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Over the next ten years throughout the western world and particularly in countries like Australia, Canada and the United States there will be an increasing number of busine

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

sses for sale as the baby-boomers move into retirement. As a result there will be an increasing number of bargains amongst the businesses for sale as the supply and demand

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

Examples of combination products may in

equation tilts in favour of new business owners. Already in Australia prices of businesses have fallen according to the BizExchange Index – a quarterly report on the price

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

of businesses for sale in Australia.

It is commonly known that most new businesses fail within the first 2 years, and yet people continue to choose starting their own busi

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

ness over buying a going concern. While this may be the only option if you are doing something that has never been done before, it is certainly not the case for most busi

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

Combination pro

nesses. There are hundreds of businesses for sale listed on bizexchange.com.au and other similar websites.

Ideally you want to buy a business for less than it would cost

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

ou to create one, and one in which your input can have an immediate positive impact. These opportunities are easier to find than many people think. Owner operated businesse

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 have their own lifecycles of establishment, growth, plateau, and eventually decline. Buying a business in the later half of its life-cycle can provide great opportunity t

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

o add value, provided you can get in while the customers are still happy. With many of the baby boomers entering their retirement years, there is likely to be a continual s

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

ream of these opportunities for the next five to ten years.

A quick look at the major hurdles for new businesses also clarifies why buying a business can be a better way t

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

o go. Here are the top five:

1. Establishing a customer base
2. Internal systems & procedures
3. Market awareness and credibility
4. Premises and sta

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

Following aspects would a

ffing
5. Cash-flow

There is no doubt that the top 3 are the reason why franchising is such a growing industry as this is generally what a franchise is offering.

dd to the challenges in developing combination products:

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

owever if you are opening a new franchise then in many cases you are still going to need to tackle the number one hurdle – establishing a customer base. If you are serious

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

ly considering a potential purchase of a business, then ask yourself not only if the business already has these things, but also how you can ensure that they will continue

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

to exist when you are in charge. One of the ways of doing this, particularly in a service business, is to have a ‘work-out' clause in the transfer. This requires the existi

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

g owner to continue to work in the business for a nominated period of time to ensure that the intellectual property, staff and customer loyalty are all smoothly transitione

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

Professional from academic institutions, pharmaceutical industries, health care indust

d over to the new owner. Although it is always a good idea to meet the owner first, you may not want to spend the next few months working with them.

Also remember that p

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

rice is not the only thing you need to negotiate. It is essential to understand how the business works, and what is required to keep it working. Only then can you ensur

.

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

that these things are appropriately covered in the transfer of sale contract. One other thing to watch out for is any outstanding debtors – including Tax and Superannuat

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

Companies that provide selfless information through particip

ion liabilities. There is more information available on these issues as part of the information area on the bizexchange website including a checklist on buying a business

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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Career assistance for any position. The first in a series on selecting the right company for your career. This is a discussion on two types of entities based on the leadership; entrepreneur or corporate executive. This article allows you to take a moment to think about the leadership of any company you are considering to help you bring your career to the next level.

So many contractors go out of business because their construction cost estimating is too low or too high. When the amount estimated in not high enough the company can lose a lot of money; when the estimate is too high you lose the job to a competitor and gain a bad reputation. When you become familiar with your construction cost estimating software, you will be likely to start to notice a few things here and there you would like changed or added.

Corporate party is a challenging task. If you are the person who is to plan everything for the corporate party then you need to define a theme at first so that all your ideas and planning will be focused around it and it would become a lot easier for you as to where do you need to spend.

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