Advice You - Business

As the Grants Committee Chair on the Board of an Educational Foundation that gives small grants to teachers, I have participated in two

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

grant review sessions. There, I learned more than I could have in two years of simply writing grants. Reading grants was like interviewi

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

Examples of combination products may in

ng candidates to invest the money we spent all year fundraising and taught me the no grant will be funded if it appears financially risk

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

. Here are some tips on creating a budget that will attract funders, rather than scare them off.

1. Ask For a Definite Amount of Mon

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

ey

Requesting “as much as you can give” does not make you more favorable to a Board because you are saving them by unburdening them

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

Combination pro

from an excessive grant. Instead, it leaves several bad impressions: a) You do not have enough confidence in your program to believe it

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

worthy of full funding; b) Your budget is either inflated or unrealistic; c) You have not fully thought out your budget and are unsure o

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

the real costs of your program. When you make a request, make it confidently and show you know exactly how much you need.

2. Ask Fo

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

r a Reasonable Amount of Money

During our second round of grant making, when our total assets were under $100,000 and the only gran

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

we had ever given was for $2,000, we received a grant request for $10,000. This mistake automatically eliminated the proposal from cons

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

ideration and could have easily been avoided if the writer had done a little research on our past grants.

3. The More Detailed Your

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

Following aspects would a

Budget, The Better

The first rule of budgets is to follow exactly the format that the RFP requests. If there is no specific format

dd to the challenges in developing combination products:

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

equested, then take the following advice to heart.

It is essential that you break your budget into, at minimum, the following categorie

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

s: salaries, fringes, equipment, materials, purchased services, and indirect costs. Within some of those categories, be as detailed as p

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

ssible. If you are buying equipment or materials such as books, computers, or other supplies you can easily predict their market cost by

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

searching Amazon.com or an Office Depot Catalogue. Use these price listings and either reference them in your grant or attach copies of

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

Professional from academic institutions, pharmaceutical industries, health care indust

them. Our committee once shared a good laugh over an applicant who requested $100 for something we knew the Walmart in town sold for $20

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

.

4. Don’t Ask For What They Don’t Give

Foundations are usually very clear about what they will and will not fund. Read their w

.

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

bsite and grant guidelines carefully and be sure not to ask for that which they already said they won’t give. This seems obvious, but so

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

Companies that provide selfless information through particip

metimes applicants excited about their projects hope that the funder will be just as excited and make an exception. Trust me, they won’t

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/19763/adviceyou-How-to-Build-a-Better-Budget-in-Your-Grant-Advice-from-Grant-Makers.html">How to Build a Better Budget in Your Grant: Advice from Grant Makers</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/19763/adviceyou-How-to-Build-a-Better-Budget-in-Your-Grant-Advice-from-Grant-Makers.html]How to Build a Better Budget in Your Grant: Advice from Grant Makers[/url]

Chess isn't just a game that you play on the board against your opponent; chess is a way of life that can be applied to any situation, especially situations that entrepreneurs face on a daily basis.

I'm a divorced mom of 3, and in my search for a way to become financially independent, I stumbled onto the Rich Dad series of books by Robert Kiyosaki. I was pulled in partially by the fact that he tells us in the books, that he and his wife Kim, lived out of their vehicle for a period of time before they made their wealth.

What defines the entrepreneurial spirit? Drive, focus, innovation, can-do attitude, self-determination and the desire to be different. If you demonstrate these qualities you might be an entrepreneurial spirit. It doesn't matter whether you run your own business or if you work for someone else.

Tags

Links

Advice You - How to Build a Better Budget in Your Grant: Advice from Grant Makers

Related Articles: