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Useful Advices - 10 Business Street Smarts
Many business owners or people who are about to start a business have idealistic views about their new venture. People who are experienced in business know that there are some basics and some fundamen
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
tals that you must get right if you are to succeed. This article outlines a list of "Street Smarts" which have been distilled from the knowledge and experience of many successful business people. Read
; 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
them carefully!
1. The fatal mistake of many business people thinking that because they are a good mechanic, baker, accountant, that they understand what it takes to run a mechanical business, bake
1. The fatal mistake of many business people thinking that because they are a good mechanic, baker, accountant, that they understand what it takes to run a mechanical business, bake
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
y business, accountancy business. The most important skill for any business person is to know how to run a business. How much management & business & marketing training have you invested in yourself?
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
2. Make sure you clearly understand the concept of working on your business as distinct from working in your business. The most successful business owners spend a great deal of time working on their b
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
siness learn from them! Read The E Myth by Michael Gerber a must read!
3. Work out what it would take in dollars to pay someone to do what you do, for the hours you put into your business. Are yo
3. Work out what it would take in dollars to pay someone to do what you do, for the hours you put into your business. Are yo
ucts have become life saving products for the pharmaceutical companies who doesnt have many innovative molecules in their product pipeline and have been inc
paying yourself the same amount? If not, why not? You are clearly worth it! Many people would argue that if you are not paying yourself that same amount, then you don't have a business, you have boug
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 yourself a job and perhaps a low paid one!
4. Learn from other people, especially their mistakes you cannot live long enough to make them all yourself! This means that you must be willing to em
4. Learn from other people, especially their mistakes you cannot live long enough to make them all yourself! This means that you must be willing to em
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
race change in every aspect of what you do. The one certainty is that change will continue and increase! The definition of insanity is "doing the same things in the same way and expecting different
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
esult." If you want a different or better outcome change!
5. Can your business run without you for up to a month? If it cannot, then you have a job, not a business. Are you taking a holiday each ye
5. Can your business run without you for up to a month? If it cannot, then you have a job, not a business. Are you taking a holiday each ye
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
r? Why not, your staff do! If you are a one or two person business, then bring in a relief person for the time you are away. Pharmacists, doctors, & dentists, do it all the time - why not mechanics, b
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
akers, accountants or home based businesses?
6. Prepare yourself for this one! If you have had the same accountant, for more than 7 years, then get "a second opinion" from a completely new source. Ev
6. Prepare yourself for this one! If you have had the same accountant, for more than 7 years, then get "a second opinion" from a completely new source. Ev
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
luate their advice against your "regular" and see which is more likely to deliver the lifestyle you want. Two important things to note about this: a) if your adviser advises you against this what do
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
s that tell you? and, b) if your accountant does not understand how and why a business should "deliver a lifestyle", then it's time to update your advice.
7. Embrace technology at a personal and busi
7. Embrace technology at a personal and busi
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
ess level. If you are not on email and checking it at least every day, then the world is passing you by and you don't even know it! Among other resources, there are literally thousands of free email n
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
wsletters available which will help you make your business more profitable mechanic, baker, accountant or farmer!
8. To get where you want to go, mix with people who are already there. Talk to the
8. To get where you want to go, mix with people who are already there. Talk to the
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
est people in your business you will learn from them. Avoid the negative complainers they'll drag you down. The majority of business today comes from networking.
9. It doesn't matter how much mon
9. It doesn't matter how much mon
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
y your business makes. What matters is how much you keep! Turnover is a very misleading measure of the success of a business. Do not fool yourself (and others) by thinking that a "large" turnover nec
.
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
ssarily means a great business.
10. If you are in business, then you are in marketing. The more time you spend on marketing your business, the more profitable your business will become. The single gr
10. If you are in business, then you are in marketing. The more time you spend on marketing your business, the more profitable your business will become. The single gr
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
atest skill to develop and learn and keep developing is marketing. 11. Bonus Point! What have you read or listened to this month? Become thirsty for knowledge and both you and your business will grow
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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