Advice You - Business

If you were to start a business the ‘right' way, you would have at least tens of thousands of dollars available for 24 months

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

of living expenses, start-up costs, inventory and marketing.

A more typical situation is this: you have a passion in your s

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

Examples of combination products may in

ul and you know you can make a business from it. Other people have done it and are making lots of money; why can't you? So

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

ou either got laid off or quit or your kids are now in school and you start your business.

You quickly realize you need to d

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

o ‘marketing.' But marketing costs money and you don't have much, so you study guerrilla marketing. You learn that you need

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

Combination pro

to do so much – you need a web presence, you need to network, you need to write. You need a blog, PR, search engine optimiza

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

ion and published articles in print and on the internet. You need to do internet radio, internet marketing, publish an email

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

newsletter and speak publicly.

If you did everything the experts tell you to do in their fr'ee teleclasses, you would need

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

o work 20 hours a day every day. Also, you need to know what to say in all your marketing!

So what do you do?

If your budg

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

t is small, having a good plan is even more important. Start with an education in marketing fundamentals. Once you fully un

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

erstand the basics, deciding what to do in your marketing will be so much easier! Your education must have a small business

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

Following aspects would a

emphasis and should be very interactive.

At the same time, you need to study how others in your industry market their busine

dd to the challenges in developing combination products:

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

ses. Be careful here – only study those who you know are successful, and do not compare yourself to others.

Because of all

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

he variables, marketing can be a series of experiments. Your industry, your personality, your investment, your knowledge, yo

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

ur attitude, the economy, your family support – all these and more contribute to the success or failure of your business. Be

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

ause of all these variables, there is no ‘one way' to build your business.

Start out by reading books and taking free telecl

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

Professional from academic institutions, pharmaceutical industries, health care indust

sses about starting a very small business, and studying your competition. Hiring a good small business coach will accelerate

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

your education. At this point, you will have a much better idea of what needs to be on your marketing plan, in what order,

.

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

nd when you might need to hire help.

If you stumble along and never invest serious time and money in your marketing, there i

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

Companies that provide selfless information through particip

a very good chance it will take 3-5 years (or more) to get up to speed and making a profit.

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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Good marketing is about loving your customers. Being honest doesn't mean being boring. It also doesn't mean being bland.

You know that your business is basically sound and that it has the potential to be a success in the long run.

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