Advice You - Business

NFL players earn a lot of money and that makes NFL players a prime target for business people and con artists looking to make an easy buck. Every year NFL players are scammed out of tens of millions of dollars from busi

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

ness people and scam artists looking to acquire investment money to start a business. The reason for this is that NFL players are athletes and we are not well educated in business. That makes us easy targets.

I am one

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

Examples of combination products may in

of the NFL players who has been scammed out of hundreds of thousands of dollars. As an example, several years ago I was approached by a business man who asked me to be a partner in his new business. He said all I have t

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

do is give him $50,000 and he will do all the work and double my money. At the time I did not know about business and the thought of easily doubling my money sounded great. So, I gave him the money. He then quickly sp

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

ent all of the money I gave him and went out of business. I never heard from him again. That taught me a very valuable lesson. If I want to make money in business, I must become an expert at business.

I've watched many

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

Combination pro

other NFL players become victims of unwise business investments. This includes business people coming to them asking for investment money to start entertainment businesses, restaurants, clothing lines, clubs, and more.

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

In nearly every instance, the NFL player lost every cent of money he invested to help start a business.

As I have studied business and become successful at it, I have developed some rules that I live by when starting 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

new business.

1. There is no such thing as easy money. Starting a business takes time and it is hard work. To be successful at business you must be patient and conservative with your money. As a rule of thumb, triple

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

hat you think expenses will cost and divide by three the money you think you will make. By doing that you will have a more accurate picture of how a business will perform in its 2-3 years.

2. When getting involved in b

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

usiness, only get involved in a business you are very passionate about. You must love the business you are in. And, you must be very educated about the business you are getting involved in. Don’t just blindly spend mone

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

starting a new business for which you have no experience. You must learn everything you possible can about running that type of business before you invest your money. If possible, get a job working in a very similar bu

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

Following aspects would a

siness so you can learn all there is to know about running that type of business. See if there are books written about the type of business you want to start and study them over and over. Also, talk to other business ow

dd to the challenges in developing combination products:

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

ners who run the type of business you want to start. Ask them for tips and the best way to run that type of business. Maybe you can hire them as a consultant to help you start your business. The more knowledge you can g

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

in before you start a business, the better chance you have of making your business successful.

3. Look at your financial situation. Do you have enough money in savings to cover all of your personal and business expense

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

s for at least one full year? If you do not, you are asking for trouble. Nearly all businesses do NOT make a profit their first year in business. If you expect the business you start to immediately generate a lot of mon

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

y, you are in for a huge disappointment. Again, you must be very conservative with your money.

4. Find a good accountant who will help you with tax planning. If you can, find an accountant who has experience doing acco

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

Professional from academic institutions, pharmaceutical industries, health care indust

unting for the type of business you want to start.

5. The most important thing you can do is find a successful business mentor. I continued to be unsuccessful in business until I found a business mentor (Peter Geisheke

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

r) who helped me with every aspect of running my business. I started an online store to sell NFL merchandise (mcsportsfan.com). Peter is an expert at Internet marketing and e-commerce and he taught me all the ins and ou

.

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 of successfully running an online business. He has also helped me save a lot of money as I was spending a small fortune on Internet services that I did not need. Now that I am working with Peter, I am making money ins

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

Companies that provide selfless information through particip

tead of losing money and I am having a lot of fun in business. Again, I cannot stress how important it is for you to find an honest and successful business mentor to guide you through building and managing your business

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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