Just Answers - Business

Something that I am asked every couple weeks is "why entrepreneurship?". This is a question that always makes me hesitate, and I've noticed that my reply is never exactly the same. Yet deep down I kno

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

w it's what I love and would do even if the world was topsy turvy and making a lot of money through entrepreneurship wasn't possible.

Let's examine the decision to be an entrepreneur. It's a complex

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

Examples of combination products may in

opic so I'm going to break it down into a few posts exploring the benefits, disadvantages, misconceptions, and motivation behind entrepreneurship. I recently read that lists are more likely to attract

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

traffic and since I have neglected the blog this week let's begin with what I feel are the top 5 reasons to be an entrepreneur:

#5 There is an Upside There aren't a whole lot of ca

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

egories that most of the world's rich fall into. Inheritance, real estate, and business are the main three as we learned in New Venture Creation at WLU. It's hard to be born rich or inherit the family

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

Combination pro

farm, but business unlocks a path to real wealth potential. Whether you build it up to a multi-billion dollar venture yourself or sell while it's hot, there is definitely money to be made. But is it a

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

ll about cash? That's a topic for a future article.

#4 If You're Bored You're Doing Something Wrong Running a business is an incredibly diverse "field" to be in. Through my ventures

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

I have been exposed to incredible and interesting knowledge ranging from business fundamentals such as marketing, accounting, sales, and customer service to the importance of time management, goal set

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

ing, and even exercise. I literally view the world in a completely different light now than before I became involved in business. Everyday I find myself learning something new and being immersed in a

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

different and new area. You can't get much further from an assembly line than this.

#3 It's More Satisfying than Roller Coaster Tycoon or Sim City I've always enjoyed playing simula

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

ion games. While Doom was the hot item with most of my friends I really prefered Sim City and other empire building games. It's an incredibly satisfying feeling to start with nothing and end up with s

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

Following aspects would a

mething absolutely amazing. I believe in seizing this building attitude and applying it to life. Afterall why should I build a virtual company when I could apply the same concepts to real life? Treati

dd to the challenges in developing combination products:

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

ng life as a game may sound silly as first, but frankly I'm having a lot of fun.

#2 Thinking is Rewarded Running a business may be hard work, but that's certainly not what you are r

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

warded for. Often times burning the midnight oil is simply the bare minimum for entry into business. Your returns come from working smart, and the quality of your ideas and creativity are now directly

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

tied into your revenue size. A single good idea can make you $10 000 in one hour while slaving away for 40 hours on a bad one can have virtually no return.

While working a regular job isolates you fr

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

om the risk of no return on bad ideas, it virtually nullifies the incredible return on good ones. Imagine coming up with a way to save your boss $30 000. You'll be lucky to get a $500 bonus, and in al

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

Professional from academic institutions, pharmaceutical industries, health care indust

likelihood you will receive nothing at all.

#1 Success is in Your Hands - A Whole New Job Security Headlines constantly barrage us about the lack of job security in so many sectors

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

GM and Ford are both laying off masses of people. I'm only 21 and I have already been laid-off twice. I've also only ever been an employee twice. Having a job these days, even with a massive company,

.

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

provides only the illusion of security. Why let your well-being depend on the decisions of a CEO, whose absolute #1 priority isn't your future? Ensuring your own prosperity and achievement of your go

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

Companies that provide selfless information through particip

ls is ultimately the responsibility of one person and one person only - you.

We'll even things out in the next entrepreneurship post when we discuss the multitude of reasons to not be an entrepreneur

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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They often say crime does not pay and indeed there are numerous examples of this. There are also examples of careers in crime, which do pay, well at least for a while. For instance there is the bank robber who lives quite well for a little while with literally money to burn and then after his short career gets to retire with full benefits and live in a gated community; Prison.

One of the biggest mistakes most entrepreneurs make is becoming emotionally controlled by factors that are totally OUT of their control. Such as: an impossible prospect, market trends, someone else's ultimate decision, attempting as 1 person to do the work of 5, unexpected cancellations, delayed transactions, other people's attitudes or opinions. And the list goes on - and on - and on - and - I think you get it. Have you ever had that experience? I thought so; here's the point - STOP IT!

Every business works within the context of core beliefs. We have developed beliefs that define how we work with lenders and investors. We consider them to be guiding principles that, if applied, will improve the quality of your business plan as well as the quality of your relationships with others. We share them with you in this article in the hope that you will find these beliefs worthy of adopting in your business as well.

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