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After years of running various small businesses I have finally come to conclude that people are bad for your profits! What made me arrive at this c

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

onclusion? Well obviously it’s a very broad statement & people are not always bad for profits. Of course they are not, as many businesses make all

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

Examples of combination products may in

their money by selling to the end consumer. But I believe there are better ways for people looking to set up a small profitable business than dealin

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

direct with customers to make their money.

When considering about 50% of small businesses fail within the first year you need to make your busines

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

s as smooth & efficient as possible. Especially if there are only a few employees or you are the only employee.

This is where people are bad for y

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

Combination pro

ur profits. Dealing directly with the customer in order to close a sale & then thereafter support the customer if/when any future issues arise will

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

be a major drain on your very limited resources. How much time can you really afford to spend on each customer to make X amount of profit? Do you

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

really have the resource to be able to provide the after sales service as well, which will enhance your reputation in the community & hopefully earn

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

you more sales? If you don’t provide a good after sales service you will soon get a bad reputation & your business will fail before it has even beg

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

un! I believe this is the mistake many people make when setting up their small business, the reality of the time required to deal with customers di

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

ectly and still make a profit.

People are all different as are their requirements. This is the variable that makes it hard to automate any business

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

Following aspects would a

where you have to deal directly with the customer. I believe that letting the companies already geared up with all the logistics of dealing direct

dd to the challenges in developing combination products:

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

with customers is the key in setting up a profitable new business with minimum overheads.

The key to making money in business is how can you serve

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

more people & in turn generate more money? But after what I have just talked about we want to serve more people without draining company resources.

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

Well if you are looking to set up a new business I would look at setting up an online business & sell other people’s products or services through

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

our website. This means you can concentrate on generating your online sales & let the company who you are representing deal with the customer. Thi

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

Professional from academic institutions, pharmaceutical industries, health care indust

s way if you generate 10 sales a day or 1000 sales a day it makes no difference to the load on resources within your small business, let the company

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

you are representing deal with the extra costs and you concentrate on making the sales & more importantly money!

If you are successful in this and

.

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

start making good profits with low overheads then maybe you can look at expanding your business in to different areas but at least this way you are

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

Companies that provide selfless information through particip

giving yourself a chance to beat the statistics.

Until you have established a cash generative & profitable business people ARE bad for your profits

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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Calculating ROI, or return on investment, for medical billing software is a tricky process. What follows is a simplified, but fairly accurate assessment of what's involved in the process.

If communication is perceived to be the basic step towards achieving self-actualization, the act of rewarding - a sign of mutual recognition - is considered to be an essential way to motivate individuals to realize their potential and turn them self-transcendent. There are different ways and means to express one’s gratitude towards his/her associates, which are by and large situation-specific. In civilized societies, it is customary to appreciate one another’s progress through offerings. In the corporate world, it’s an obligation to acknowledge the professional contribution of individuals or institutional stakeholders through gifts of different forms, in order to maximize the overall business growth.

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