Advice You - Business

Here’s a million dollar question for you?

Is it possible that you could own a mortgage company for many years, but never really build value

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

in your business? Your company is your biggest investment besides your home.

Here are a few billion dollar questions for you?

What steps

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

Examples of combination products may in

are you taking right now to increase the value of your business? Not just to make more monthly revenue but actually increase what your busin

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

ess is worth.

What steps are taking to promote your brand?

Is your business built on one person (yourself)? Most mortgage companies grow t

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

heir business through a loan officer centric model. The loan officer is the focus of the message vs. a company centric model where the compa

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

Combination pro

ny is the focus.

What would happen if your high producing loan officers left? This is typically an owner’s greatest fear. Many mortgage pr

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

ofessionals are frustrated because they are stuck working in their business not on it. They have become trapped in the “loan officer depende

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

cy cycle” desperately trying to hold onto high producing LO’s by paying them high splits. This leads to commission splits that bleed the com

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

pany of the capital that is required to invest in marketing and infrastructure and building a company’s brand. Many companies react to the

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

departure of a high producer by recruiting a similar LO who demands an even higher percentage.

Do you have a one and done mentality, short

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

term business approach? Is your business totally dependant on your production or on a group of high producing LO’s? In this situation it is

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

Following aspects would a

very difficult to really build your brand and invest in systems that are necessary to grow (by grow I mean increase in value) your business.

dd to the challenges in developing combination products:

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

A friend once told me that there are only 100 pennies in a dollar. At 60% split, plus payroll plus operation costs plus, plus- what is ac

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

tually left in the form of a profit? The question is how do you reverse course without losing your business?

This may be the time to take

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

ne step back to move two steps forward. Over the past 5 years companies made fortunes writing loans. In times like these it is necessary t

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

o invest some of that money back into your business in preparation for the next tidal wave of refinances- which will eventually come. Now i

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

Professional from academic institutions, pharmaceutical industries, health care indust

s the time to act out of inspiration, not desperation.

At the end of 2006 was your business worth more than it was at the end of 2005? Note

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

, I didn’t ask you if you made money in 2006, just did your business grow in value.

The goal of any business should be to build the net wor

.

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

th of the owner. Your business is only worth what you can sell it for. After all, as an owner you’re spending a huge amount of time and effo

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

Companies that provide selfless information through particip

rt not to just make money, but to build a business. What processes, people and tools do you have in place to create a self sufficient system

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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