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Useful Advices - What Roles Should You Play in Your Business?
Michael Gerber, in his book the e-Myth, talks about the importance of working ON your business, rather than IN your business. In one case you're doing the planning, creating the vision, leading 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 organization (regardless of the size). In the other, you're doing the actual work of the business - the details.
As entrepreneurs our tendency is to take on all the detailed work in our busine
As entrepreneurs our tendency is to take on all the detailed work in our busine
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ss. Primarily because it's what we know how to do. And secondarily because we're sure no one else can it as well as we can.
But what role should you be playing in your online business?
There are
But what role should you be playing in your online business?
There are
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
three major functional areas in online success:
- Decision making - things that only you, the business owner can do
- Marketing activities - which you can hire out
- Technical activities - whi
- Decision making - things that only you, the business owner can do
- Marketing activities - which you can hire out
- Technical activities - whi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ch you can hire out
You need to understand what each role does, but not necessarily how it is done.
Let's use designing a web site as an example.
One of the biggest mistakes I see is people who
You need to understand what each role does, but not necessarily how it is done.
Let's use designing a web site as an example.
One of the biggest mistakes I see is people who
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
are experts in their field spending the time and frustration trying to learn web design. For $100 you can pay a web designer to set that up for you - then you can get on with the process of making
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
money. While you are uniquely qualified to decide what content should be on the site, any web designer could implement that for you.
Creating web pages is like any other profession. Doing it wel
Creating web pages is like any other profession. Doing it wel
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
l takes professional skills.
In your business, do you do all of your own taxes or do you hire an accountant? Do you write all of your own contracts or do you hire a lawyer? Do you create all of y
In your business, do you do all of your own taxes or do you hire an accountant? Do you write all of your own contracts or do you hire a lawyer? Do you create all of y
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
our marketing materials or do you hire a professional designer? The same thinking applies to designing, maintaining and marketing your website.
Do you want to spend the time and effort it takes t
Do you want to spend the time and effort it takes t
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
o learn web design? Some will say "yes" and learn a new hobby. Others will say "no way" and hire a professional. Others will say "I have no choice at this time" and do the best they can. Some will
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
hire a professional to set up the site, then do the maintenance themselves.
The important thing is to recognize that when you decide to do it yourself, you need to be willing to spend the time an
The important thing is to recognize that when you decide to do it yourself, you need to be willing to spend the time an
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
d effort it takes to learn it. And that time *will* detract from the time you can spend thinking about your business, making decisions, and working ON the business.
Remember what business you are
Remember what business you are
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
in. Unless you have a strong desire to learn the intricacies of HTML (the code for web pages), don't bother to spend your time learning web design.
Instead, become a good manager of your website
Instead, become a good manager of your website
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
. Most business owners are better served learning the what's and why's of good online business and leaving the how-to's to the professionals.
Doing the actual marketing activities, such as submit
Doing the actual marketing activities, such as submit
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ting your articles to directories, building link exchanges, managing your pay-per-click campaigns are also detractors from your major role as the visionary and decision-maker for the business. All
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
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
of these activities can be hired out to someone else.
Can you afford to hire all this help? In most cases, yes! In fact, if you calculate how much you can make per hour, using your unique experti
Can you afford to hire all this help? In most cases, yes! In fact, if you calculate how much you can make per hour, using your unique experti
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
se (working with clients, creating a product, offering a teleseminar), you'll find you can hire a lot of help at $10-20 per hour - and actually increase your profitability!
And while we're talkin
And while we're talkin
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
g about hiring help, look at the time you spend on personal tasks that could be hired out. For example, if you spend 5 hours per week cleaning your house, you could hire someone to do that for you
.
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
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
at $10 per hour. So you could "buy back" 20 hours of your time for only $200 per month. What could you do with 20 hours dedicated to your business? How much could you earn in that amount of time?
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
Deciding on your role in your business is one of your responsibilities as the business owner. When you choose to work ON your business, rather than IN your business, your profitability will soar
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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