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Starting a business with multiple owners is fairly commonplace. If you are not careful, however, it can lead to major problems down the line

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

.

A business is really an idea when you get down to the fundamental aspects of it. While practically everyone wants to make money, 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

s are usually started because somebody has an idea. More accurately, it is often because two or more people come up with something they thin

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

k people will be interested in.

While the collaborative effort is great for thinking out an idea, potential problems and so on, it can ulti

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

ately lead to disaster. Ironically, this is particularly true if the business is successful. The problem? Sharing power.

If multiple people

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

Combination pro

start a business, they often refer to it as “our business”. At the outset, this isn’t really a problem. As time passes, however, each owner

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

may start to have very different ideas about what “our” business should be doing, how it should grow, niches it should get into and so on. W

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

en this occurs, “our” business soon becomes “my” business. The problem, of course, is each owner is saying this. Conflict soon follows.

If

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

ou start a business with others, it is very important to understand that you are essentially getting married. This is true even if you had t

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

he original idea, work harder than they do and so on. Ownership is ownership. Much like a marriage, you should give consideration to the bus

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

ness equivalent of a prenuptial agreement.

At the outset of any business venture with multiple owners, time should be taken to discuss what

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

Following aspects would a

happens if there are problems. What if someone dies? What if someone stops working? What if a majority of owners want to go in one direction

dd to the challenges in developing combination products:

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

, but one person does not? How will each of these issues be handled? Whatever your decision, it needs to be put in writing. Depending on the

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

structure of your business, it may come in the form of a buy-sell agreement. Regardless, the idea is to make sure you cover these issues up

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

ront.

At this point, you might be thinking you really would be uncomfortable discussing these issues. After all, everyone trusts each other

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

, right? Maybe, maybe not. What tends to happen is you find out that maybe some of the owners have some very different ideas than you do. It

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

Professional from academic institutions, pharmaceutical industries, health care indust

is always best to find this out before revenues start coming in. Why? People are not eying the business bank account. They will be reasonabl

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

in discussing matters. In a worse case scenario, you may not be able to work things out. If that occurs, at least you found out before spen

.

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

ding a lot of blood, sweat and tears on the business.

It is common to start a business with more than one business owner. Such businesses o

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

Companies that provide selfless information through particip

ten do very well since the workload is shared. To avoid problems, just make sure everyone is on the same page up front and get it in writing

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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Our position is this: Profits and growth are about performance and performance is about people. Therefore, invest in people. Invest in people because this is potentially a highly leveraged investment.

Many marketing experts argue that marketing is a logical process with a natural structure that can be viewed primarily as a method of understanding the marketing environment; using the marketing mix.

Is appreciation contagious? It should be. How important is it? Do we show or receive appropriate amounts of appreciation? Day after day we go to work, put forth our best effort and don't expect much for an honest day's work. But how does the day totally change when you get that unexpected thank you?

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Answers - Starting a Business with Multiple Owners

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