Advice You - Business

Think you have gone as far as you can in your present job? Instead of looking around for a similar position in another company, you may want to strike out on you

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

r own as a consultant.

With a greater acceptance of telecommuting and companies outsourcing a number of their functions, individuals may want to consider being

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

Examples of combination products may in

an independent consultant. But before you jump in, take the following into account:

1. Do Your Budget Projections

Every business has to have a proper system of

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

budgetary planning. This is vital if you do not want to lose a potential contract due to financial constraints. If you are unsure, it will be advisable to meet u

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

p with friends in the same industry. But do your homework first and check if they will be in direct competition with you. They may not give you accurate advice b

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

Combination pro

cause they may reveal vital information about their core competencies. Alternatively, you can source out information from your business associations.

2. Get a P

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

rivate Banker

Every consultancy needs good financial advice. Learn to delegate some financial requirements to the professionals. They may actually help you to a

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

oid pitfalls that can impede the progress of your consultancy.

3. Consider private funding

If you believe that your consultancy is built on a franchise or a fi

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

rst-mover opportunity, you should consider seriously getting private funding. However, before you hit the streets with your business plan, get legal advice about

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

the protection of your intellectual property and do a background check on the venture companies that you are approaching.

A big plus in getting venture funds is

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

that you can secure a much bigger principal sum and there is better support.

4. Be consistent with your pricing plan

In order to be credible and professional,

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

Following aspects would a

you should put serious thought in the pricing plan for your services. You may want to charge on a per hour or per contract basis. However, you can make exceptio

dd to the challenges in developing combination products:

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

s if you have intention of creating alliances with your customers or embark in a co-branding exercise.

5. Don't make too many promises

As you start your new co

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

nsultancy, you should give value-added services and not be too accommodating to your initial clients. The reason is that they may actually pass information about

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

your "low" pricing plan and omit the fact that the pricing plan is not a permanent arrangement. It is better to get a few big contracts to boost your consultancy

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

's credibility first. Also, remember to seek permission to quote your clients as references.

6. Target public tenders

There will be regular public tenders for

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

Professional from academic institutions, pharmaceutical industries, health care indust

arious projects. Your consultancy should gear up for these public exercises even though you're relatively new. The reason is that this will give you discipline a

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

nd encourage you to be more aware of the business climate in your industry, such as the minimum requirements and expectations that are accepted industry-wide. Th

.

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

s could be your best way of getting a reality check.

7. Build alliances with your employees

As you start your recruitment drive, be mindful that your new emplo

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

Companies that provide selfless information through particip

yees have a difficult task of building new alliances for your consultancy. You can make their task easier if you could accompany them to networking opportunities

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/13494/adviceyou-Minding-Your-Own-Business.html">Minding Your Own Business</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/13494/adviceyou-Minding-Your-Own-Business.html]Minding Your Own Business[/url]

The concept of franchising is a couple of centuries old. The franchising business and world economies have developed simultaneously.

Without a doubt, the commercial aviation industry has gone through certain dramatic changes over the past few years and now it appears to have reached break-even point. This stability does not necessarily mean that downsizing and further layoffs are a part of the past, but for anyone who wishes to pursue a career in Airline Customer Services, the future is a lot brighter these days.

Tags

Links

Advice You - Minding Your Own Business

Related Articles: