Advice You - Business

More women are leaving the corporate world to become entrepreneurs. For the past two decades, majority women-owned firms have continued to grow at around two times the rate of

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

all firms. According to the Center for Women's Business Research, the number of majority women-owned businesses increased 42% between 1997 and 2006.

One of the concerns faced

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

Examples of combination products may in

y a woman business owner is finding the money to start or grow her business. While some women-owned businesses are funded through a small nest egg, others may turn to additiona

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

means of finance.

Here are 5 tips on funding a woman business start-up.

Borrowing From Family And Friends
This is one of the most common ways to fund a new business. Yo

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

r family and friends are more likely to lend you their money if they are convinced by your business plan and idea. Borrowing money from people you know is a cost-efficient appr

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

Combination pro

oach as you may not be required to pay extra fees or interests. However, it could potentially lead to strained relationships if you are unable to repay the money. Some individu

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

ls believe that they are automatically entitled to a piece of the business in return for the money loaned. Any stipulations associated with the "loan" should be put in writing

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

o avoid any future misunderstanding.

Some women business owners are aware of the tension that can potentially arise from borrowing from family and friends. If you are one of t

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

em, why not ask your family or friends to help out in running your business such as taking orders, promotions, delivery and so forth.

Credit Cards
Small business owners r

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

eportedly use several credits cards to pay for expenses. This type of funding is expensive and risky. Failure to make repayments can jeopardize your personal credit. If you wan

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

to resort to this means of funding, make sure you can pay off your card before the interest kicks in.

Personal Loans
Banks are usually quick to approve loans less than $

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

Following aspects would a

5,000 based on personal credit. If you need a few thousand dollars to spend on equipment or inventory, a personal loan is an ideal way of funding. The interest rate is less tha

dd to the challenges in developing combination products:

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

that of a credit card. You will still need to submit a business plan to support a personal loan application.

Business Loans
You'll need to provide collateral or guarante

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

e in addition to a business plan or financial statements when applying for a business loan. The screening process is more rigorous. Business loans are typically available from

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

25,000 onwards. If you are using the equity of your home to get a business loan, you may be putting your home at a risk of foreclosure if you fail to meet your monthly repaymen

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

s. Understanding all of the details regarding this type of loan is vital to protect the ownership of your home.

SBA Loans
When a larger loan is needed to acquire a buildi

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

Professional from academic institutions, pharmaceutical industries, health care indust

g or an expensive piece of equipment, there are business loan programs for women provided by Small Business Administration (SBA). Please note that SBA only acts a guarantor but

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

does not offer loans to small businesses. SBA reviews loan applications by borrowers. If a loan application is eligible, SBA issues a commitment letter on behalf of the applic

.

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

nt. This letter shows the willingness of SBA to guarantee the loan, which helps to speed up the loan approval by a lender.

There is an inherent risk of funding any business ac

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

Companies that provide selfless information through particip

ivities, no matter what type of funding you choose. The key is not to borrow too much to the extent that you cannot meet the monthly repayments from the income of your business

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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One of the more popular ways some charities use to raise money is through the contracting with a fundraising business, to gather donations in their name. Some may argue that the use of such as business is a distraction to the individual charity, however the results have encourage others to shift their efforts on their service to the public and leave the fundraising business to the professional fundraisers.

In Part 1 of this article we looked at how your employees could be brought to a level of good understanding of the hazards and how to overcome them. Part 2 looks at other aspects of your role as an employer in meeting the necessary requirements connected with your 'duty of care.'

The outlook and strategy of stock exchange in India and factors concerning Investors.

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