Advice You - Business

If you're looking to put a heavy burden on your new business, I can't think of a more effective method than to stock all the shelves in your garage with boxes of inventory that you HAVE to sell. T

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

here are a number of ways that you can assure that you will have to carry significant levels of inventory:

1) If you are going to be in business for yourself, producing your own product, make sur

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

Examples of combination products may in

that you're selling a product that is time consuming and expensive to create. In order to minimize the time between order and shipment, you'll have to keep considerable inventory on hand. This is

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

especially important to be sure you're ready for an increase in demand in case of a well performing ad or positive write-up in the paper.

2) Find a good source for some discontinued or overstock

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

d product that you think you can still sell for a good price. You'll have to buy out their entire inventory: 1,000 or so pieces ... at $5 each. However, since you're sure you'll be able to sell th

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

Combination pro

m, you can put the order on your credit card or take out a business loan to pay for it. Think that sounds ridiculous? You'd be amazed a how often that sort of thing happens and then the product do

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

esn't sell.

3) You could set up a distributorship with a network marketing company that requires a hefty initial payment to set up a distributorship. This initial outlay includes an awesome "star

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

-up pack" of "essential" products for you to test and sell. Thus, you are forced to carry inventory before you've even built up a clientelle to sell it to. That is a perfect to get yourself stress

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

d out right from the beginning.

4) Alternatively, you could try a company that requires a minimum level of sales each month in order to maintain your distributorship, in which case, if you don't

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

sell all your product each month, you basically have to buy it yourself and stock it in your basement (to maintain your business volume) in hopes that you can sell it next month.

5) A neat little

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

twist on this would be to hook up with a company that requires you to set up what is called an Auto-Ship, meaning you authorize them to charge your credit card for, and ship to you, a certain amou

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

Following aspects would a

t of product each and every month (normally significantly more product than you and your family could actually use in a month). This is a great way to put an extra burden on your business because

dd to the challenges in developing combination products:

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

you HAVE to sell the product that you received this month because you'll be paying for more next month.

I'm going to assume that you're astute enough to pick up on the fact that I'm not actually

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

ecommending that you attempt ANY of the above scenarios. There is just no way of ever knowing for sure how a business venture will pan out. Obviously, you have to go into the venture believing tha

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

it will be successful, but not all businesses are. In fact, I'd submit that most are not, for whatever reason.

The problem is, if it turns out that your business is not the huge success you had

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

hoped it would be, but you have large amounts of inventory on hand, you now have TWO problems. One, your business isn't generating any money. Two, you have a great deal of money tied up in invento

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

Professional from academic institutions, pharmaceutical industries, health care indust

y that you may never be able to sell.

So, What to Do?

My recommendation? If you're considering starting your own business, do your level best to come up with a business plan tha

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

does NOT include carrying large amounts of inventory (preferrably none, but in some businesses that would be unrealistic). That way, if the business tanks, at least you're not also dealing with t

.

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

he added difficulty of having significant money tied up in potentially UNsaleable product inventory.

That means, electronic information products, affiliate programs, network marketing programs th

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

Companies that provide selfless information through particip

t require little or no inventory, service oriented businesses, etc. I think you get the idea. There are tons of business options that don't require stocking product. Try and make yours one of them

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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