Advice You - Business

A successful IT consulting business should be focused on selling your consulting services and not sel

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

ling products. At this stage of the game of starting an IT consulting business, you should not be lo

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

Examples of combination products may in

king to be a dealer for someone or an authorized solution for someone.

You can get those things if y

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

u think it will help your business a little bit, but don’t build your IT consulting business around 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

at. It’s not a product driven economy anymore. It's about the services. It's about the solution.

I

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

Combination pro

you align yourself with someone and say "Hey I am this dealer." If you put it all over your website

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

nd business cards, then you are basically a non-salaried employee of that company. That is the surest

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

way to end up in commodity status.

A Real World Example

In terms of hooking up with a software ven

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

or, for example, those in the medical field, you really have to figure out if that is going to be you

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

IT consulting niche. Do you already have expertise in that area? You should be focusing on getting

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

aying clients first and gaining some expertise in that area.

If you are working full time in a niche

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

Following aspects would a

right now, ie. the medical field, and currently providing PC support for someone that makes medical p

dd to the challenges in developing combination products:

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

actice management software. If you are looking to moving into IT consulting, then of course it makes

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

sense to work with that niche since you already have tremendous knowledge and credibility there.

Gai

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

n Experience in your Niche First

But if you are just starting from scratch now you should really loo

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

to get some experience in the field you want to specialize in before making big investments with ven

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

Professional from academic institutions, pharmaceutical industries, health care indust

ors, going to conferences, etc.

Get some clients or get a part time job that gives you some exposure

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

to working in small doctor’s offices before you go out and start building a whole IT consulting busin

.

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

ss around that.

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

Companies that provide selfless information through particip

erved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance

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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In this final installment of medical billing and the electronic transmission of claims, we will be covering the last record in a claim file, the ZA0 claim trailer record.

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Advice You - IT Consulting: Sell Services, Not Products

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