’s entirety can affect their little busine

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

Examples of combination products may in

s in their own little corner of the world. This leads right into mistake #1!

Business Mistake #1 - Not keeping up with the ENTIRE world of business: I find it so odd that many business owners don’t take the time to look outside of their own little boxes of problems, cashflow issues, employee conflicts a

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

nd office drama to see what’s really going on out there that is directly and indirectly affecting their business’s bottom line. If you are a manufacturer that produces a product using PVC materials, you will always need to keep an eye on the oil prices. Oil prices directly affect the cost of PVC almost i

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

mediately. To have a better grasp of oil prices and when they may go up, a good market to take a closer look at is China because their use of oil dramatically affects our prices here in the U.S.A.

China’s oil consumption has climbed dramatically in the past few years, simply because more of them are buy

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

Combination pro

ing vehicles instead of bicycles. If you were that manufacturing owner who read the story of China’s conversion from the bike to the automobile, you could have had a good idea that the oil prices were going up in America, thus giving you the time to prepare monetarily, and business-wise; whether you’d be

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

adjusting your prices accordingly, or simply giving your accounting manager the heads up on upcoming oil prices. This is just one example of many ways you can see the complete business world as your territory.

Business Mistake #2: Putting all of your Eggs in One Basket: I know, I know.. we’ve heard this

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

saying a million times, especially when it comes to the stock market. Analyst will tell you to diversify and to not put all of your eggs in one basket. This same concept holds true for business owners and potential entrepreneurs everywhere. If you are a potential business owner with a great and new idea

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

for an awesome business, make sure you have a back-up plan…and even better, other income streams. Creating multiple revenue streams is paramount for any entrepreneur, because the balance of business is fragile. One stone gets thrown at it, and the whole empire comes tumbling down. Make sure to diversify

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

your efforts and business ideas into many businesses that each get it’s chance to play out and make you money. If one fails, you will not only gain the learning experience, but you will not be left desolate and broke because you’d have your other businesses keeping you afloat. This is something every ent

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

epreneur should aim for.

Business Mistake #3: Putting your Marketing Efforts on Hiatus when you achieve the sales you are looking for: This is a GIANT, HUGE, BIG, FAT NO-NO! I see this mistake like everyday, mostly in small to medium sized businesses. Once you have achieved the kind of sales you are aim

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

Following aspects would a

ing for, keep up the marketing momentum. Many business owners will slow down their marketing efforts once they are happy with the income flow for the month, but this can lead to disaster. It is our natural instinct as humans to stop trying to obtain more work if we are already bogged down with a ton of w

dd to the challenges in developing combination products:

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

rk. Most business owners strive to get to that point where they feel they have too much work, but they never plan for what happens once they really do have too much work to handle! No amount of business should be too much. Plan for growth and don’t stop marketing for any reason, or your company's growth

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

will definitely be stifled!

Business Mistake #4: Not Hiring ”People”: When we talk about having “people” or needing to speak to our “people” about something, it often comes off snobby in a way. When you are a blooming business owner with barely enough time to eat and shower, having “people” becomes some

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

hing of a necessity rather than a luxury. I am not talking about a maid or a pool cleaner, although you can consider having people very similar to having a maid since they clean up your messes! Your “people” should include a trusted (I stress trusted) accountant, lawyer, and marketing expert. When a busi

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

ness comes to a certain point, these three people are imperative to your business’s stability, and eventual growth. Trying to take on these tasks yourself could mean more headache for you in the long-run. Each aspect of these people’s jobs secure an aspect of your business. Think about it, and then call

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

Professional from academic institutions, pharmaceutical industries, health care indust

round to find YOUR people!

Business Mistake #5: Lowering your Prices to Get the Sale: I am guilty of this 100%. Business owners who are experiencing a lag in sales and growth will sometimes jump at an opportunity to convert a prospect into a client… even at the sake of breaking even, or losing money on

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

the project or product! The worst part is, most business owners don’t even realize they broke even or lost money on that client until the project is done, and they are sitting with the same client who is demanding the same prices again. Once they tell their friends and colleagues what a deal they got, yo

.

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

’d be inclined to give the same price reductions to those referred people; thus lowering the perceived value of your product or service! Perceived value is extremely important, since most large companies only thrive because of it. Imagine Versace or Vera Wang selling a custom dress for $20? It doesn’t ha

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

Companies that provide selfless information through particip

ppen, since Versace only makes the finest and priciest clothes around! If she went around selling her work for $20, her name, business and rep would be tarnished. The same holds true for your business. You must think of it as already being large and in charge! Don’t ruin your brand before it’s even built

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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That a neat and tidy office can boost efficiency and productivity at work is undisputed. Keeping a high level of orderliness might seem to be a chore, but with the right combination of planning and the right office equipment, this can be done. Here, we discuss some very basics of setting up and maintaining a neat and orderly office.

You will never become a truly effective manager and leader as long as you feel compelled to have everyone like you. Of course, your task as a leader is made easier, and more pleasant, if your associates like you. But your becoming an effective manager and leader over any period of time will not be based primarily on your popularity. Instead, it will depend on the respect followers have for you and their feeling they can trust you to do the right things at the right time.

With the abundance of career opportunities and the imfamous buzz surrounding them, college grads may feel defeated when they don't land a relevant job. If you do land your first entry level job you may be disappointed by its paycheck and the stress of paying off student loans that cost 5 times what you make.

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