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This is a true story.I was 25 years old when I answered an ad in the Toronto Star one day.It read "GROUND FLOOR OPPORTUNITY". The content of the ad basically discussed the fact that the company was new,willing to train managers in every facet of the 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

ss and would promote successful candidates into their own office.As well they had large ,international intentions.I walked into a cramped ,shabby interior of an office smack dab in the heart of Chinatown but what struck me was the energy of the place and t

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

Examples of combination products may in

e confidence of the gentleman who interviewed me ( unbeknownst to me at the time but he was a millionaire by the age of 30).

I was hired on a 100% commission plan only and thus I entered the world of telemarketing selling paper rolls and ribbons for POS,

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

ash registers and credit card machines.It was a classic boiler room only the business was a legitimate model through and through.However,hustle and attitude were the vernacular of the day.These gentlemen had run businesses before but their forte was strictl

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

y a direct sales platform where their peopel were independent brokers and every deal was cash on the barrelhead.

The one big gaffe that they were committing and it proved to be a valuable lesson for me to pay heed to before I was promoted to my first offi

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

Combination pro

e 11 months later was this:they had a phone book for every,and I mean every province,territory,region and major island in Canada.One gent even specialized in contacting the Northwest Territories inside the Arctic Circle! Yes, there were citizens other than

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

ative peoples residing that far north.So, here they were shipping all over this vast nation right from Toronto......but here is the kicker.They were giving everyone and his mother 30 day billing terms.Next thing you know they had rung up well over $ 300 K i

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

n receivables in less than 100 days.We collected cash locally but this was astronomical and if it were not for the deep pockets of their direct sales divisions it would have sank this ship rapidly.Let's just say it wasn't difficult getting sales under those

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

premises and they inevitably took a 25 % burn on those outstanding invoices.

Now,several months later we were in beautiful but not always sunny Vancouver,B.C. Here came mistake # 2.We rolled out too much money on start-up including unnecessary furnishings

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

nd leasing an excessively large office space,etc.I was down $30,000 before I could shake a stick at our first sale.

We eventually got better at the game and reached 34 offices over the next few years before the wheels came off.By the end of a two year tenu

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

e,our legal compliance dept. strongly advised us to pay ALL employees a base salary.The two biggest factors behind their reasoning were,unlike our direct sales divisions,we were dictating time and requiring them to work on our property utilizing our materia

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

Following aspects would a

ls.Now, the hard knock school of only the strong survived transformed virtually overnight into one where everyone,regardless of performance,was guaranteed a weekly cheque.This did put a strain on one's payroll and we had to be very careful as to how much we

dd to the challenges in developing combination products:

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

invested into one's training and in how long we retained their services.A lot of us (managers) tended to put too much stock in a candidate who exuded professional habits and appearance,radiated great energy and spirit while possessing terrific interpersonal

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

skills and leadership but who couldn't sell his/her way to a bagged lunch ! Needless to say this was rather costly as we strived to develop future "business owners" in record time.

Here's a real beauty.We were so naieve when I look back in retrospect and p

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

erhaps we placed too many comparisons to our brothers and sisters in direct sales.We did not fulfill our sales tax submittals for the first 6 or 7 months ( 2 fiscal quarters anyway) to Revenue Canada ( our version of the IRS).One day this ripe,old 26 year o

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

d gets a knock on the door by a visiting RC agent who isn't there to try our coffee.We have a fairly pleasant chat and 20 minutes later he's departed and I'm holding my head in my hands trying to figure out from where I'm going to get $140 K ! I guess sale

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

Professional from academic institutions, pharmaceutical industries, health care indust

hadn't been too bad. Anyway,I paid it off in full within a few short months as I was fortunate to be somewhat talented in the sales and recruiting aspects of our business.As my millionaire mentor used to be fond of saying,I performed my best when my back w

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

as against the wall.

I realize many of you reading this might be thinking how could my predecessors or I be so ignorant or naieve but believe me when I say "it could happen to you".It is too easy to put on the blinders or get caught in a vortex when you ar

.

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

placing all of your energies into sales or recruiting or training that one easily catches themself saying "manana".I have yet to meet a salesman /marketer who enjoys administration.

In closing,it was the most incredible business boot camp a young man coul

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

Companies that provide selfless information through particip

ever want and I would do it.....well,almost all of it all over again.I don't think the Wharton or Harvard business schools could have prepared me for the success for which I have been most grateful in achieving.

Copyright 2006 New World Opportunities Inc

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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He left Africa when he was just a teen and in love with windsurfing. See how this adventurous guy turned his dream into a dream business using some unique marketing that draws a big crowd.

Incorporation is very profitable in Nevada for businesspersons compared to the other states. If the services are utilized efficiently, then the benefits come in a heap. This is the reason for incorporation of the businesses with the state of Nevada. Nevada corporation includes in its tax structure no franchise tax, private income, and corporate shares; thus it provides a favorable taxation environment.

The weird world of Quantum Physics and how to take advantage of it in your business..

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