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There are some amazing similarities between running a business and playing poker. It’s a game of strategy and intent. Both have the ultimate goals of achieving a degree of success. The game

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

dictates various moves and decisions. Here are just a few of the obvious comparisons:

You have opponents, or competitors, to contend with and evaluate.
You have a limi

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

Examples of combination products may in

ted number of chips, or money, to begin with.

You must have the knowledge and experience to play the game/business

You must know the rules and when to bend or re-interp

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

et them.

You must know your own limitations and weaknesses.

You must know when to hold them and when to fold them.

You must know to take chances and go all i

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

You must be able to judge the odds of winning.

You must be able to accept losses.

You must outlast your opponents to win.

The last relates back

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

Combination pro

to the inevitable truth that 4 out of 5 new businesses will fail, and many in the first year. It’s your job to overcome those odds. And speaking of odds, that’s what business and poker is al

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

l about. There are various odds that can be researched, based on previous and existing businesses. You can look at how long the business has been successful and what it did to get there. Che

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

k their history and the other competitors. What was the secret to their accomplishments? What can you learn from them?

It would be the same in poker. Each player has a unique style or attit

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

ude that allows them to move forward. For some, it’s their ability to read and judge their opponents. For others, it’s the art of keeping track of the play and various mathematical formulas

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

hat give them an edge. For others, it’s a innate instinct for picking up “tells” or certain gestures that give away the player’s true hand. In business, that would be the anticipation of ind

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

ustry trends or the manner that other businesses react and grow with the changing environment. How do they adapt to new technology and keep ahead of the pack?

Poker is also about action and

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

Following aspects would a

reaction. Who is the first to move and who is first to move beyond that move? It’s not as easy as it appears. If one business or player commits a massive amount of capital to a strategy tha

dd to the challenges in developing combination products:

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

fails, then they have less to invest when another better opportunity comes around. So knowing when the best time to act becomes crucial. After all, going “all in” at the time when your comp

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

etition has a far better plan or hand can be fatal. That is, unless you have a back up strategy.

One such idea might be the capability to acquire more chips or investment finances that coul

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

be needed for future projects. In the real world of poker, this isn’t allowed. But in the business landscape, injecting fresh money into a failing venture might be the only way to keep it a

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

live. Many marginal businesses have been able to succeed because they had enough backing to get past their financial errors.

All savvy poker players know they will make mistakes; after all,

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

Professional from academic institutions, pharmaceutical industries, health care indust

it’s part of the game. If they lose, they just leave the table and seek out another game to play. Business owners don’t have that luxury. They must go “all in” at some point and make a total

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

commitment. If not, then they are doing an injustice to their own vision and not giving the business a chance to do well. There will be that crucial time when they have to make the fateful

.

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

ecision. Do I risk everything or walk away with what I have left? The real question to ask is, how much faith do I actually have in my dream and what am I willing to spend to get it? These a

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

Companies that provide selfless information through particip

re the hard questions that only you and your fellow players can answer. Finally. both in business and in poker, you have to do what is right at the time and let the chips fall where they may

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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How much should you make from a Joint Venture? 10%? 20%? 50%? Should it be of the net or gross profit or off the top? How do you decide? This is an important consideration, especially for people who are used to paying peanuts and those who are used to accepting a few crumbs. Entrepreneurs who understand business and profit are more likely to pay and demand reasonable commissions.

When it comes time to resign your employment position, you'll want to do it in a manner that is professional, courteous, and in a way that moves your career foward - especially if your resignation may be one that is unexpected or will likely create a counter-offer that you don't want to entertain.

Research shows that talking to strangers -- not people in your comfort zone -- is the single most powerful key to a creative career and business move. Yet many people resist. Sometimes they don't understand the concept of networking. At other times, they set impossible goals. Here are some guidelines for network for your second career, home or life...

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