Advice You - Business

I know. I know you’re excited about your new business. I know you have a great idea and when you tell others about it, they think you have a great idea, too. A great idea is

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

the birth of a new small business.

But as a self-employed small business owner, you can’t afford to take chances on ideas without getting more information about what your entir

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

Examples of combination products may in

market audience wants and what they’re willing to pay for it. Talking to 10 or 20 other people isn’t enough. You’ve got to talk to thousands.

In the military and in NASA, th

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

y use a term called “ground truth.” While they can observe things via satellite and other distant monitoring devices, nothing beats getting down on the ground and seeing what’s

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

really happening in real life. Here’s NASA’s explanation of how they use Ground Truth:

http://asd-w

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

Combination pro

w.larc.nasa.gov/SCOOL/groundtruth.html

So, how can you get ground truth about the viability of your business idea? The answer is market research. Market research is a stud

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

of your consumer’s preferences and your competition. Sometimes you’ll hear it called a “feasibility study.”

Through surveys, literature research, internet research, and other

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

information gathering techniques, you can learn the trends in your industry, as well as individual preferences of your potential customers. If you’re in a well-defined industry

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

like toy manufacturing, you might find that your national professional organization has already conducted research studies on behalf of the members of the organization.

Why is

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

market research necessary? Because we all have different tastes, different ideas about what’s important in our lives, and different ability (or willingness) to pay a particular

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

price for what we want. Often the small business owner thinks they have a great idea for a new product or service, only to discover that people either don’t want that service o

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

Following aspects would a

r product, or they’re not willing to pay the price that the small business needs to set in order to be profitable.

Sometimes they discover, joyfully, that not only do people wa

dd to the challenges in developing combination products:

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

t this new product or service, but that these same people can suggest other new products and services that would work well with the new idea, allowing the small business owner t

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

see future growth into new areas. Or maybe they discover through their market research that if they made a small change in their product or service, for instance, making a prod

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

uct with a red cover instead of a blue one, that people would buy it more often.

Another purpose of market research is to discover what your competition is doing. Say that you

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

ant to create a new type of office product and you think your idea is unique. Take a look at what’s on offer at the Staples, OfficeMax and Office Depot websites, and you might d

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

Professional from academic institutions, pharmaceutical industries, health care indust

scover that your competitors have already created a product to solve the same problem as your product solves. Does that mean you should then give up the idea entirely? No, not

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

necessarily. What it means is that you now have some ground truth about what you’re up against if you want to go head-to-head with these competitors.

You need to know the gro

.

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

nd truth about your ideas before you spend countless hours and money taking a new product or service to market. I know that it feels like it’s putting a damper on new business

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

Companies that provide selfless information through particip

dea creation, but in fact, it’s just the opposite: I’m encouraging you to find out what your customers want, and what they will pay for it, so that you can ensure future success

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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Silk fibre is the most beautiful natural fibre to be found by the human civilization. Well speaking of the history of this special fibre, all credit goes to the Chinese Empress three millennia before when she thought of doing some good for her people. Her act of doing well for the Chinese has blessed the world with such a wonderful fibre. Silk Yarns and apparels are in good demand all through out the year producing good textile business.

The six essential components of successful project management. The things a project manager should never forget to do on a project.

Leadership is only sustainable when leaders consistently come up with good ideas – when they are dependable thought leaders. It follows then that leaders would be more effective if they knew how to manage creativity and innovation.

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Advice You - Ground Truth, and the Importance of Market Research

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