Answers - Home Based Business

Why Self-Employment?

Self-employment is an attractive proposition for people who believe that they can successfully be their own bosses. Skills-in-demand, strong sense of self-confidence, self-discipline, good

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

time management skills and good contacts are all essential for a self-employed person to be successful.

Self-employment does not mean greater rewards for less sacrifice. It does not mean shorter working hours

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

Examples of combination products may in

. It by no way guarantees success. It requires the need for the person to take complete responsibility for his/her own success or failure. It is also important to remember that no matter how good the product an

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

d demand for the same and no matter how committed and disciplined the self-employed person the business could still fail due to extraneous circumstances like competition that introduces a better or cheaper prod

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

uct.

Ideal Candidates for Self-Employment

Not all persons are born to be self-employed or not all persons can be successfully self-employed. It is a decision to be taken with care or else the self-employed pe

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

Combination pro

rson could fail miserably. The following are some of the traits that a self-employed person should have:

• Ambition & Drive: This is the most important trait. The self-employed person has to have something wit

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

hin that drives him/her to continuously strive for success.
• Self Confidence: The person should have confidence in his/her product and the ability to sell the same. Presentation skills are essential for c

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

onvincing a person to spend their time and money on your product/service, rather than on one offered by competition.
• Business Acumen: This is an essential intangible that could make or break a business v

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

enture. It involves negotiating skills, knowing whether to bargain or not, the ability to envision business opportunities, even when they are not obvious.
• Money Management Skills: The success or failure

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

of a business depends on the earning capacity of the business. The person should know how to economize efficiently, so as not to compromise the quality of the product, which areas to cut back expenses and which

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

areas to spend more on and thorough and current knowledge of the money market.
• A good product or service: There should be sufficient current demand for the product/service, with scope for expansion of t

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

Following aspects would a

he same.
• Market Knowledge: The self-employed person should know where his prospective customers are, so that an efficient distribution mechanism can be set up. No matter how good a product, it is complet

dd to the challenges in developing combination products:

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

ely useless if it does not reach the consumption point. Market knowledge also includes knowledge of the competitor’s products, their technology, their natural market and price. In other words, the self-employed

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

person needs to know what he is competing with.
• The person should have sufficient capital and resources to handle current production, as well as a little expansion or else the person should have sources

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

from where he can borrow the capital. He should be able to take a lot of mental pressure. He should not have too many personal commitments, either in terms of money or time, so that he is able to concentrate o

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

n the business.

Choosing the Right Business for Self-Employment It is essential to choose the right line of business so that all your efforts will be able to bear fruit. Consider the following factors when ch

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

Professional from academic institutions, pharmaceutical industries, health care indust

oosing to run your own business:

• Do I have a natural affinity/talent for this business and will I enjoy doing it?
• Is my natural market located in the vicinity of my production-site? This is essential

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

for two reasons. Firstly, finished products or services can be easily delivered, thereby cutting distribution costs. Having the natural market close by, allows the self-employed person to be in close contact to

.

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

accurately assess the needs of the prospective customer and to establish a relationship with the prospective customer.
• Do I have the skills sets and infrastructure to deliver a good product that is bet

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

Companies that provide selfless information through particip

ter than the competition?

Being successfully self-employed gives one a tremendous high, yet it is not a decision to be taken lightly, as it could be the immediate and unceremonious downfall of the same person.

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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