Answers - Home Based Business

In a previous article in which I talked about our businesses being like roses, something I didn’t touch upon was the pruning we sometimes have

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

to do in our business. That is the focus of this article.

As business owners we put a lot of blood, sweat and tears into our companies. We s

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

Examples of combination products may in

art them, nurture them, feed them and watch them grow. We become very attached to them, sometimes too attached, especially when it comes to ce

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

tain facets of our business.

For those of us who have operated a number of different business, we know how hard it can be to watch something

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

we have built and grown sliding downhill. Very difficult to admit it has become a millstone around our neck. Having business problems not onl

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

Combination pro

effects us financially, but also emotionally, personally, and creatively. We start to question our abilities to continue.

However, when cert

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

in strategies or facets are not working you need to learn to “prune” them. For example, when we operated Business Minders (a secretarial/assis

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

ant service to businesses) we started by offering telephone answering services, letter writing and sending, making call backs and answering qu

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

stions, sending out general information packets, making appointments and scheduling travel. Basically everything an assistant or secretary wou

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

d do if they worked in an office. We also offered additional services, like database set up, accounting services, and supply purchasing. Howev

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

r, we found after operating for a while, we had to “prune” some of the services as they weren’t helping the business grow but hindering growth

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

Following aspects would a

By “pruning” the extraneous services we were able to make the business work more efficiently and we were better able to help our clients.

We

dd to the challenges in developing combination products:

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

also found we had to “prune” some of the clients we were marketing to. By concentrating our marketing efforts on independent contractors and

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

alesman, we were able to help more clients and avoid being bogged down by businesses who demanded too much of our time.

In addition we also f

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

und that we had to adjust our hours of operation and our fees, since many of our clients had to call us after hours for phone messages, dictat

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

on, and projects they needed to discuss. Some additional “pruning” of clients was done in the process.

Not long after, along came the intern

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

Professional from academic institutions, pharmaceutical industries, health care indust

t and the plethora of “virtual assistants” and Business Minders become a thing of the past. Was it hard to do the “pruning” of services and ha

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

ing to let go of Business Minders, yes, and we probably held on longer than we should have, but we learned and applied this knowledge to subse

.

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

uent businesses we operated, and were better for it.

So remember, “pruning” of your business is a good thing as it makes it more efficient an

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

Companies that provide selfless information through particip

helps it to grow and prosper. Take a good look at your business and see if you need to do some "pruning”.

Copyright 2007, DeFiore Enterprise

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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The government provides loans to those individuals who have low to moderate income for permanent residence in rural areas. To qualify for these government loans is not that hard and the restrictions are small.

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Answers - Does Your Business Need Some Pruning

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