Subjects - Business

That is a pretty powerful statement I made in that headline. Everyone in the service industry should have something tang

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

ible to sell to go with it. That something tangible could be a process or formula that they claim as their own.

You may

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

Examples of combination products may in

be a copywriter and thinking Kelly has gone totally nuts; or a physician thinking Kelly has no clue about what I do or

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

hy.

Let me give you some examples of what I'm talking about with this. Let's start with a copywriter or graphic designe

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

r that is providing a service.

I've talked before about how you, as providers of a service, can't make any money if you

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

Combination pro

're not working. If you become sick or take a vacation there is no money coming in. Long term I don't think that's a pla

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

e any of us want to be.

Having something to sell besides yourself also allows you to create more of a "business" that y

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

ou can sell down the road.

So as a copywriter, designer, coach or other service provider, what types of products could

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

you sell?

1) You could create a process for what you do and teach others how to do it (similar to how I teach other peo

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

le how to market their business or build a copywriting business).

2) You could teach people how to "do it themselves".

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

An example for a designer may be creating something that let entrepreneurs create their own logos or a copywriter teachi

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

Following aspects would a

ng people how to write their own copy. These products would cost less than hiring you, which allows people that can't af

dd to the challenges in developing combination products:

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

ord your rates to still benefit from your knowledge and expertise.

What could you as a physician do to make money witho

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

ut seeing a patient? Let's play around with a chiropractic practice.

1) You could create booklets or pamphlets on healt

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

hy eating or exercise and sell for a small fee, both online and in your practice.

2) Sell ancillary products that compl

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

ment chiropractic care. Examples are vitamins, pillows, etc.

3) Add other services to your practice that you don't need

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

Professional from academic institutions, pharmaceutical industries, health care indust

to necessarily do. For example massage therapy, acupuncture, personal training. You can earn income by either renting t

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

he space in your office or have them on staff. Either way it's income you are generating without being involved in each

.

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

ctivity.

I'm sure you can come up with several more ideas outside of the few I've mentioned here. My point in writing t

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

Companies that provide selfless information through particip

his article is to get you thinking outside of the realm of finding your next patient or that next project.

Think bigger

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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This article is a short and punchy list of things that smart business people know or do. It is perfect for people starting in business or for people who find themselves facing challenges in their business. The article is practical and will show you in about 4 minutes, what smart people know to make sure they own a business, not a job!

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