Advice You - Business

Starting a new business is one thing, actually getting paying clients is another. Clients won't know you're starting a new 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 unless you tell them. So you have to start telling people right away.

Here are some tips for getting the word out:

You 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

ould have at least 50 people on your contact list. These are the people you are going to let know that you are starting a new b

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

usiness.

Start with family members outside of your immediate family - brothers, sisters, cousins, aunts, uncles, parents, grand

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

arents, nephews, in-laws, cousin in-laws, sister-in-laws.

The next set of people who should know you are starting a new busines

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

Combination pro

are your immediate circle of friends - friends, neighbors, the parents of your kids’ friends, your parent’s friends.

Now think

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

about where you spend your money. The people you do business with should know you are starting a new business - hopefully they

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

will return the favor. Take out your credit card statements and bank statements. Look at all the people you send money to on a

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

personal basis every month.
Accountants
Attorneys
Cleaning services
Babysitters
Contractors
Doc

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

ors
Dentists
Stock brokers
Hairdressers
Repair persons
Insurance agents
Tutors and instructors

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

Veterinarians

Your list will be more extensive, but this is a start to the number of people you need to tell you are start

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

Following aspects would a

ing a new business.

When you do business with companies where you have direct contact with an owner, manager or decision-maker,

dd to the challenges in developing combination products:

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

make sure you tell these people personally that you are starting up a business. Visit them, call them, or send them an email at

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

the absolute minimum.

Every time you pay a bill to a local company, enclose a business card with the check. What better and e

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

ficient way to let people know you are starting a new business?

When you receive phone solicitations don't dismiss the caller.

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

Tell him/her that you don't need their services right now but you will hold onto their information. Then proceed to tell them th

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

Professional from academic institutions, pharmaceutical industries, health care indust

at you are starting a new business and ask for a referral.

Bottom Line on Starting A New Business When you are starting a new

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

usiness you need to shout it from the rooftops. Think of everyone you know and start telling them. Be creative in your approac

.

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

hes and take every opportunity you can think of to tell people about your new business.

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

Companies that provide selfless information through particip

m. All Worldwide Rights Reserved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance

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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