Advice You - Business

How much is your time really worth? Is it worth ?50 an hour or ?100 an hour? YOUR time is most valuable because it is your responsibility to generate new revenue for your business. Doing

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

small and often trivial admin chores yourself does not really add value to your business and the sensible solution is to delegate those less profitable tasks by hiring someone more than c

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

Examples of combination products may in

pable of carrying them out, but who’s hourly rate is somewhat less than your real financial worth. So what’s stopping you?

You may have a multitude of reasons that prevent you from hirin

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

g a full time personal assistant. You may not need a full time, or even part time employee but just require someone for occasional or limited hours. Then there are the employers responsib

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

lities, employees are entitled to sick pay, maternity leave and paid holiday and often seek generous benefits packages. It is estimated that the true cost of an employee is over double an

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

Combination pro

d often up to triple the cost of their annual salary in terms of benefits and liabilities.

Significant for some potential employers is also the loss of privacy and space - are you workin

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

from home or have limited office space? You may not want an employee working from your home or simply not have the room for an additional employee in your office or all the equipment the

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

y may need.

Wouldn't it be perfect if you had an assistant that was always ready to work for you, but only when you need them? Working from their own home or office, using their own equi

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

ment? Meet the Virtual Assistant (VA), an invaluable new work force that provides a practical solution for small businesses owners. A VA frees up your valuable time so you can concentrate

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

on the important things that only you can do in your business.

There is no need to share office space or even for your VA to live in the same town or city. Work assignments are communic

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

ted through email; telephone, fax or post and Web-based tools such as instant messengers and online calendars and planners are also often used as a means of keeping in touch.

Because you

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

Following aspects would a

r VA is self-employed, and invoices you only for the actual hours worked or by tasks completed, and is dependent on referrals and steady work flow from existing clients, s/he can be the p

dd to the challenges in developing combination products:

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

rfect solution for a busy small business or entrepreneur. When you hire a VA you get all the benefits of outsourcing - no employer liabilities, tax and benefits issues, coupled with the l

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

oyalty and steadiness of a company employee. With a VA, you have someone to whom you can delegate. Your VA can return telephone calls, answer e-mails, and draft letters for you. They can

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

take your telephone calls, filter your email, deal with your post, book your doctors appointment and even remind you of your wife’s or mothers birthday and source the perfect gift if nece

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

ssary! VA’s are already computer trained, and can assist with your specific needs from traditional office support services to highly specialised areas including Web page design. You can a

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

Professional from academic institutions, pharmaceutical industries, health care indust

so equip your VA to go beyond administrative support to client development and marketing support.

You can easily justify a virtual assistant in terms of your greater productivity and you

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

r greater efficiency. You need to be the leader in your business and your VA will insure that you focus on what is important, rather than urgent. Your VA can also lend "size" to your comp

.

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

ny, which will impress potential clients.

As more and more businesses move their marketing and communications to the Internet, VA’s are becoming the obvious solution to staffing issues.

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

Companies that provide selfless information through particip

For an hourly fee often less than the cost of temps or the real cost of employees, businesses can take advantage of professional assistance and a variety of skills at the click of a mouse

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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Technology has brought in considerable changes on how people print their documents and promotional materials. Several advancements were developed especially in the area of printing. One great product of these advancements is the online printing.

New types of media expand the possibilities for marketing and advertising your business.

The old ways of marketing are dying. And a new regime is coming of age. Part one of a two-part series.

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