Advice You - Business

Yes, non-profits are viable. But there are certainly more financially rewarding sectors for IT specialists. Let's first take a look at the pros

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

of non-profits.

o It's easy to reach non-profits because they belong to trade groups and you can get your hands on the publicly available direc

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

Examples of combination products may in

tories.

o You can get a lot of tremendous emotional satisfaction and gratification knowing you're helping a particular cause.

The two biggest

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

downsides of non-profit:

o Thin profit margins
o Bidding wars

Bid situations reduce your firm to a commodity. Additionally, when you bid

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

gainst someone else's specs, your competitor may be shortcutting. Thus lowering the bid price and keeping you from quoting a more realistic solu

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

Combination pro

tion.

Non Profits and Government Bids Are Tricky for IT Specialists

For most IT specialists, selling to private sector small businesses is goi

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

ng to be a lot easier than trying to navigate the waters of non-profit and government bids. The unfortunate part is, in most cases, non-profits

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

nd government agencies are legally bound to take the quoted price.

The Downside of Bidding Wars for IT Specialists

When you're getting into a

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

bidding situation, you really don't have the luxury of the trust, personality, and credibility factors helping you all that much. It really usu

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

ally boils down to who can post the bond, who can follow the rules, and who can get the bid in on time.

Then, on top of everything else, biddin

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

requires you to do a ton of non-billable upfront work that you can normally bill for in the private sector. This non-billable work consists of

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

Following aspects would a

researching, developing configurations, and bringing it all together. And the reality is this: getting the contract may be a real long shot.

Bi

dd to the challenges in developing combination products:

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

dding Wisely

If you are going to try a competitive bid, don't bet your whole company on it. Make sure that your bid chasing time is no more th

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

an 20% of your business development efforts. Unless your company is 100% focused on selling to non-profits or government agencies, you're usuall

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

better off concentrating on the traditional private sector small businesses.

If a government agency is looking to outsource support services,

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 it's a well thought out request for proposal (RFP), it becomes a more interesting proposition. If the agency however is just looking to buy

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

Professional from academic institutions, pharmaceutical industries, health care indust

hardware and some one-shot deal installation services, you're going to run into a lot of profitability challenges.

The Bottom Line on Non Prof

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

ts for IT Specialists

Non-profit and government are still better niche options for IT specialists than just going down the retail path. But non

.

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

-profit and government are anywhere near as attractive as the sweet spot of small business computer consulting.

Copyright MMI-MMVI, Computer Co

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

Companies that provide selfless information through particip

nsultants Secrets. All Worldwide Rights Reserved. {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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You don’t get hired on the basis of a resume. No one will offer you a job until you’ve met face-to-face with the person who could be your next boss.

Many people have a dream of someday starting their own business and because of the Internet it has never been easier to start a business. Almost anyone can start and build a successful business, but you must first have the necessary experince, knowlede, an skills. Once you gain the necessary experience, knowlede, and skills you have to find a product or a service solves a problem or fills a need in the marketplace and you must be able to sell it so that you make a profit.

No matter what anyone tells you, cold calling is tough business for the average network marketer. Notice that I said average since we are not talking about experienced salespeople or industry experts that have people running after them to join their businesses.

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Advice You - IT Specialists: Are Non-Profits a Viable Market?

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