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Answers - 3 Smart Ways Home Business Owners Handle the Unexpected
This week I've been tied up in discussions with lawyers, accountants, investment advisors and insurance agents making sure every "i" is dotted and "t" is crossed as far as prot
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
ecting my financial interests and business are concerned.
Over the years, things change and if you've recently left your job to run your home-based business, or if there has b
Over the years, things change and if you've recently left your job to run your home-based business, or if there has b
; 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
een significant growth or change, it's important to make sure your personal and business protection reflects those changes.
One of the biggest concerns in running a home busin
One of the biggest concerns in running a home busin
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ess, however, is preparing for unexpected events. These three smart ways home business owners protect themselves will give you a good place to start and should add to your peac
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e of mind.
GET PROPER INSURANCE – If you were to take ill and not be able to work for three months, would you still have money coming in to your business? If you went one mont
GET PROPER INSURANCE – If you were to take ill and not be able to work for three months, would you still have money coming in to your business? If you went one mont
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
h without earnings, what would this mean to you?
There are various types of insurance for home-based business owners and the best action you could take on this matter is to sp
There are various types of insurance for home-based business owners and the best action you could take on this matter is to sp
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
eak with a professional who can help you determine what type of insurance would best serve you.
Requirements will vary from country-to-country and state-to-state, so this is w
Requirements will vary from country-to-country and state-to-state, so this is 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
hy speaking with a professional is so important. Some insurance companies require you to be in business for at least three years so they can see your historical earnings in ord
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
er to estimate future earnings.
If you're in your first two years of business and cannot get insurance, there are alternate ways to protect yourself. Again, this is where a pr
If you're in your first two years of business and cannot get insurance, there are alternate ways to protect yourself. Again, this is where a pr
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
ofessional can give you invaluable advice.
Aside from covering your financial needs, you may also need to explore added liability insurance if your customers visit your home,
Aside from covering your financial needs, you may also need to explore added liability insurance if your customers visit your home,
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
product liability insurance if one of your products fails and a customer files a claim, malpractice insurance (even dog groomers and hair stylists need this!) and so on.
MAKE
MAKE
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
SURE YOUR WILL IS UP TO DATE – None of us knows when our number is up. We may be here today and gone tomorrow. I don't mean to be so blunt, however this is a reality of life.
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
By investing a couple of hours of your time and approximately $275, you can have your family fully protected in the event of your passing. Neglecting this critical responsibili
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
ty can tear the rug right out from under your loved ones and leave them destitute.
Do you know what would happen to your business in the event of your passing if you haven't a
Do you know what would happen to your business in the event of your passing if you haven't a
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
ssigned it to someone in your will? If you don't, find out today.
HAVE AN OPERATIONS MANUAL – Even a short-term absence on your part could mean serious harm to your business.
HAVE AN OPERATIONS MANUAL – Even a short-term absence on your part could mean serious harm to your business.
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
By having an operations manual with important contact information, banking access, policies, procedures and other important operational data, someone can step into your shoes a
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
nd keep things running until you're back in the saddle.
Something as simple as a common cold can put you out of commission for several days and if appointments are missed and
Something as simple as a common cold can put you out of commission for several days and if appointments are missed and
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
customers are neglected, you may realize the effects in lost sales and ended relationships. Having someone who can simply access your operations manual, check your appointment
.
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
list and reschedule appointments if necessary can mean the difference between a lost customer and a loyal one.
These three simple action steps require a small investment of yo
These three simple action steps require a small investment of yo
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
ur time and money, but can mean the difference between success and failure of your business and protection or hardship for your loved ones.
2007 © Laurie Hayes - The HBB Sourc
2007 © Laurie Hayes - The HBB Sourc
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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