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It is a great idea to want to start a business, but a person has to analyze and estimate if he has the qualities that are essential for being a successful

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

entrepreneur.

Qualities of a Successful Entrepreneur:

Entrepreneurs are persevering, are lovers of challenges, are action oriented and are quick to lea

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

Examples of combination products may in

rn, and adopt techniques to perform better as well as improve their business. They are independent extroverts who have the ability to lead people, manage

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

them effectively, and steer their business toward its success. They are intelligent and able to utilize their skills, time, resources, and energy effectiv

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

ely. They are emotionally stable and healthy. They set reasonable, realistic goals and determine the ways to achieve the goals without fuss, have good com

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

Combination pro

unication skills as well as the ability to judge people and trust them accordingly. They have business acumen even without attending any business school a

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

nd have the right instinct to make the right decision at the right time. They have the ability to make maximum use of the available resources and do not f

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

ear failure and are able to solve problems and seek solutions to existing problems easily.

Some Other Traits of Entrepreneurs:

• Leadership: An entrepre

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

neur is a natural leader with the vision and the drive to do things right and steer his company toward success with ease.

• Confidence: He has to be self

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

-confident, confident in his plans as he has carefully researched them and has mastered the skills necessary to implement them carefully.

• Energetic: Th

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

y have amazing capacity for hard work and are energetic, motivating those that come in contact with them on account of their drive and determination.

• C

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

Following aspects would a

reative And Innovative: This will be an essential criterion to design and sell products that are interesting which offer several benefits and have a compe

dd to the challenges in developing combination products:

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

titive edge, making sure they capture the target market on launch without much difficulty.

• Organized: Entrepreneurs have to be highly organized and sys

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

tematic, making it possible to achieve things in a much shorter time. The ability to deliver anything that has been promised on time and the ability to st

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

ick to schedules are necessary for a person to be a successful entrepreneur.

• Have Trouble Being Subordinates: They usually are strong-willed and have t

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

ouble working under someone else.

• Highly Competitive: They are very competitive and will strive offer better services and products than the competition

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

Professional from academic institutions, pharmaceutical industries, health care indust

.

• Will Not Hesitate To Take Risks: Risks are part of any business, and a successful entrepreneur will have the knack of taking calculated risks that wi

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

ll only benefit the business.

• Will Not Hesitate To Seek Help When Necessary: They will hire necessary staff to help them in areas where they are not ve

.

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

ry confident.

These are some of the traits of entrepreneurs, which can be used as a checklist to determine if someone has the capability to be an entrepr

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

Companies that provide selfless information through particip

eneur. If you do start your own business, be sure to use the services as well as products offered by some firms to help new entrepreneurs like you succeed

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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