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Are you looking for a business partner? What are the ideal qualities one should look for in a business partner? I was reflecting on this today and this article is based on my

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

personal business history.

In my business experience I have learnt that the qualities I look for in a friend are not the same as the qualities I would look for in a business

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

Examples of combination products may in

artner. In many cases your friends could possibly make the worst partners!

The ideal business partner is someone who possesses skills that you do not have. This makes the bus

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

ness stronger by enhancing the qualities you can bring to the table in any discussion, negotiation and meeting. It also helps greatly if they are financially very strong and c

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

an bring further resources to the table if required.

In my previous business my brother was one of my partners. He was exceptionally good at art and design. He created our fi

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

Combination pro

st brochure and our website. He helped to create the brand image for our company. I was good at creating and holding together the team so that the business could grow. Togethe

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

we created a highly profitable company employing over 45 people.

I believe that the type of partner one should look for is someone who is highly enthusiastic about life. Ent

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

husiasm is infectious and can help you to stay motivated when times are tough. I also like people who are full of ideas and can see opportunity where others can not.

I admire

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

people who refuse to take no for an answer. Persistence is a great quality and often it can be successful. In my previous packaging company my partner called the largest compa

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

y in Dundee - NCR (National Cash registrars) every three months for over four years only to be told to go away. "Do not call us, we will call you" was the standard response.

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

n the fifth year they did call us and asked us to quote for over a million dollars of business. The whole process from initial quotation, trialling our products to securing th

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

Following aspects would a

e business took a further three months. They only gave us a chance to quote because of his persistence.

The ideal business partner should also have the same commitment to bus

dd to the challenges in developing combination products:

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

ness as you. In one of my previous businesses I had a partner (also a friend) who was very lazy. This created a lot of friction in the business and almost broke our friendship

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

Whatever you do, do not go into business with a person who has a short fuse. People who lose their tempers quickly are much harder to get on with in the long term. One busin

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

ess I was closely associated with had two partners who both had bad tempers. Even though their business had great potential it ended up failing due to their aggressive behavio

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

r towards each other.

If you are going into a business relationship with somebody you do not really know then it is a great idea to carry out a credit check on the individual

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

Professional from academic institutions, pharmaceutical industries, health care indust

If the person has a high credit score this says a lot about their values.

Their hobbies and the organisations they belong to can also help you to understand the person's tru

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

e character. Speak to other members of these organisations to find out more about the person you are considering. It might be a good idea if somebody else carried out this res

.

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

arch on your behalf.

If you do end up with an ideal business partner who agrees with your plans, goals and ethos of the company it should accelerate your growth. Working with

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

Companies that provide selfless information through particip

a business partner will provide you with more business opportunities as opposed to working by yourself. Together, you can come up with twice the business ideas and trade leads

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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