Useful Advices - Business

Once you have written a good business plan, and consulted with your accountant, you should then take the time to develop a coordinated proposal for potential invest

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

ors. This proposal will involve such material as demographics, progress reports, audio/visual aid, and product samples.

Ask yourself "why would investors be intere

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

Examples of combination products may in

ted in my business", "what do they have to gain", and "how can I convince them". Remember, your investors aren’t looking to see the tactical part of your business.

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

They’re much more likely to be interested in your overall strategic plans. They want to know how you plan on maximizing profits, and minimizing costs.

For example,

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

say you’re planning on selling wristwatches that have built in MP3 players. Your objective here would be to present your investors with the market cap and growth po

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

Combination pro

ential of compact/portable MP3 players. Not to tell them how attractive this product will be and that people will buy it because it’s new and multifunctional. This

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

is a big mistake in many business proposals. Your investors want verifiable proof and sometimes you will need to go to great lengths to give it to them.

Most impor

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

antly you will need to show investors their return on investment. This won’t be an easy task, because different kinds of investors are looking for different kinds o

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

f returns. If we’re considering a partnership investment, for example, then you would need to offer a return greater than that most likely to be achieved by your in

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

estor, had he or she put their money in other possible endeavors. Say you approach an investor with a capital investment of $10,000. Let’s consider where this sum o

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

money could be invested other than your business. The most likely investment would be the bank. Banks in the U.S. usually offer interest rates of anywhere from 2%

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

Following aspects would a

to 4% (that’s up to $400 per year). If your investor isn’t going to get more than that from you then why would they consider investing in your business?

Another po

dd to the challenges in developing combination products:

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

sibility for investment today is the stock market. The stock market is full of potential, day in and day out, with some businesses even offering stock trading onlin

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

e. However, the stock market is a risky investment and most investors with small capital tend to shy away from this type of investment.

Consider risk! Sometimes in

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

estors are just too greedy or too cautious. If the return on investment doesn’t seem to appeal to their interests, there’s another important factor to consider. You

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

could convince your potential investors by presenting them with the low risk factors of your business to compensate for lower return. Every investor likes to see lo

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

Professional from academic institutions, pharmaceutical industries, health care indust

w risk. Emphasize on hidden potential and untapped markets. Reassure them with collateral. Explain whether this will be a free trade market or a monopoly. Show them

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

statistical quantitative/qualitative research pointing to future growth. You will need to make sure you don’t overestimate your figures, though. This will compromis

.

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

e your investors’ trust in the future.

No matter who your investors are, you should always, approach them bearing fruit. This means that ideas are not enough! A pa

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

Companies that provide selfless information through particip

t of building confidence and trust with your investors is showing them that you--yourself are already invested in your business and that there are signs of progress

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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