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Useful Advices - Why Work For Yourself?
The question of whether to work for a company or run your own business is a difficult one to answer. It's a dilemma that many people face in the course of their lives. Sometimes it happens right at the start, as soon as they leave school. Sometimes
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
the question crops up after years of working for a company. For so many people the time will come when such a decision has to be made. We take a look at some of the factors that create this dilemma and some of the solutions that can be found.
Wor
Wor
; 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
ing for yourself in your own business can be hugely rewarding if you manage that business correctly. If you don’t, it can be a disaster. You can lose everything; your house, your family and your friends. That’s why the majority of people work for a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
company or in someone else’s business. It safer and more secure without the headaches that come with all the paperwork and organising that running the business entails. But is it really always so secure and rewarding to work for someone else?
The
The
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
scenario goes something like this:
You left school and got a good job with a decent company. After a few years, you got married and had kids. You bought a house with a mortgage, a nice car and all the usual household paraphernalia. The usual thing
You left school and got a good job with a decent company. After a few years, you got married and had kids. You bought a house with a mortgage, a nice car and all the usual household paraphernalia. The usual thing
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
in life that most of us take for granted. Life was good, you liked your job and so you and stayed with the same company for twenty years. You rose up through the ranks but slowly and never attained the position you thought you deserved, but you we
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
e happy in that it was stable, secure and you didn’t have to worry about anything.
Then the company started to make cut-backs and started laying people off. You stayed because you believed your job was secure and you'd been there for so long it wa
Then the company started to make cut-backs and started laying people off. You stayed because you believed your job was secure and you'd been there for so long it wa
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
s a way of life to you. Your work schedule became more and more overloaded and stressful as more people left and you were filling the gaps. Before long you were doing the job of three people for the same pay. You found you were being put upon to wo
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
k longer hours and even some weekends for overtime pay but getting no thanks for it.
In the end, it got so much your health began to deteriorate. You were never home so your family life also began to deteriorate. Your kids had grown up but were st
In the end, it got so much your health began to deteriorate. You were never home so your family life also began to deteriorate. Your kids had grown up but were st
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
ll at home and costing you a fortune. You were at the stage where you had to keep on working to pay the bills and keep the roof over your head but at the same time you were working so much it was destroying your life. You were in the classic no-win
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
situation and there didn’t seem to be a way out.
Then it came like a thunderclap out of the blue. You’re boss made you redundant and paid you off. You went home in a state of shock, sat down and buried your head in your hands. It was all over. How
Then it came like a thunderclap out of the blue. You’re boss made you redundant and paid you off. You went home in a state of shock, sat down and buried your head in your hands. It was all over. How
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
were you going to keep up the payments on everything? Your wife was sure to leave you and the house would have to be sold.
You had lost everything.
Wait a minute. Had you really lost everything? Not yet you hadn’t.
You get yourself together, ca
You had lost everything.
Wait a minute. Had you really lost everything? Not yet you hadn’t.
You get yourself together, ca
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
l up a few friends and acquaintances and start finding out what the job situation is like on the outside. You make a chance call to someone who is in business for themselves and they suggest that you try working for yourself.
That night, after you
That night, after you
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
explained everything to your wife and she still didn’t leave you, you felt positive and even excited. You couldn’t sleep for thinking about all the possibilities.
The next day, you formed your action plan. You knew that you had absolutely no idea
The next day, you formed your action plan. You knew that you had absolutely no idea
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
how to go about starting your own business, but you had friends who did. You set up meetings with them and sought advice. You hit upon a great idea that your friends backed you with and got things started. You had money in the bank from you job pay
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
ff, so you knew you could survive the first year of so until your own business started to show a profit.
The rest, as they say, is history.
That was a fairly generic failure to success story which is actually more common than many people think. I
The rest, as they say, is history.
That was a fairly generic failure to success story which is actually more common than many people think. I
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
doesn’t come quite as easily as was just outlined because everyone will do things differently. Some will succeed and some will fail. Some will have to work extremely hard to make it work. Those are the successful ones. Others will sit back and wai
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
t for the money truck to pull up outside their door. They are the ones who will fail and blame everybody else for their failure.
Whatever the level of your success, assuming you have worked hard to achieve it, working for yourself has an awful lot
Whatever the level of your success, assuming you have worked hard to achieve it, working for yourself has an awful lot
.
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
of positives. Perhaps you gave up wanting to ever work for anyone else again because of bad experiences with employers who have consistently devalued the employee's status, benefits, pay and job security over recent years. Maybe you got fed up work
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
ng your guts out for peanuts while making someone else rich. So you left that particular rat race behind and did ok working for yourself. Maybe you’ve been up and maybe you’ve been down. But don’t you think it's worth the struggle to be independent
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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