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Useful Advices - Are You Planning For Success?
Beginning an internet business can seem like climbing Mt Everest in tennis shoes to some of us. You have to make a lot of decisions as to what you are going to market, who you are going to market to, how you are going t
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
o market your product and/or services, how much you are going to charge, etc. As the old saying goes, “A journey begins with the first step”, so does starting your business begin with your first step
Usually, there are
Usually, there are
; 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
basically two types of people that want to start a business, planners and the action personalities. The planners will create all types of plans forever, but will be hesitant to take the first action step. Why? Usually
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
it is due to a fear of failure of their plans.
The action personality wants to start the business today and to heck with the planning, “Let’s just get this business going”. This person may succeed over time, but they
The action personality wants to start the business today and to heck with the planning, “Let’s just get this business going”. This person may succeed over time, but they
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
most likely will spend a lot of extra money and wasted time in accomplishing success unless they are extremely knowledgeable about their potential customers.
Now to succeed in starting your business, and to hopefully be
Now to succeed in starting your business, and to hopefully be
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
successful in your business, you must combine these two traits if you are working alone. If you are partners with someone, made sure you both are not the same type, planners or action personalities.
Planning must be y
Planning must be y
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
our first step. I know if you are an action person, this is going to be very hard for you to do. I speak from experience. It is very hard for me once I get an idea of something I want to do, to stop and plan the steps
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
out. My attitude is usually, “lead, follow, or get out of my way”.
However, a good friend of mine by the name of Joe Carbo, who was very successful in the mail order business many years ago (he has since passed away),
However, a good friend of mine by the name of Joe Carbo, who was very successful in the mail order business many years ago (he has since passed away),
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
wrote a very successful book called “The Lazy Man’s Way To Riches”. While there were many excellent tips in the book, the one that hit me the hardest was to make your plan as detailed as possible. Now at the time, I was
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
not a stranger to planning as I had already headed up and started three companies for other large corporations. So I had done a lot of planning already. But the tip took me to a more detailed step.
Just as an example.
Just as an example.
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
f you wanted a new car, don’t just wish or plan for a car, but put
this information about every detail of the car on paper. The car model, color, body style, every accessory, etc.
Now carry this over to your business p
Now carry this over to your business p
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
lanning. Don’t just say you want to be doing $100,000 in business your first year. If that is your goal, break your $100,000 down into your goals for the each month, then each week, then a daily average. AND PUT IT
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
ON PAPER! Why? So you can measure your progress. Now you can establish the same type of planning for all your other needed functions. Planning who you are going to market to, their gender, age group, ethic group
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
, location, etc. And then continue all of your planning in the same style, being as detailed as you can.
One of the steps, I have taken in planning projects for many, many years, is to develop a daily schedule for accom
One of the steps, I have taken in planning projects for many, many years, is to develop a daily schedule for accom
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
plishing an end goal. Let’s say, I was opening a new store location. I started from the opening day I wanted, and worked backwards to the current time and scheduled every function that needed to be done by a certain da
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
y in order to accomplish my goal. When did planning need to be started, when did site approval need to be done, when did construction need to start, when did every phase of construction need to be completed, when did me
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
rchandise need to be ordered and delivered, people hired, etc.
By having this time of detailed plan, I could make quick adjustments if someone wasn’t meeting the schedule. And I was always able to come in on schedule an
By having this time of detailed plan, I could make quick adjustments if someone wasn’t meeting the schedule. And I was always able to come in on schedule an
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
d in all case on or under budget. Why do most construction projects fail to meet their deadlines?
Because, in, most cases, while there is a plan, it is not detailed so it can be measured on a daily bases. If you don’t m
.
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
eet your daily goals, you won’t meet your weekly or monthly goals. And before you know it, you are at the year’s end and guess what, you missed your goal.
So make your planning detailed and then ACT ON IT. Adju
So make your planning detailed and then ACT ON IT. Adju
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
st as you must and you will accomplish your goals. Once you have done this type of planning a few times, it will become second nature and will relieve a lot of stress and unplanned surprises.
Good luck and good planning
Good luck and good planning
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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