Advice You - Business

Mortgage Brokers interested in adding equipment financing to their revenues can do so by following 3 easy steps.

Starting a commercial equipment financing business can

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

be a doubly successful endeavour for mortgage brokers because it can generate a new income stream as well as open up more doors for building their existing mortgage

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

Examples of combination products may in

business. Also, financing equipment can be a good stepping stone for a mortgage broker into the more complicated world of project & commercial property finance. With

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

good commissions available, this area should be of interest to the expanding mortgage broker's business.

While the thought of commencing a new business venture can be

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

a daunting one success will come from having sound procedures and practices. A small amount of work initially will quickly help you to determine if there is a busine

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

Combination pro

ss opportunity, and if there is - how to go about taking advantage of it.

1. Establish your footings.

Initially using a broad brush you need to determine if there is

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

an immediate opportunity for you in financing equipment. Call some people in your client or personal network and ask them if their employer or business uses finance f

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

or their equipment. Get some names and contact the people responsible for the financing and ask them what they finance, and when they finance. Also what product they

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

use and why. You might also ask who they use and how they decide who to use.

By doing this you are educating yourself on some of the terms and jargon that is used pl

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

us your are testing your comfort level in discussing this sort of financing with exactly the people you will be talking to when you kick your business off.

2. Place y

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

ur foundations.

If you get some positive feedback you are well on the way to making your decision to venture into this new area of financing. Now you need to line up

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

Following aspects would a

your finance sources. Most banks and financiers will have a minimum value business introduction hurdle for accreditation. You may need a number of sources so call ar

dd to the challenges in developing combination products:

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

ound and find out the criteria. Also ask about relationship issues. You may want to manage the client relationship yourself or alternatively simply refer clients to

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

the financier who will manage the relationship. Find out about fees & commissions at the front, during and at the end of a transaction. Investigate marketing and other

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

support the financier can provide you in your local area. Also what products are on offer and how do they differ. Importantly, ask them who their target clients are

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

and their credit criteria, it will be best if you are working in the same or similar direction.

3. Build your business framework.

A good database tool is essential. Y

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

Professional from academic institutions, pharmaceutical industries, health care indust

ou may be able to use your existing database to manage your new business transactions and pipeline or adapt it to the new process and information you will need to st

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

ore. Remember, you are now dealing with companies and businesses in addition to the individuals that operate them. How much income do you want to generate, how much ti

.

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

me are you going to allocate & when will you allocate the time. What marketing will you use and when. With the end of the financial year approaching what angle would

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

Companies that provide selfless information through particip

work now.

If your thoughts are positive and your comfort levels OK you are ready to now grow your service offering and to add a new stream of income to your business

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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