Cases - Business

Six months into our coaching, Jana shared that she was scared. She had been investing hand-over-fist in her marketing campaigns and still hadn’t seen any new revenue co

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

ming in. The fear was building up, the debt was starting to feel insurmountable, and Jana was getting overwhelmed.

At first, I was stumped. I knew that we had created

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

Examples of combination products may in

a powerful plan. Jana was in my coaching program and also had an excellent marketing mentor. Her product was excellent. So what was the real problem here?

After spendi

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

ng 25 minutes coaching the major issue surfaced. Jana thought she was the only one who was spending thousands of dollars with too few results. She was feeling ashamed a

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

nd guilty. Like something must be wrong with her program or her strategies. The truth was Jana didn’t have realistic expectations of the product launch lifecycle.

Jana

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

Combination pro

had fallen prey to following in the footsteps of so many “rags to riches experts” who forget to share the real truths of starting a new venture. It’s like there is a d

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

irty little secret that no one wants to talk about but everyone is suffering from.

I decided right then and there to let the truth out. Here it is.

It can cost a lot

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

of money to launch a product (and run a business!)

The truth is you have to spend money to make money. But at some point, you really must identify HOW MUCH you are wil

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

ling and able to spend. If you are struggling with these issues, let me give you a few pointers:

1. Get crystal clear about your high payoff opportunities – and clear

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

your calendar of the rest (at least for now.) If you are trying to get 5 products launched at the same time, I guarantee you will spend way too much time and money and

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

will get frustrated with your lack of results. Pick one venture; get it making money, then move to the next.

2. Before you launch a new venture, map out your revenue p

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

Following aspects would a

rojections AND your potential costs. It’s important to know when you will start making money and how long before you recoup your costs. I know it’s not sexy to talk mon

dd to the challenges in developing combination products:

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

ey when you are excited about your idea, but hey, I’d rather you know now than when the debt collectors are at your door.

3. Set realistic expectations of what it real

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

ly takes to launch a new product, service or marketing tool. There is more to making money than finishing the product. If you need help in this area, listen to the Myth

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

s and Reality of Passive Revenue Products in the ULTIMATE Wealth & Success Circle library (visit ultimatewealthandsuccesscircle.com.) You need to know there are at leas

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

t 3 stages to building wealth with new ventures – if you miss one, you will be frustrated!

4. Get into financial integrity. Don’t let yourself off the hook. Every mont

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

Professional from academic institutions, pharmaceutical industries, health care indust

h set a date to review your financials. Look at what’s coming in, what’s going out, and how much your campaigns are really costing you. It can be very enlightening! Thi

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

s is so important we built an entire coaching program around learning to manage these steps in our new Business Accelerator System (visit successconnections.com/busines

.

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

s_accelerator.html.)

Just remember, you aren’t alone. There are thousands of entrepreneurs every day finding out that it’s costing a lot more to run their business tha

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

Companies that provide selfless information through particip

n they ever imagined. But it doesn’t have to be painful. Growing your business can be fun and exciting if you know how to handle cash flow and planning for your success

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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As a merchant you want, one of your many goals is to provide your customers with as many opportunities to pay you as possible. One of the most convenient ways for many customers to pay you is with their credit cards. For the customer it means added security because if there is a problem, they have the credit card company behind them. For you, the merchant, it means the funds are in your bank in 24 hours and there is no handling of cash. But who should you go to in order to set up your merchant account and what questions should you ask? There are some very important questions you should ask yourself and your prospective merchant processor before committing to one.

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Cases - A Dirty Little Secret That's Costing You Your Profit - And Your Sanity

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