Advice You - Business

Options for Development and How to Utilize Your Plan

In Part I we addressed the writing of your retail business plan, including describing and delineating specific areas relating to the creation and implementation of your storefront business. In this article, we'll consider a basic outline for yo

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

ur document.

The most important aspect of any business plan is that it's clearly written and organized. Although you will be asked questions regarding your venture, they should not be queries based on anything that is unclear or confusing in the document. As an example, if you believe you've defi

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

Examples of combination products may in

ned your potential clientele and a few people review the plan and a majority of them ask you who you've determined will be your customer base, then you probably want to rewrite that section of your plan.

Questions related to your business plan should be based on interest in the project and not co

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

nfusion over the document. Before presenting your plan to a potential financial source, you should have three people, whose judgment you trust and who will provide you with feedback, read it.

This plan is a sales document that you will need to know inside out and be prepared to present, expand up

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

on and defend. Here are some of the essential categories that you'll want to include in your plan.

Introduction:

Describe your business by defining the concept of your venture and the purpose of your company.
Does your establishment/business have a catchphrase?
Desc

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

Combination pro

ibe the image of your business.

Delineate the type of business you'll be creating—partnership, sole trader, limited partnership, co-operative, etc.

Present the objectives of your retail establishment.

Product:

Define exactly what you will be selling and

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

why.

Compare your product to competitor's goods and explain what sets it apart from similar wares.

Additionally, address where it fits in the marketplace—high-end and expensive, moderately priced, or inexpensive? Will there be a range of products in terms of pricing?

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

>

The Market:

Describe your potential customer base.
Is there potential for continued growth in this segment of the population?
Why would they want to buy your goods?
Discuss potential competition and how you will contend with it.
In what way wil

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

l the city, community and location be conducive to the success of your business?

Marketing Plan:

Consider your product and what aspects make it attractive to customers.
How will you draw customers to your establishment?
Will you offer special promotions?

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

How will you focus your marketing to get the most value from the money spend?

What types of media will you utilize?

Personnel:

How many people will you need to hire in order to successfully run your business?
Define each if their jobs in relat

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

onship to the running of the business.

How many hours will your employees work? Will you be using full-time, part-time or both types of employees?

Do your employees need to be experts in the product and will they need prior sales experience?

Operation:

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

Following aspects would a

his is where you specifically describe how your business will function.

Include storefront and behind the scenes operations.

A daily, weekly and monthly schedule describing important operational elements is helpful.

Schedules might include maintenance, restocking of i

dd to the challenges in developing combination products:

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

nventory, billing cycles, display development and changeover, etc.

Customer Relations:

What is your philosophy regarding your customers?
How will you handle exchanges, customer complaints and returns?
Will you offer some sort of discount or customer rewa

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

rds program?

Premises:

Where is your store located and how will people get to it?
Is parking available, is the storefront visible and can it be easily found?
Does it need to be renovated or upgraded?
Stylistically, what will the outside and ins

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

ide look like?

Will it be a pleasant place to shop? In what way?

Is there room for expansion?

Is storage available for inventory?

Financial Outline:

Key financial facts should be presented before going into detail.
Forecast of Profit

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 Loss.

Cash Flow Forecast for you business.

Describe the Break-Even point for your company.

Summary of Content:

Use this section to bring the focus back on your specific business.
Reiterate the value of your product.
Define once ag

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

Professional from academic institutions, pharmaceutical industries, health care indust

ain, in a few words, the image of your company.

Create a final, positive picture of your venture and its relationship to the community, your customers and the other businesses.

Appendix:

Include CVs.
Details relating to the premises.
Marketing

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

examples, such as ads, brochures and photographs.

Flow charts, diagrams, examples of the product.

Anything else that will provide substance to your presentation.

This thumbnail sketch of a retail business plan can serve as a basic template for your use. However, be

.

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

mindful that this article in no way presents a complete picture of a successful plan. As an example, in order to develop a useful plan, you'll need to know how to determine Profit-Loss, Break-Even Point and Cash Flow. We have not addressed those specific exercises in this piece. Additionally, pl

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

Companies that provide selfless information through particip

ans vary according to the specific needs and requirements of each business.

As you prepare this document be sure to do your research and compile your facts carefully. Your business plan is the written foundation for what you hope will lead to your success in the highly competitive world of retail

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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Dr. Gary S. Goodman, President of Customersatisfaction.com, popular speaker, and service and sales coach, says a sure way to make customers think you're handy to keep around is by doing something extra.

Add PR to the mix when soliciting sponsors to your event or project - a positive response is likely to ensue.

Maybe you are one of the lucky ones, but making a speech or giving a presentation still gives me the jitters, even though I have done many over the years. Nevertheless, like most things in life, this nervousness can be overcome and most of us can put on a decent performance, providing we prepare properly and follow a few basic steps.

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Advice You - Developing a Solid Business Plan - Part II

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