Advice You - Business

The idea that there are millions of dollars in grant funds – free money -- waiting for the small business owner to tap into them is true and at the

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

same time, not true.

In most cases, grant funds are not designed to start a new business. There are some specialized businesses that may qualify fo

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

Examples of combination products may in

r start-up money, but 99.9% of the businesses in the Yellow Pages would be ineligible to receive start-up funding.

Yet there are millions of dollar

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

s available to help fund existing small businesses and employment programs, particularly in the non-profit arena. The trick is to be able to resear

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

h grants and find those that are most aligned with your company’s mission and/or project.

Grants fall into two categories: government and corporat

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

Combination pro

e. They all come with strings attached and very specific requirements for those who will be awarded the funds. Funders look for businesses and or

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

ganizations that already exist, that will use the money for a worthwhile project, i.e. jobs in inner cities, providing training to specialized group

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

, etc., and that will develop a self-sustaining program.

For small businesses that are looking for funding for expansion or for equipment purchases

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

, it takes a creative mind to find a grant that could apply to your specific needs while filling the requirements of the grant funders. That is whe

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

re the services of a professional grant writer are invaluable.

For example, a company may want grant money to fund an expansion of their sales forc

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

and they need to add more space as well as hire more people. Well, a for-profit company may not be eligible for any grant money. However, the com

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

Following aspects would a

pany could form a non-profit agency that trains veterans or welfare moms in sales skills, leases or buys space to accommodate the workers and gives

dd to the challenges in developing combination products:

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

the new trainees a place to work by leasing them to the for-profit company.

Writing a grant proposal is a very specialized skill, but it can be lea

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

rned. Grant writing in and of itself is a very lucrative profession. The IRS has established a pay range for grant writers of $50 - $150 per hour.

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

A comprehensive training course is available at www.superchargedgrants.com. Students actually work on a real grant proposal while taking the cours

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

e. Their work is critiqued by a certified professional grant writer

For those who don’t want to do it themselves or who don’t have the time to do

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

Professional from academic institutions, pharmaceutical industries, health care indust

it themselves, they can hire a professional grant writer to research and write the grant proposal. An organization will generally pay between $1,00

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

- $3,000 for a complete grant proposal and even higher for large proposal amounts. There are also grant review services that help grant seekers tw

.

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

eak their proposals for the best possible chance of funding.

Grants for small business funding are out there. The trick is to know how to present

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

Companies that provide selfless information through particip

your needs in a way that best aligns with the grant funder’s mission. It isn’t easy, but it is definitely attainable and very much worth the effort

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 - Grant Funding for Small Businesses

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