Answers - Home Based Business

In Part-1, we discuss about 2-types of Home Based Business.

- Traditional type with products and services which ones serve to own local market

- Online type with products and services which ones can reach-out to global markets.

This insta

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

llment, I'll discuss more on the Online Businesses to give you a better understanding of the nature and the types available for your choosing.

Types of Online Opportunities

Due to its ubiquity, the Internet is popular for

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

Examples of combination products may in

usiness transactions and e-commerce. Internet is accessible 24X7, 365 days. It is fast, reliable and easy to access. In the previous part of this series, we had explored some of the cons of setting up a traditional home based business. The g

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

ood trend now is that more and more people are gradually tilting towards starting their own online business rather than opting for a traditional business. This is because the cost associated with starting an online business is relatively low

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

and running an online business is much easier than running a traditional business.

There are many types of internet businesses available today. All a person needs to do select an internet business that he / she is interested in. A person sh

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

Combination pro

uld carry out research on the various types of internet businesses and select the one that is best suited for his / her expertise and aptitude.

Some types of internet business are:

Marketing Business

This is one of the most

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

common types of internet business. A person can run this business by marketing his / her own products or services or by marketing products or services for another business. When you market products for another business it is called affiliate

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

marketing. In affiliate marketing, the original business pays you a commission if someone buys their product through your affiliate link. Affiliate marketing is extremely popular these days with more and more people joining the bandwagon.

A

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

online marketing business requires an excellent website giving details on products or services. The website should have options for paying online and the payment mode should safe and secure for the customer.

You would need to market your w

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

ebsite through search engines, emails or advertisements. Google and Yahoo have the option of placing advertisements on their search pages. You would only pay if a person clicks on your advertisement. This is called Pay Per Click advertisemen

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

or PPC.

Turnkey Internet Business

Currently this type of online opportunity is extremely trendy. Here you can purchase an already established website for a particular business. In this type of online opportunity, you acquire the ta

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

Following aspects would a

gible and the intangible business aspects. The most recent example of such is Google acquisition of YouTube.com

Internet Services

In this type of online business, specific services are provided to the customers at reasonable rates.

dd to the challenges in developing combination products:

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

Based on your professional expertise you can set up a website advertising your services. These services could be online consultancy, software assistance or hardware trouble shoot, personal development, trainings & e-learning and many, many m

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

re.

Online Investment

With each passing day, online investment is widening its scope and area and also attracting new people to online investment. Online investment means making any investment via internet through a chosen investmen

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

company. Online investing companies generally provide different stock markets, credit union websites or banking institutions. Now with the help of internet you can buy shares or bonds and millions of people are enjoying the advantages of su

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

ch fast and convenient service.

There are six reasons in which online investors fail. These categories are Uncertain Newcomer, Moderate Active Trader, Active Day Trader, Fund Supporter, Long-term Retirement Planner and Hand in Every Pot. On

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

Professional from academic institutions, pharmaceutical industries, health care indust

ine investment has many advantages with the most important one being easy access.

Besides these, there are other online opportunities that are available. These could include dating sites, music sites or entertainment sites. With growth of t

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

e internet, there are a number of scams floating in the cyberspace. You should be careful about this and accordingly choose your online opportunity. No matter what online opportunity you would like explore, it is important to do your due dil

.

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

igence and research well to avoid falling into scams (I'll talk about this more in another article).

Go for an opportunity that you are interested in and that would excite you. You should also do research to plan your marketing strategies a

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

Companies that provide selfless information through particip

d check the sort of customers you would be targeting before committing your resources.

In this new age business model it is possible to startup a business with minimum capital investment. I'll touch on this in the last part of this article

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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Answers - Home Based Business vs. Online Business (Part 2)

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