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Advice You - 4 Steps to Success In Life, Business, The Universe And Everything
Everyone wants to succeed in life. And no one starts a business of any sort, on-line or off-line, wanting to fail.
Yet the sad fact is that 80% of offline and 97% of internet businesses will fail in the first year. 84% of internet
Yet the sad fact is that 80% of offline and 97% of internet businesses will fail in the first year. 84% of internet
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
businesses will never make any income at all.
So what can you do to ensure your success?
Luckily these four simple (never confuse simple with easy), tried and tested steps dramatically increases your chances.
1. Set Out Your Goa
So what can you do to ensure your success?
Luckily these four simple (never confuse simple with easy), tried and tested steps dramatically increases your chances.
1. Set Out Your Goa
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
s
Success means something different to us all. A self-made businessman worth millions of dollars would be thought successful by most. But if that businessman only rarely sees his family, never gets to play golf and spends all o
Success means something different to us all. A self-made businessman worth millions of dollars would be thought successful by most. But if that businessman only rarely sees his family, never gets to play golf and spends all o
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
his time on airplanes or in some exotic sounding (but usually antiseptic) hotel, is that really a success? Would that businessman think his life a success?
Possibly, possibly not.
But if that man had set himself goals for his bu
Possibly, possibly not.
But if that man had set himself goals for his bu
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
siness, private and social lives he at least has some way of measuring his
achievements.
Before starting on any endeavour - set your goals.
Make sure your goals are specific enough that you know when you have achieved them. "I
Before starting on any endeavour - set your goals.
Make sure your goals are specific enough that you know when you have achieved them. "I
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ant to make money on the internet" is weak. "I want to make $100,000 next year and $200,000 the year after" is much stronger.
Don't forget to include your private and social goals. Many rich people complain that they have all the
Don't forget to include your private and social goals. Many rich people complain that they have all the
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
reedom that money
can buy - but money can't buy the time to enjoy what they have earned.
2. Plan, Plan, Plan
If the number one key to success in retailing is location, location and location, the number one key to success in busin
2. Plan, Plan, Plan
If the number one key to success in retailing is location, location and location, the number one key to success in busin
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
ess
is plan, plan, plan.
Remember the 5 Ps success model - Prior Planning Prevents Poor Performance. (When I was taught this in the military there was a 6th P - for the sake of a mixed audience I have left this out. Use your imag
is plan, plan, plan.
Remember the 5 Ps success model - Prior Planning Prevents Poor Performance. (When I was taught this in the military there was a 6th P - for the sake of a mixed audience I have left this out. Use your imag
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nation - you'll guess what it was :-))
If you've done your goal setting you know what you are going to achieve. The point of planning is how you are going to do it. Break each goal down into constituent steps needed for its achie
If you've done your goal setting you know what you are going to achieve. The point of planning is how you are going to do it. Break each goal down into constituent steps needed for its achie
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
ement. For each step decide what, who, where and when it is to be done.
Be realistic and make sure that every step is achievable in the time set. Be prepared - when you plan-out all that you need to do, the amount of work can b
Be realistic and make sure that every step is achievable in the time set. Be prepared - when you plan-out all that you need to do, the amount of work can b
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
daunting. Better to know this up-front than sale merrily into a venture only to find it is a huge monster that is going to take you a lifetime to kill.
3. Action Counts
I've seen some beautiful plans. Highly researched, well th
3. Action Counts
I've seen some beautiful plans. Highly researched, well th
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ought out and presented. I'll talk to a business owner and they'll say, "We've got a plan" and pull it out of the bottom draw of a filing cabinet somewhere.
"So, why aren't you using it", I'll ask. Nine times out of 10 the plan
"So, why aren't you using it", I'll ask. Nine times out of 10 the plan
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
as produced to obtain
funding. Lot's of really good work is done but once the money is obtained the plan is put to one side and ignored.
Big mistake. Taking action is the only thing that counts.
Every successfull business I ha
funding. Lot's of really good work is done but once the money is obtained the plan is put to one side and ignored.
Big mistake. Taking action is the only thing that counts.
Every successfull business I ha
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
e looked at has clear, current business, operational and marketing plans. It doesn't matter whether your business is offline or online. It's taking action that delivers the results.
4. Another 5 'P's to Success
Passion - You
4. Another 5 'P's to Success
Passion - You
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
have to believe in what you are doing. No where is this more obvious than on the internet. You can spot the
'me-too' advertisers in a second. The people who succeed are the ones in have passion, who truly believe in what they a
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
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
doing. Do something that you love.
Push - No matter how good your plan you have to provide a big push to get it moving. Your plan inevitably involves change. Achieving change takes effort. Think of it as if you were trying
Push - No matter how good your plan you have to provide a big push to get it moving. Your plan inevitably involves change. Achieving change takes effort. Think of it as if you were trying
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
to move a boulder. To get that boulder up and moving takes a lot of muscle and effort. Once it is moving though it becomes much easier.
Persistence - Getting started is relatively easy. Afterall, you are all fired up with energ
Persistence - Getting started is relatively easy. Afterall, you are all fired up with energ
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
y and enthusiasm at that time. Few things worth achieving happen over night. Instead, there will be problems, hold-ups and frustrations. Don't allow yourself to become disillusioned or demotivated. You need persistence.
Patienc
Patienc
.
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
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
- Results don't happen instantly. Allied to persistence you will need some patience.
Profit - OK, OK it's trite. But follow the steps here, gear yourself to provide these 5 Ps and you will succeed. In business, profit is a mea
Profit - OK, OK it's trite. But follow the steps here, gear yourself to provide these 5 Ps and you will succeed. In business, profit is a mea
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ure of your success.
No one can guarantee your success whether in life or in business. You can dramatically increase your chances of success through these four simple, very well established principles.
The question is, "WILL YOU"
No one can guarantee your success whether in life or in business. You can dramatically increase your chances of success through these four simple, very well established principles.
The question is, "WILL YOU"
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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