Useful Advices - Business

I called an acquaintance the other day and offered to share with them a business opportunity I had recently become involved in. I mentioned I was looking for some par

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

tners and asked if he would be interested in having a look.

He said he was interested.

I made the appointment and showed up on the doorstep at the appointed time.

M

; 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 business associate and I were invited in to their living room, and after a few introductions and pleasantries, the wife excused herself and we introduced the busines

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

s opportunity.

Not all opportunities are meant for all people. You must understand this. Some people aren’t meant for any opportunities that offer potential for fin

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

ancial freedom.

This turned out to be one of those people.

I was frankly quite surprised at the negative agitation he exuded. We had mentioned right from the start

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

Combination pro

that we were not there to sell him anything. We were there to share some business concepts and an opportunity. He spent most of his side of the discussion trying to

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

figure out how we would “trick” him, trying to impress us with his use of his own cell phone calculator (coming up with the exact same numbers we had proposed) and ins

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

sting that large companies were bad because they were large.

Right.

In the end, he had to admit that we indeed had not tried to sell him anything. That the company

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

appeared to be credible. That he could do our business, if he had wanted to, because he could do any business he wanted to because he knew how to run the numbers and

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

he was a manager at the utilities plant he was currently working for.

Of course, we did not make an offer for him to join us. You can not train someone who is not co

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

achable.

Fortunately, at least, this troll-in-the-closet is not your normal recruiting experience. His only focus was defunking the analysis. His heart refused to c

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

Following aspects would a

onsider the boundless possibilities.

This experience has caused me to ponder the prospecting process and the personalities of the people we approach.

The following i

dd to the challenges in developing combination products:

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

s a random listing of points to consider when seeking for partners in your business ventures:

(1) Make it abundantly clear in the beginning that you are not asking th

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

em fore their help. You are interviewing them to see if they are right for your business.

(2) When building a business, look for people who want your business, not w

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

o need your business. Suitability is based on want to succeed, not need to succeed.

(3) Surround yourself with winners at heart, because they will become the winners

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

in life.

(4) The MOST EFFECTIVE prospecting tool - sell NOTHING but an invitation to a dream....If they do not see the vision, it is not worth your expense of time a

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

Professional from academic institutions, pharmaceutical industries, health care indust

nd effort.

(5) Prospect for talent and enthusiasm, but hire for sincerity and coachability. What you are really looking for is the humble in spirit, not

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

the pathetically proud.

(6) Remember that you are not looking for people who will say “yes”. You are looking for people that you can say “yes” to.

Think about

.

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

it.

(7) You can only reach out and share your vision. You can not make someone else see it. Do not waste you time on someone who does not “want”: Wan

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

Companies that provide selfless information through particip

t Freedom, Want Security, Want to Be Someone, Want a Better Life for their Family and Themself. There are none so blind as those who will not see

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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There are several definitions of accounting. Accounting may be defined as (1) a service activity wherein its primary function is to supply quantitative information essentially financial in nature that is all about economic entities which may be significantly useful in decision making for top management.

Evaluate your businesses, some may fare better if they are spun off. For others, which are terminally ill, it may be better to close them down and bury them.

Promoting your business can be difficult and expensive, but it need not be so. Concentrate on providing your local newspapers with up to the minute press releases. Editorial coverage carries far more weight than paid for advertising, yet many businesses ignore this useful resource.

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Useful Advices - Prospecting Considerations for Business

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