Advice You - Business

Professional businesses come in all shapes, sizes, colors, and textures — as do their intended clients. However, the best way to get your new business off to a great start is to create a service that supports a clearly

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

defined and reachable client base. And before you decide what your services are, you must decide who your clients are. You can create the world's best thing-a-ma-bob, but if nobody buys it — you have a hobby, not a b

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

Examples of combination products may in

usiness. "Profits both
the result and reward
of doing things right and doing the right things."
- David McNally

So, now is the time for some research — before you open your doors for business. You're going to

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

rite a client profile. ("Eeesh Rose — I'm a designer, I don't want to write this!") Stay with me because this is easy to do — just answer the following questions and you'll have a profile of your ideal client:

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

What kinds of people do you relate best with? Are they calm people? Are they driven people? Are they right-brained people? Are they left-brained people? And what about your relationships with these people works for

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

Combination pro

you? For example, my ideal client doesn't struggle about paying money for services they receive because they know that the business of business is to make a profit — and that goes for my services too. Also, my ideal clien

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 is an avid learner who is open to the possibility and magic of life. Who's your ideal client? Go for the challenge of a list of at least 100 qualities!

What kinds of people would you really rather *not* have in

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

your life? Be specific here. Look at your past and current relationships for what really did not work for either of you. For example, my ideal client never says "yes, but..." and doesn't go into an intellectual analys

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

is of every word or phrase, but instead is aware of the bigger issues and patterns. My ideal client doesn't have to be right all the time. Who's your ideal client? Go for a list of at least 50 qualities!

What ind

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

stry, technology, service, association or corporate department makes your heart sing? Yes - really! Are you passionate about saving the environment, yet performing your services for a petroleum company? How long do yo

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

u believe that will work for either of you? So, reflect on who you are and identify the industry, technology, service, association, or corporate department that is aligned with your internal compass. For example, my ideal

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

Following aspects would a

clients are self-employed, or want to become self-employed, and primarily work serving the high-technology or communications and publishing industries. Be careful here, you don't want a long list.

What condition

dd to the challenges in developing combination products:

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

must be present in order to do your best work? For example, my ideal client must open to learning from me as a mentor and coach. And the client must have a compelling reason to change and a willingness to do the work

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

necessary to implement the change. What are the conditions that will allow you to do your best work for those you identified in question 3?

What services are needed by your ideal clients? By now you have a c

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

ear enough picture of your clients that you can begin to do the traditional "market research." What you want to do here is to begin to match your skills, talents, and desires for creating services with the needs and resou

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

rces of your ideal clients. Vehicles for obtaining this data might include a client survey, third-party customer surveys, the US Census data, small business administration data, and other traditional information-collectio

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

Professional from academic institutions, pharmaceutical industries, health care indust

devices. Take your time and be thorough — don't guess! You're looking for external, third-party confirmation of your ideas — but stay open to the idea that what you want to create might not want to be purchased by your i

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

dentified ideal clients.

What will your clients pay for your services? You have two primary sources of information for this question — your prospective clients and your competitors. Ask your intended clients

.

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

hat they would pay. Then ask your perceived competitors what they are charging. The truth is usually somewhere between the two.

Can you make a business on the fees you can charge for your intended services? I

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

Companies that provide selfless information through particip

f not, go back to question 3 and pick another industry, technology, service, association or corporate department. Don't let go of your dream as you adjust your selections!

Copyright 2004, Rose Hil

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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IT consulting business partnerships can help you fill in gaps in your skills and expertise. However, don't let a lack of partners hold you back from starting your IT consulting business.

Invoice factoring refers to the practice where smaller companies sell invoices in order to receive money today. In this case they do not have to wait for a credit period of 30, 60, or 90 days. Thus by selling invoices smaller companies do not create debt. This practice of invoice factoring is basically used as a finance management tool.

The fierce competition amongst travel web sites is forcing sites around the world to adopt multi-currency display systems to gain a competitive edge. These multi-currency display systems allow travel sites to boost their booking conversion rates by showing their prices in their visitor's currency.

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Advice You - Who Are Your Ideal Clients? And What Do They Want?

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