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Just Other Articles - When NOT To Invest In An Online Business
A friend of mine, Joe (not his real name) recently asked for my opinion about investing in an online business. He had found his "fantastic" money making opportunity on the Internet. Joe was thinking
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
of investing a substantial amount. All he had to do for this "online business" was view a couple of websites a day and he would be paid a percentage of his investment every month. He said some peop
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
le were making thousands every week! When I heard this, red lights flashed in my mind and they were screaming "SCAM! SCAM! SCAM!"
When he had finished telling me about the "investment", I asked him
When he had finished telling me about the "investment", I asked him
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
two questions: "Don't you think it sounds too good to be true and have you done any background research into this?" Joe said he did do some checking and although he found a fair bit of criticism ab
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
out this "investment" on a couple of online forums and chat rooms, he was still willing to invest and see if it worked. I then asked, "Joe, you sound desperate. Is everything OK with your business?"
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
The truth finally came out. Joe's business had folded about a month earlier and YES, he was desperate. I advised him to hold on to his money – that he would need all his money to help him and his fa
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
mily through the tough time ahead. I offered walk him through starting an online business if he really wanted to – just not this particular one.
This wasn't the first time someone had asked me abou
This wasn't the first time someone had asked me abou
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
t such "investments" when they were in the midst of a crisis. Desperate people resort to desperate measures. It's so very easy to believe what you read on the Internet. The web is filled with millio
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ns of sites that guarantee you riches if you will just make a "minimal investment". The cold, hard fact is that there are many irresponsible internet marketers out there who prey on the weakness of
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
desperate folk, getting them to part with their money – which is a precious commodity when you're jobless – to make themselves rich.
Most people fail to realize that in many ways, an online busines
Most people fail to realize that in many ways, an online busines
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
is like a regular business. It takes time and effort to build it into something successful. It definitely does not happen overnight the way many internet marketers would have you believe. After all
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
, if they told you the truth - that it DOES take time and effort - would you part with your money so easily?
Here are some examples of when you should AVOID investing in an online business:
•When
Here are some examples of when you should AVOID investing in an online business:
•When
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
you've just lost your job or source of income. The sense of desperation leads many into rash decisions that they soon regret and they are left much poorer!
•When you're all hyper after discovering
•When you're all hyper after discovering
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
that one-in-a-million opportunity which needs your response A.S.A.P because "places are limited".
•When you've had a bad day at the office, and you've been grilled by your boss and you want out – N
•When you've had a bad day at the office, and you've been grilled by your boss and you want out – N
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
OW!
•When you read or hear someone tell you how "easy" it is to make tons of money on the internet and they want you to join them – NOW!
•When you suddenly find yourself in a financial crisis.
•W
•When you read or hear someone tell you how "easy" it is to make tons of money on the internet and they want you to join them – NOW!
•When you suddenly find yourself in a financial crisis.
•W
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
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
en you've just quarreled for the thousandth time with your wife about money.
You get the message – DON'T invest in an online business when you're emotionally charged. That's exactly what internet m
You get the message – DON'T invest in an online business when you're emotionally charged. That's exactly what internet m
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
arketers WANT you to do! I know it's hard to do but channel all that energy and frustration into research instead. Do it as if your life depended on it - and it probably does. Be ruthless in your fa
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ct-finding. Be objective in what you read and hear. Be merciless in rooting out potential SCAMS. Give yourself some breathing space, do your homework and when you find an online business that 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
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
e confident about, JUMP IN! Go into it with all your heart and don't stop till you've reached your goal!
Until then, I've said it before and I'll keep on saying it – the Online Business Pie is grow
Until then, I've said it before and I'll keep on saying it – the Online Business Pie is grow
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ing everyday. There is ENOUGH FOR EVERYONE plus more to spare! It's not going to just disappear one day so don't worry. When you're ready, you can dig in and enjoy your slice of the pie too – Cheers
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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