Advice You - Business

Business owners are always looking for ways to lower expenses. Bartering allows you to build your profit into your expe

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

nse and conserve your cash flow. It’s just one more tool to use to increase the chances of your company’s success. You

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

Examples of combination products may in

gain more customers in the process because these are not people that you would have normally done business with.

You h

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

ave more to gain than just new customers, once you've bartered successfully with another business owner, you open yours

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

elf up to a new business relationship that can help your company grow for years to come.

Bartering online makes it eas

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

Combination pro

y to approach companies that you may never have thought of doing business with. Joining an online barter club is a smar

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

t and simple way to find business owners in your area willing to barter for goods or services you require.

Some compan

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

es deal with barter currency, others charge membership or transaction fees and some provide their service at no cost. T

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

he best suggestion I can offer is to shop around and decide what is right for your company.

Whatever barter site you d

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

ecide to deal with should provide you with ample information on how their barter system works and informative pages for

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

people who may be new to the barter world. If you are unsure of anything, it doesn't hurt to ask questions before maki

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

Following aspects would a

ng the decision to join. How quickly and accurately they respond is a good indication of how your concerns would be add

dd to the challenges in developing combination products:

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

ressed as a member in the future.

Many business owners who enjoy bartering are not just members of one organization; y

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

ou can join a few and start weeding out the ones that don't seem to be working for you.

Be leery of hidden fees. Altho

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

gh a company may state that there is only a one-time membership fee, as a member you may still have to pay an annual fe

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

e or a percentage per transaction.

Good communication is the key to bartering successfully and a declined trade should

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

Professional from academic institutions, pharmaceutical industries, health care indust

n’t discourage you from contacting other business owners. Be realistic in the value of services you are offering and wh

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

at you are seeking in return.

Remember that your success does not solely depend on the company that you decide to join

.

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

. You need to remain active in pursuing trades because if little or no effort is put forth, then your results will be o

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

Companies that provide selfless information through particip

f no accomplishment. If you pursue all possible leads, you will gain all the benefits and rewards that bartering brings

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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A company is like a person. It can fall sick too. Companies can be attacked by viruses such as economic recession, competition, incompetent management etc. Thus company is not an inanimate object. It has a life of its own.

As a CEO I struggled long and hard over any decision to use a consultant. There are many issues that need to be managed by the client to keep a consultant from going overboard on time and costs. Too many need too long to get up to speed on your business (on your dime), cost too much and can not provide tangible results on a limited project basis. Too many are unproductive and do things in ten hours that I know I could have done in 2-3 hours as paying by the hour is often a de-motivator while paying by the task aligns the client's and consultant's interests more.

All successful marketers know the sale comes from the words or the copy. Anytime you want to give yourself a pay raise, just tweak the copy.

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