Advice You - Business

Starting my own business in February of 2001 at age 39 was among the most optimistic things I have done in my life.

Before electing to stay home for a year with my infant son in 199

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

7, I held a variety of corporate marketing management positions. I was accustomed to making big decisions and influencing big outcomes That is why I grew weary of managing the expen

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

Examples of combination products may in

se side of the household equation only to find that the generic brand of discount wheat crackers didn’t taste nearly as good as Nabisco® brand Wheat Thins.

Restless with my professi

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

onal skills on the shelf, I applied my talent and passion to influence the revenue side of the household money equation. I wanted to earn money to buy better groceries. Today my ag

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

ency is a corporation of three employees and a dog, and I am too busy to cook. Our intention is to do the best work of our lives and pack a punch for each client’s investment in our

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

Combination pro

services.

On my path from desperate housewife to diva of publicity, I’ve learned powerful lessons that might prove helpful to those thinking of launching businesses of their own.

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

1. Recognize the power in this most concise advice: Happy wife, happy life. Some women are happy as stay-at-home moms. Not me. Finding a way to use my writing and influence skills

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

for profit was my path toward the “happy wife, happy life” ideal.

2. Figure out a way to spend 80% or more of your time doing work you are passionate about. Storytelling has alway

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

s captured my interest, and that is the foundation of my efforts every day.

3. Price your services right. Believe in the value and have courage to charge market appropriate fees.

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

4. Oprah Winfrey once said, “Surround yourself only with those who lift you higher.” Observe and learn from the success of others. Choose clients, employees, and vendors carefully.

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

5. Show and demonstrate your passion. It is contagious, and it is the most persuasive tool you have to attract quality clients to your care.

6. Don’t sell. Tell. Be generous wi

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

Following aspects would a

th your expertise in a general way so prospects will learn enough about the value you offer to engage your expertise for a fee to solve their very real and specific pain. Pain kille

dd to the challenges in developing combination products:

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

rs sell a whole lot better than vitamins.

7. Image counts. Build a personal brand. Pay attention to your wardrobe. Craft a winning elevator speech. Speak with polish and authent

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

icity. Build a winning Web site. Launch an e-newsletter. Write for the media. Speak at conferences. These elements join together to say something powerful about who you are and

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

what you stand for. Prospects will either nod “yes” or “no” based on the detailed picture you paint.

8. Take genuine interest in the success of others and how you can apply your pr

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

oven, proprietary skills to advance their success. Their success is your success.

9. Have fun. Make money. One without the other isn’t good enough. Otherwise, go back to being an

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

Professional from academic institutions, pharmaceutical industries, health care indust

employee because it is much easier.

If I could emerge from the depths of post-partum depression to build a thriving business out of a desire to buy better groceries, what other rew

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

ards are waiting for those with the passion and commitment to pursue their entrepreneurial dreams?

My son Kyle is nine years old. He proudly introduces me to his playmates as the p

.

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

resident of her own company. He and I talk a lot about why it is important to do what you love so you never have to work a day in your life. That’s a powerful truism for folks of a

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

Companies that provide selfless information through particip

ny age. All this is to say that the payoffs for following your bliss are priceless. If it’s time to take that step, you know it. Best wishes for your entrepreneurial journey ahead.

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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Advice You - From Desperate Housewife to PR Diva in 9 Life Altering Steps - Tips for Business Owner Hopefuls

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