Advice You - Business

The almighty buck can actually be detrimental to your business. Think about it, if all you think about is how much you can make, are you really focusing on the

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

other aspects of running a business. For example quality control, safety of your product, etc. If money is your only motivating factor, what corners are you cut

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

Examples of combination products may in

ting to make the Almighty Buck.

If your focus is only on the Almighty Buck are you missing other opportunities, (to make more money), because the only thing

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

you have on your mind is how much you can make.

With the Almighty Buck as your only motivating factor you are destined to run into problems with your busine

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

ss. The corners you cut, the opportunities you miss, the people you disappoint, are going to be your downfall.

We see and hear about the Almighty Buck more

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

Combination pro

nd more every day. We get emails that tout “Get Rich Quick”, “Make thousands working only 2 hours a weeks”, “Make Money Selling ____(put in a product name) from

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

home”.

While, yes, we all go into business to make money, that cannot be your only motivating factor. If you are blinded or sucked into these schemes I can

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

pretty much guarantee you, you will get nothing out of it. The only person who will make any money is the person selling it, and usually for only a short period

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

of time. Then, they too, need to find the next “great opportunity”. These type of offers play off of a terrible trait the majority of us in this culture have,

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

greed”. Remember, if it sounds to good to be true it usually is.

So, you ask, if I am not going into business to make money, why am I. Well, not to be evasiv

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

e but only you can answer that. Also, I am NOT saying that you should not want to make money. We go into business to provide ourselves with a roof over our head

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

Following aspects would a

s, the ability to cloth ourselves, and our families, feed ourselves, and help ourselves buy the things we need to keep going. So yes, money is important to us.

dd to the challenges in developing combination products:

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

However, it is not the be all and end all. The successful business owner realizes that how he runs his business, and treats his customers is paramount to stayin

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

g successful.

Think of some of the offers mentioned above. They sell their offer, the person gets it, realizes it won’t work, and then bad mouths them. So ye

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

, for a while they will sell, but will they ever get a repeat customer? Will that customer recommend others? Probably not. Those of us in business for the right

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

reasons, in addition to making money, get repeat customers, and our customers refer others to us. And many of us have been in business long enough, have made o

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

Professional from academic institutions, pharmaceutical industries, health care indust

r mark, are making a good living, and are giving something back.

That is what the really successful people do. Look at Bill Gates, Jay Leno, Bob Hope and so

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

many other owners of large corporations, in show business or sports. Not all of them are only in it for the money. All of these people contribute to a variety

.

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

f causes. While you might not agree with some of their views, or the way they run their business; they all give something back.

So remember, business is not

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

Companies that provide selfless information through particip

always about the Almighty Buck, it’s about how you treat people, and how you want people to think about and treat you.

Copyright 2003 DeFiore Enterprise

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/5163/adviceyou-The-Almighty-Buck.html">The Almighty Buck</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/5163/adviceyou-The-Almighty-Buck.html]The Almighty Buck[/url]

Electronic data interchange, also known as electronic data processing, is based upon electronic exchange of data between a number of mini and microcomputers in a regular planned system. Electronic funds transfer refers to fund transfers between financial institutions. This allows a large number of businesses to carry out prompt business transactions, orders and invoices. EFT is a precise and efficient system that is considered favorable as compared to traditional money transfer methods.

You may have seen that little round seal at the bottom of a corrugated box. What do all those numbers and letters mean?

According to their annual report available on their website, in the last fiscal year-ending, SBC spent over two-and-a-half billion dollars on advertising. Verizon's annual report shows just over two billion. Sprint, nearly a billion. AT&T (who had stripped back their advertising budget) just under half a billion.

Tags

Links

Advice You - The Almighty Buck

Related Articles: