Useful Advices - Internet and Businesses Online

What is your business mindset?

I talked with a colleague recently about a certain work-at-home-moms networking group we both belonged to at one time. She'd just unsubscribed fr

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

om it, stating what job leads she did gain from the group were all unprofitable. I totally understood what she meant.

There is a certain mentality I've noticed among quite a few work-at-home-moms that i

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

Examples of combination products may in

s saddening. All too often I've listened and watched as "new" WAHMs struggle to find a business to run from their homes, only to flop and burn within a short amount of time. I've watched even more "WAHMs

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

" grasping at straws and trying every scam and make-money-fast schemes they got their hands on.

I can talk about this subject with confidence because I was one of those "WAHMs" at one time, too.

There

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

are many mothers who long for a real home-based business. They long to be at home, raise their children, and provide for their family (financially). I know what that feels like. Been there. Done that.

T

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

Combination pro

he problem with this mindset is that it's small thinking. If you want to run a successful and profitable business from home, then you have to think bigger and better. You have to plan and create an envir

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

onment for success.

It took me a long time to realize this. There is no quick and fast way to make money. If that's what you're still searching for, then sorry, but it's just not going to happen. It tak

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

es time, persistence, patience, and nerves of steel to build and run a business from home.

You need to give your business enough time to get off the ground. You can't start something, then quit in three

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

months just because you're not seeing growth. It takes time to gain momentum.

The worst thing I've experienced is watching experienced WAHMs sell their products or services to naive newbies, knowing th

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

ey don't have a clue what they're getting into. That really stinks. It's a horrible thing to take advantage of someone's naivity.

If you want to become a work-at-home-mother and start your own business,

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

my advice is this:

Make a plan. Don't quit your job or jump into something too soon. Write down your dreams and goals. Then create a plan on how you can get there from where yo

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

Following aspects would a

u are right now.

Find a mentor. There are a few reputable mentoring forums online for women who want to work from home. These membership forums offer sage advice from WAHMs who

dd to the challenges in developing combination products:

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

have been in business for years and know what they're doing. You'll find well-worn advice and tried-and-true business advice from these respected professionals.

Apply for an internship.<

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

/strong> When you decide on the type of business you'd like to run, do some hunting and apply for an internship at a similar business. Call the owner and tell him/her that you'd like to learn the ropes a

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

nd ins and outs of this type of business. Ask if you can shadow her/him for a few weeks.
Interview business owners. Call on experienced WAHMs and other business owners and ask i

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

f you can interview them. Ask them questions about the business, running a business, etc. Find out everything you ever wanted to know, first hand, from real business owners.
Think big, s

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

Professional from academic institutions, pharmaceutical industries, health care indust

tart small. Often times, you'll need an investment for a real business. At the least, you'll need six months worth of savings to live on (if you quit your day job). It's best not to stop working

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

full-time unless your spouse or family is willing to support you in this new endeavor. Just remember to start small and build up your momentum. Don't get in too big a hurry, or you might mess up. <

.

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

li>Find investment partners. If your business idea requires a start-up investment, ask close friends or family if they'd like to invest in your business. Be sure to get advice from your

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

Companies that provide selfless information through particip

lawyer on the legalities of this, to prevent future squabbles. Often times, family members are more than happy to donate a no-return investment if they believe your business idea is a good one.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

Useful Advices - Building and Running a Business Isn't for Cowards

Related Articles: