Advice You - Business

Small business loans are almost a prerequisite when starting a new business. Generally the main problems when starting out are around cashflow.

Your investmen

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

t upfront to develop your product or service, get staff on board, get premises up and running then launch and market your business are heavy costs - and all of

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

Examples of combination products may in

this is well before you make your first sale (and then it may take 2 months to get the cash off the customers you have made those sales to).

So when starting

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

ut you are financing your initial cashflow until you reach a fair momentum with your turnover.

But how do you know what that initial investment is going to be

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

and how do you approach banks ?

Well before you even think of calling your bank manager to discuss the situation you should have developed your business plan.

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

Combination pro

When going through your plan to highlight your target customers, your overall objectives and marketing strategy - these will show you some of the costs. Of co

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

rse the most important element is your financial plan and this is the section to pay most attention to because this section is the one that will get most atten

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

ion from your bank manager.

Once you have developed your business plan it's a good idea to get someone to check it over for you. If you know someone who has a

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

counting knowledge then so much the better.

So onto tackling the bank. Before telephoning your bank and arranging your first appointment, develop an "elevator

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

" pitch in case you get asked about your business. Write down 2 or 3 paragraphs about your business and ideas, why people will buy your products or services an

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

not your competitors, what your turnover and profits are going to be over the coming years, and the exact amount you will be looking to finance your initial c

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

Following aspects would a

shflow.

Then you are ready to phone your bank. If you already know someone at the bank then talk to them. If this is your first call, ask to speak to the busi

dd to the challenges in developing combination products:

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

ess finance person. You will get through to the right one. Say to them that you are starting a new business in the next (month), you have your business plan de

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

veloped and you want to come in and talk to someone about a business loan.

The fact you have your business plan ready will impress them. Arrange the meeting a

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

d prepare for it. Before you hand up ask the person what they are looking for from you. They will almost certainly want to see something specific to that bank.

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

Maybe a special format , or some paperwork (eg: business incorporation). By asking them they will see that you are serious. And then when you meet them you wil

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

Professional from academic institutions, pharmaceutical industries, health care indust

have exactly what they are looking for to hand.

Before you meet with them copy your plan 4 times. That means you and the bank have a copy and if someone else

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

joins the meeting you can provide additional copies as well. If you have everything on a PC then take your laptop so you can change the finances you have fore

.

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

ast at the meeting if required.

If by some slim chance you get turned down for your loan then you must ask why. Don't just leave the meeting despondent not kn

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

Companies that provide selfless information through particip

wing why you haven't got your loan. It may be something simple you can fix.

Follow the above and I am sure you will have success getting your business finance

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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Determine if you are vunerable to quitting your job abrubty after the birth of your baby. According to statistics one out of every five pregnant women will not return to work. Quitting abruptly after childbirth could wreak havoc on your finances, your career and even your relationship with your partner.

ome people see their lives as out of their control. They feel buffeted about by the trials and tribulations of life. They approach it with fear and trepidation, wondering what will hit them next.

Does this noble, well intentioned practice have some hidden pitfalls? Most organizations are proud of their practice of promoting their own employees.

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