Advice You - Business

You have decided to strike it out on your own and set up a business consultancy. Chances are you want to look at getting your own office premises.

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

Besides ensuring that your rental payment does not create serious cash-flow problems in the medium term, you have to look out for these other fac

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

Examples of combination products may in

ors:

The anchor tenant:

Every office building will have a few anchor tenants. It is important to find out from the building management when thei

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

r lease will end. The reason is that these anchor tenants collectively create the image of the office building to the public and will generate the

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

initial customer traffic for your company. Their presence will also be factored in the quotation of the rental payment.

Office Supplies:

You mus

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

Combination pro

t enquire if there are tenants who can supply you with the resources for the daily operations of your consultancy. This may include printer cartri

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

ge, paper and general office stationery. Then your staff will not waste valuable company time in making phone calls or traveling when your resourc

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

es need to be replenished. This is also a golden opportunity to "cross advertise". You can leave your name-card and flyers with these suppliers an

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

vice versa.

Networking:

You may discover that a similar consultancy is a tenant in the same office building. Seize this opportunity to create e

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

conomies of scale by having your office at the same floor with them. Not only will you benefit from increased traffic, you may have to collaborate

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

with them on big projects.

Office Renovation:

Some building management will not allow new tenants to make major changes to the d?cor of the offi

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

Following aspects would a

e. This policy is in line with trying to keep to the uniformity and identity of the whole building. You have to decide if the building's identity

dd to the challenges in developing combination products:

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

is coherent with what your company wants to project. However, office renovation should not take precedence to being close to your target market.

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

our clients:

If your clients have to frequent your consultancy, it is essential that there is sufficient car-park space or the office building is

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

near an MRT station. With the current working trends and globalisation of operations, your staff may have to put in irregular working hours. Havi

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

g an office with a 24-hour security patrol and air-conditioning facilities will make the working experience more acceptable!

Bank:

Ensure that t

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

Professional from academic institutions, pharmaceutical industries, health care indust

here is a bank in the office building or in the near vicinity for you to do your daily banking activities. Having easy access to cash flow and TT

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

acilities will also improve book-keeping procedures and encourage your customers to settle their debts more expeditiously.

Pro-active management

.

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

committee:

It will also be helpful as a new tenant to be in the building management committee. This will open the door to more contacts and impro

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

Companies that provide selfless information through particip

e networking. You can also ask permission to promote your company in the building's newsletter or put out a banner outside the building's premises

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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Branding strategy is an important component of every business. Branding strategy is the most effective way to sell a product/service and to enhance the demand for a product/service in the market. Increasing competition in business develops similar products with good quality from different manufacturers. But an effective branding strategy only makes your business and products more popular. Branding strategy is usually designed and developed by the marketing department.

In the industry for your products and services, there may be many existing elements like symbols, colors, or other visual images that are very familiar to the people who buy and use the appropriate products and services. Your mission is to find those elements, adopt them within your identity, and become an integral part of the community you to intend to serve.

The facts are, as stated by the Small Business Administration, 80% of small business start ups close within the first five years. But, maybe you and your idea are different and you are prepared to beat the odds. If you still want to give it that ol’ college try read on.

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