Advice You - Business

Many of our students express interest on establishing their own private practices. Having your own business means you can have the flexibility needed to fulfil your family commitments, to have control of your life and to excel the quality of your services.

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

Having that in mind, AIPC has developed some guidelines that may help you setting up your practice. Going into business for yourself is definitely not just a matter of opening the doors and putting out a welcome mat!

Promoting your Business

Profe

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

Examples of combination products may in

ssionals in the health and associated industries, including doctors, nurses, psychologists, counsellors, social workers, etc., often work from their own self-employed businesses, and as such are required to maintain appropriate trading and other records. W

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

hen becoming self-employed it is natural that you wish to see your business thrive, and with this natural expectation in mind we ask that you try to set realistic goals. Don't expect that your business will flourish overnight, and don't expect it to grow 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

less you put in significant effort. Nurturing your business in the early stages is like most other things in life, you do the right thing by it and it will do the right thing for you.

- Talk to your family doctor and pharmacist and let him/her know what y

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

Combination pro

ou are planning as you may have to make referrals to him/her. Many counsellors do get referrals from them and this is usually the result of establishing a meaningful trust relationship.

- Talk to your local naturopath/homeopath/physiotherapist and suggest

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

an exchange of business cards. Explain that you would like to have someone specific to make referrals to and maybe he/she may care to reciprocate.

- One of the best ways to promote your business is by word of mouth, and one of the most effective ways to

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

nsure that this happens is to run group activities such as Grief and Loss discussion groups.

- Advertising - use a simple and concise description of your services and advertise through relevant channels (e.g. yellow pages, newspapers "Health and Wellbeing

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

" and "Professional Services" sections, etc).

Legal and Accounting Matters

Before you go into practice, whether it is on a full time, part time or volunteer basis, you should seek appropriate accounting and legal advice. Don't just set up shop. Ge

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 the right advice, it's well worth it. Setting up a business as a counselling practitioner carries with it certain responsibilities. You may ask yourself some basic questions, and ensure you have the answers for them before setting your business up.

- Sh

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

uld I register a Business Name and if so, how do I do it?
- Should I form a Trust of a Company and if so, when and how?
- Should I register for an Australian Business Number (or similar) and if so, how do I do it?
- Should I register for

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

Following aspects would a

GST (or similar tax registration process) and if so, how do I do it?
- Am I required to register under Workplace Health and Safety Regulations?
- What kind of accounting format do I need?
- Do I need Insurance (indemnity or other) and if

dd to the challenges in developing combination products:

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

so, what?

Setting up your rooms

There are some aspects of your room that must be considered when developing a counselling practice environment.

Colours

Both room background and the d?cor colours should be modest, comfortable, settling and

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

non-aggressive. Ideal colours include soft pastel shades including green, blue, lilac or cream.

D?cor

It should be conservative and not include primary colours or items which are attention getting.

Space

It should neither be overly large

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

or small.

- Seating: It should be comfortable and arranged in a circular plan. Lounge type chairs are preferable and it is important that you, the counsellor, sit at the same height as your clients.

- Smoking: It is unprofessional to smoke with a client.

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

- Seeking Counsel: If you are working with someone and you would like a second opinion never be afraid to let the Client know that this is what you want. Make sure you preserve the client's privacy by not passing on details such as name or contact detail

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

Professional from academic institutions, pharmaceutical industries, health care indust

s.

Keep yourself up-to-date!

If you are engaging into your own practice, it is important that you keep up-to-date with industry events, standards and innovations. As a solution provider, you ought to know what are the requirements of your clients,

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

what is the quality level of your competitors and in which ways you can bring more satisfaction to everyone involved with your business. Magazines (e.g. The Professional Counsellor), the web, newsletters and industry associations are good sources of such i

.

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

nformation.

By applying some of these tips there is a greater chance you'll succeed in your own practice. As they say in business: Failing to plan is planning to fail!

© Australian Instit

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

Companies that provide selfless information through particip

ute of Professional Counsellors.

Subscribe to our FREE eZine.

Access the AIPC Article Library

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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