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Probably the greatest reason for failure of a new business is the lack of capital first to open, secondly to expand, and thirdly to sustain itself through the cost of doing business. A newly launched b

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

usiness lives under the law of catch 22 and that is that a bank usually doesn’t want to take a risk on your new business until you’re able to prove yourself by putting up 25% capital on your own, and th

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

Examples of combination products may in

at you have been in business for three years.

So where do you get new capital to fund your enterprise? There are many sources that you can tap to begin your journey of self employment and first time b

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

usiness owner. If you have no credit with the banks and there fore no access to loans and credit cards are out you might start saving every extra dollar that you earn, stop drinking the lattes and orde

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

ring take out. Put as much away as you can before you launch your business, save your spare change, stop spending, and cut your expenses at every turn.

Another source is a second job. If you really w

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

Combination pro

ant to start your own business put off opening your business for a solid year to accumulate a good chunk of savings. It’s not ideal to have to work an extra job but you have to do what is necessary if

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

you are starting at zero. If getting a job or second job is not a possibility start with your family, spouse or partner or a trusted friend. Explain what you would like to do and ask for what you thin

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

they would be able to afford. If that is just not a possibility ask if they might co-sign on a loan for you. If the answer is still no see if there is someone that you have become friendly with to se

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

e if there is a possibility to give you your financial start. It could be one of your own clients or an older person who has some savings, it could be an acquaintance that has the capability to create

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

a loan or note for you.

If you are a property owner you could get a line of credit or equity loan against your property. Sell what assets such as your car, boat, electronic equipment, stereo equipmen

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

t that you are able to raise the funds that you need to start. It may not be much but it will start you off.

There are other unconventional methods to raise capital. One is a circle of funding source

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

Following aspects would a

. There are established groups out there that provide capital to each member of the group or team who contribute a monthly amount to the circle fund. Each month let’s say each member of a group of ten

dd to the challenges in developing combination products:

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

or more contribute $100.00 to the fund. Each month the money collected is giving to one of the team until everyone receives the collection month after month. For an example ten people contribute $100

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

in the month and one person of the group will receive $1000. The next month the second team member receives the $1000 and so on. Then when every one has received the collection you start over. The p

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

oblem with this method is that there are lots of unscrupulous people out there who will steal your money. It would be better to work with only those trustworthy and reliable individuals that you can de

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

pend on.

Another potential source to raise capital is to run a raffle. What you need is permission by your state or county, and you will need to describe how many tickets, your intentions and what you

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

Professional from academic institutions, pharmaceutical industries, health care indust

intend to give away. Next you contact a local merchandise company that may benefit by participating in the raffle. Next you get raffle tickets printed up and a description for potential buyers of wha

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

t they will win and what the raffle is for. Then you sell the tickets, draw the name and either receive the donation or buy the merchandise from the merchandiser from the proceeds of the raffle. Make

.

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

a big event and present the winner with a redeemable gift certificate or present the actual merchandise.

The point is that if you think a little creatively you can probably come up with a few methods o

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

Companies that provide selfless information through particip

f raising capital. It’s not always easy but then again few things that are worth while are ever easy. Keep your focus use your talents and get the capital to launch your business. That’s what matters

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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