Useful Advices - Business

I resigned on my day job and decided to start a home-based company about three years ago. I had to invest a lot of tim

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

e in doing market research, and finding the best way of getting my product into the hands of customers. I also had to

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

Examples of combination products may in

ut my entire life-savings into my own business, thinking that I would recover it all once the business starts earning

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

profits. Unfortunately, I ran into some problems that I didn’t expect. As a result, my company is in deep financial tr

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

uble, and I was forced to take out a small business loan so that my business would survive.

I visited my bank to talk

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

Combination pro

to someone about my chances of qualifying for a small business loan. I immediately realized that I wouldn't be able 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

get a loan from my bank after getting a rundown of the bank's general lending policies for commercial ventures. I did

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

't stand a chance of being approved because the bank required a large amount of collateral that I simply could not pro

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

vide. I need to find an alternative source for my small business loan.

A friend suggested that I should look online 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

see if any lenders offered unsecured small business loans that would give me a chance to save my company. After spend

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

ng just a few minutes searching, I had a long list of potential loan sources. As I started reading the terms and condi

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

Following aspects would a

tions of these loans, and I was able to rule out a few sources, while keeping a few on my short list. For instance, an

dd to the challenges in developing combination products:

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

lender that charged a high interest rate was automatically out. I wasn't willing to dig myself into a huge hole in or

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

der to get a small business loan, even though I desperately needed one.

I began to fill out all the applications afte

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

I was able to narrow down my choices to a handful of lenders. Since these small business loans were offered by compan

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

es with full-service websites, I was able to complete the applications online and submit them electronically. Fortunat

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

Professional from academic institutions, pharmaceutical industries, health care indust

ely, I was contacted by two different lenders to tell me that I had been approved for a loan. I chose the one that off

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

red the better rate, signed the agreement, and received a check after a few days.

I'm now able to keep my company goi

.

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

ng for at least another year, thanks to that small business loan. It gave me time to work out the problems I've been h

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

Companies that provide selfless information through particip

ving, and to get my business back on track. I'm glad I decided to look for a loan to help me instead of just giving up

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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Useful Advices - Getting Help in the Form of a Small Business Loan

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