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Have you gone to tech school or been into computers all of your life and everyone calls you about their computer problems? Not sure what to do with your pc repair skills? When deciding what to do with your skills, sometimes you may lean

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

toward opening your own PC Repair Business. What else do you need to know in order to run your business? That is what we are going to discuss in this article today.

1. Do I have to pay taxes?

2. How do I avoid the pitfalls of ope

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

Examples of combination products may in

ing a new business?

3. How much to invest?

1. Do I have to pay taxes? The simple answer is yes. If you are planning on running this as a real business and you will be charging for the services you provide, then yes you will need

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

to pay taxes on the money you make. There are many tax breaks available for new businesses, so make sure to talk to a tax professional, but suffice it to say, you should put aside 20-25% of all the revenue you generate for tax purpose

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

, if you have extra left over, then great, but at least put that much to the side until you talk to a tax professional.

When you do pay your taxes or file your return for the year, make sure to look at one time tax breaks and amortizat

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

Combination pro

ion tax breaks, as you can sometimes claim the full amount up front in one year rather than break it down over a period of years.

Regardless of whether this is a full time business or just a part time gig, make sure you register as a b

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

siness in your state. This will lend credibility when you talk to your clients. When they ask you how long you have been in business, you can honestly say 2004 or 2007 or whatever it is, instead of saying "well I have always been into c

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

mputers and this is a part time thing on my kitchen table" If you were shopping for a PC Repair Tech, wouldn't you rather deal with a professional rather than someone with a part time hobby?

2. How do I avoid the pitfalls of opening a

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

ew business? A franchise will provide you with the information, knowledge, training and support you will need to succeed. Think about this, after 2 years the average success rate for a franchise company in general is 90% or more. After 2 y

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

ears the average success rate for a non franchised startup company in general is 10-15%. Which % would you rather be in?

The downside to a franchise: You have to pay for it. Remember, there is nothing free in life anymore, so when you lo

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

k at a franchise make sure to look at the initial fees, do they offer financing, how many locations are open, how many have failed, what are the ongoing royalties, what is the level of support you want vs. what do they provide, etc... I

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

Following aspects would a

there an ongoing advertising fee, there are tons of questions to ask and the best thing is, because you are paying for it, they will be able to provide all of the answers to you.

The upside to a franchise: You will have a proven syste

dd to the challenges in developing combination products:

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

to follow, you will have all of the mistakes already made for you instead of making them yourself, usually there is a 5-15 year agreement, then you can decide to renew the agreement at that time. There is also quite a bit of training

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

and ongoing support that is provided for the royalty fee you pay each month. Most of this support is provided via phone & email, but most companies have a rep or operations person that will assist you with your issues if you ask for he

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

p.

You can of course decide to open your own Pc Repair Business and make all of the mistakes yourself, but is it worth it, with the low cost of a franchise these days?

3. How much to invest? This will solely depend on your available amo

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

nt, it is easy to say you will do all of the things yourself or place the advertisements etc...but when it comes down to it, do you want to do all of that or do you want to fix computers? You can hire someone to promote your business

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

Professional from academic institutions, pharmaceutical industries, health care indust

ither through conventional advertising or hire a flyer/mailing distribution service, but in this type of business, getting the word out is critical. If they don't know you exist, they won't call you for help. So the amount you should

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

invest will be determined by what you can afford, but keep in mind, what you invest should generate a return, hence ROI or Return On Investment. If you aren't seeing a return on your investment in a short period of time, then you are pr

.

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

bably doing something wrong or not doing anything at all, which can be just as bad.

The amount of your investment will also be determined by your commitment, if you only want a part time Pc Repair Business, then you should only invest

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

Companies that provide selfless information through particip

hat you are comfortable with in that type of venture.

So in closing, do your research, ask the questions, and make sure you get all of the answers before committing to any type of investment or contract.

Good luck in your new 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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Gas powered or charged? Cordless or corded? Makita or Milwaukee? What is the real difference between them, and do you really need to know? Of course you need to know.

Surprisingly, Medical Transcription wasn't officially recognized as a profession until 1999 when, the United States Department of Labor, finally assigned the profession its' own job code in order to monitor statistics about the field

Studies show that lack of career opportunity is one of the top reasons why employees leave an organization. Also, continually hiring open positions from outside the organization can be detrimental to morale when a qualified candidate is available internally. This article shows how one company changed procedures to offer new kinds of career opportunities to its workers and improve overall employee retention.

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