Answers - Home Based Business

Everybody dreams about it - having a leisurely cup of coffee on a lazy morning, enjoying life as your home-based business continues to bring in the big bucks. Well… I hate to burst your bubble, but this home-based business thing is HARD WORK, so before you hang up your tie and high hee

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

ls, here are a couple of good and bad things to expect.

You write your own paycheck

That’s exactly how it is with a home-based business and being your own boss. YOU WRITE YOUR OWN paychecks! How much you earn depends on how hard you work… plus you get to keep ALL the pr

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

Examples of combination products may in

fit. There’s NO BOSS to tell you that the company hasn’t been doing great so all you’re getting is 45 cents as your bonus, while he comes to work the next morning in a bright, shiny new Porsche!

Problem is, you then realize “Hey! Just a minute… I’ve got to put some aside for that rain

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

day, retirement fund, vacation, etc, etc. I’m MY OWN BOSS NOW!”. So you find the paycheck that you actually write for yourself at the end of the month has a few less zeroes in it! How’s that for irony?

It’s hard work

Having your own home based business is a lot of hard

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

work. If you’re used to taking 30 minute coffee breaks on company time, you’re in for a real shock. Assuming you’re running a one-man show (which is usually the case for new start-ups), then you’re likely to find that there’s not enough hours to do all that you want to do, let alone h

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

Combination pro

ve a leisurely cup of coffee!

The good thing about this is that every ounce of sweat you put into your home business will ultimately yield results. Remember, the pyramids weren’t built in a day, but when they were completed, they lasted for generations. That’s the way it is with your

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

ome-based business. You’re working hard to build a better life and future for your family that will probably last long after you’re gone.

The buck stops where you are

Whether it’s a virus that crashes your computer, an unpaid bill or a customer complaining on the phone,

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

when you own a home-based business, the buck stops where YOU ARE! Every problem becomes YOURS. There is no computer division, accounts department or PR department to blame. It’s a bit frightening when you consider that you are the central – and probably the only person – who can keep y

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

ur business going.

If you’re worried about making the wrong decisions, let me put your mind at ease – YOU WILL! You ARE going to make wrong business decisions, but don’t let it discourage you though, because even big-wig CEOs make mistakes. Will there be tough times? DEFINITELY. Tough

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

times bring out the best in people and every mess you get INTO and OUT OF, makes you a better person - smarter, tougher and more resilient. After you’ve gone through a couple of ups and downs, you’ll get into the groove and go with the flow – that’s the way it is with business and that

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

s the way it is with life in general.

Different type of benefits

If you’re like me, you’ve probably grown accustomed to (and taken for granted) the many benefits of a regular nine-to-five job - free medical and dental, vacations, paid training, coffee breaks and the occ

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

Following aspects would a

asional business lunches.

I found that for me at least, running a home-based business has given me priceless benefits. Tops on the list would probably be the fact I’m closer to my family. In addition to taking care my websites and running our home catering business with my wife, I’m a

dd to the challenges in developing combination products:

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

so the official driver, handyman and maid all rolled up into one. Even though it gets totally crazy sometimes, I love that I’m always there for my kids. Oh, they still make it a point to drive me up the wall everyday, but I’d rather be driven up the wall by them than by my maniacal ex-

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

oss.

The Naked Truth

OK, here’s THE NAKED TRUTH about having your own home-based business – YOU SET THE RULES, YOU CALL THE SHOTS. That means you can do things anyway you want, from your working hours to your filing system to what you wear (or don’t wear!) at work. Care

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

ul though… when you set lousy rules, you’ll end up with a lousy system, a lousy business and worse, a lousy reputation. In the end, it’s going to hurt that paycheck that YOU write for yourself every month. Just because it’s a home-based business doesn’t mean that you can throw professi

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

nalism out the window. In fact, an even higher level of professionalism may be required because you’re operating independently and competing with established companies.

Of course how much flexibility you enjoy depends on what kind of home business you’re running. Since my mornings are

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

Professional from academic institutions, pharmaceutical industries, health care indust

spent taking care of my websites and writing, I don’t physically interact with people much, so I do have the liberty of working in my bathrobe or anything else I choose (I leave it to your imagination). While lost in cyberspace, I also have the liberty of snacking anytime I want, which

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

accounts for my growing waistline. Then in the evenings, when my wife and I are busy with our catering business, I’m definitely fully clothed, complete with my tidy apron and smiling my best smile as we take care of our customers.

So What Now?

There you have it folks, m

.

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

run-down of some of the basic stuff you can expect when you start a home-based business. You may earn less and have to give up some status for the first couple of years, but when you consider the big picture and take into account all the other intangible benefits, there’s nothing quit

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

Companies that provide selfless information through particip

like being your own boss! As your business grows, you’ll be writing yourself bigger and fatter paychecks. Then, you can sit down to that leisurely cup of coffee, enjoying a lazy morning, while your home-based business brings in the big bucks! Care to hang up your tie and heels, anyone

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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