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Everything!

Let me explain - most of us started our own businesses for one reason - to make money! Of course, money is a good thing, but somet

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

imes we are so focused on it that we forget there can be value in other means of exchange.

I am talking about service exchanges, barter and th

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

Examples of combination products may in

e like. Offering your service in exchange for another can have a profound effect on your business, as well as increase your credibility.

How?

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

Here's a scenario:

A visitor comes to your site, is interested in your service and contacts you with their enquiry. They tell you that they d

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

on't have a lot in their budget right now (for whatever reason), but that if you'll agree, they will give you one year's free posting at their

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

Combination pro

ad site in exchange for your services.

Now, before you hit "Reply" and decline the offer, think about it - you could be throwing away literall

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

y thousands of dollars in sales by saying no!

Let's say that this person's ad site costs you $12 each time you place a 30 day 'premium' ad. Th

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

at's $144 per year. Those premium members probably get listed at the top of the page in bold text. Great exposure for you! In a nutshell, they

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

are offering you an entire year's worth of premium advertising for just a few hours' work!

So how does this increase your credibility? That's

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

an easy one :) By being nice enough to accept their offer in lieu of money, you have not only relieved their financial stress - you have shown

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

them you've got heart. And believe it or not, there are still people out there who appreciate that!

Individual results will vary, but:

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

Following aspects would a

this person may contact you in the future and be able to pay you with money, maybe even more than you expected (in appreciation for your pa

dd to the challenges in developing combination products:

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

st understanding);

they may propose another service exchange, offering you something with a greater dollar value (or benefit to your busin

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

ess) than before;

they may highly recommend you to their colleagues, which can generate more business for you (and even if it doesn't righ

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

t away, it's traditional 'word-of-mouth' advertising which is very powerful).

My experiences with this kind of exchange have been very

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

positive; I've received pro safelist memberships, ad postings, top banner spots and branded ebooks for free (to name a few).

Obviously, there

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

Professional from academic institutions, pharmaceutical industries, health care indust

is an element of risk associated with this type of payment - so keep your eyes and ears open, do a little research and most importantly, do the

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

math - if you don't think their offer is equal to the dollar amount of work you will be doing for them, then you will either have to do a litt

.

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

le more haggling or respectfully decline their proposal.

Remember the old adage "You can catch more flies with honey than with vinegar"? It st

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

Companies that provide selfless information through particip

ill rings true - especially if you can reach your customer at the most important (and responsive) of levels - their heart!

Elizabeth Piotrowsk

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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If you're not convinced of the value of your services, you'll never make the money you could be making. Decide to become a price maker, not a price taker.

Implement these 10 simple follow up steps in your business today and get more repeat business and referrals tomorrow!

Owning a home may be the American dream, but many people are dreaming about making money in real estate. We have all read stories about someone that made millions in real estate. The fact is many people are living out their dreams buying ugly houses and then selling them weeks or a few months later – often for beautiful profits.

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